Prime central London (PCL) has not experienced double-digit price movements for more than five years, the longest run since records started to be kept in 1976. This is according to Tom Bill, Knight Frank head of London residential research, in his London Residential Review Spring 2018.
As sales volumes and pricing stabilise after a succession of tax changes, market performance has become more nuanced and fragmented, Bill adds.
In 2Q2018, prices climbed 1.2% in PCL, according to LonRes Review for Spring 2018. This is the highest annual growth since early 2015. According to Rightmove, in the past year, house prices in Central London, which averaged £1.45 million ($2.57 million) were 7% higher y-o-y and 27% up on 2014.
The number of transactions in PCL worth between £1 million and £2 million fell 13% in 4Q2017 while there was a 9% rise in the number of transactions worth between £5 million and £10 million, LonRes data shows.
The rise in the number of transactions of high-value property bodes well for high-end properties such as The Heron by UK property developer Ronson Capital Partners. It is a luxury residential 36-storey tower with 285 apartments. It is considered the largest residential development in the City since 1974. The Heron sits in the City’s cultural quarter adjacent to the Barbican. The lower floors of the tower house a new concert hall for the Guildhall School of Music & Drama.
Residents at The Heron will enjoy access to a private residents’ club with lounge, bar, gym, screening rooms, meeting rooms and landscaped roof garden. There will also be concierge service and valet parking.
On the market is The South Penthouse at The Heron. The 6,000 sq ft, duplex penthouse is located on the 35th floor and comes with four bedrooms and four bathrooms, a living room with double-volume ceiling and full- height glass walls offering a panoramic view of London. On the upper level of the penthouse is a retractable roof and space for a gym and private cinema.
The penthouse comes with quality fittings and finishings that include polished Sahara Noir marble floors, Boffi kitchens with Bianco quartz stone and Gaggenau appliances. Master bathrooms feature dark smoky quartz and black granite.
The South Penthouse is priced at £9.5 million.