What do buyers want in the rarefied world of Prime Central London? How can people add value to their homes in these exclusive areas?
Central London is home to some of the world’s prime real estate. Properties in Kensington, Chelsea, Mayfair, Notting Hill, Marylebone and surrounding areas make up their own microclimate that has little to do with the rest of the country. Average property prices in central London are said to lie at just over £1m for flats, and around £3.2m for houses – and when you consider these figures next to the overall UK average house price, which hit £278,000 in March this year, it’s plain that the Prime Central London market is very much a bubble of its own. Clearly, normal rules do not apply here.
So how can people in central London add value to their homes? What is it that potential buyers are looking for at these prices, and what might put them off? Henry Synge of Winkworth in South Kensington explains that the finish counts for a lot. He says: “It’s important to have a cohesive design palette throughout the property. We sell a lot of ex-rental stock, and often these have had a mishmash of furniture added over the years. Firms such as Decoroom can come in to either an unfurnished or loosely furnished property and create that feeling of aspirational living with larger pieces of furniture as well as soft furnishings and finishing touches. This is just as important for photos as it is for visits, as online portals are more often than not a buyer’s first impression of a property.”
He believes that in many cases, freshening a place up can be a better option for sellers than undertaking more serious work. “If you are planning to do some updating works with the aim of adding value then in reality it’s all or nothing. I’ve regularly seen people who have updated just the kitchen or bathroom, leaving the rest of the property still in need of improvement. What this ultimately does is highlight the areas that need work rather than create the impression of “modernised”. If you don’t have the budget to at the very least deal with all areas but still want to do something, then I would recommend a freshen up of the paintwork and flooring as the best place to spend.” In other words, you’d be more likely to add value by painting the entire house than by refurbishing only the kitchen.
Charles Irwin of Winkworth in Notting Hill agrees, and says that removing as much clutter as possible is paramount when looking to achieve a good price. He sees buyers looking for a number of specifics, including ensuite bathrooms, kitchens with bifold doors leading to gardens and roof terraces where possible. He also advises potential vendors to consider planning. “Seeing if there is precedent on the street for planning permission to add space to your flat, and applying for permission or even doing the work yourself is a sensible idea,” he says.
In these exclusive markets, standards are high and the best prices are achieved for properties that are slick, contemporary and ready to move into. Luxury is key.
Prime properties on the market
This two bedroom apartment in South Kensington’s Stanhope Gardens is fresh and spacious; it has impressive floor-to-ceiling windows and a clean, uncluttered feel. It’s on the market at £2.2m with Winkworth South Kensington 020 7373 5052.
A newly refurbished flat in Pembridge Crescent W11 has an open-plan kitchen and living area overlooking a pretty tree-lined street. With high ceilings and lots of natural light, the one-bedroom property is for sale through Winkworth Notting Hill 020 7727 3227 for £1.195m.
Recently modernised with a chic, neutral decor, this two bedroom apartment in Mayfair’s Maddox street is on the books at Winkworth Mayfair 020 7467 5770 at £2.15m. Its excellent location and impressive light-filled aspect make it an attractive prospect.