London is to become the world’s most expensive address with property prices set to hit £10,000 per square foot. Where? In Knightsbridge of course.
Research by property agents Beauchamp Estates has found that 1,467 residential properties have been sold within the six prime central London districts of Knightsbridge, Belgravia, Mayfair, Kensington, Chelsea and St John’s Wood. Of the residential sales, 214 homes were priced over £5m.
Knightsbridge remains London’s most expensive address, with top sales achieving values of over £7,000 per sqft. There have been 145 sales in Knightsbridge over the last 12 months with values averaging £2,212 per sqft and sales above £5m averaging £2,714 per sqft.
At number two is Belgravia where top sales achieve values of £6,500 to £7,000 per sqft. There have been 140 sales in Belgravia over the last 12 months with values averaging £1,690 per sqft.
Third in line is Mayfair where top sales achieve values of £5,000 per sqft. There have been 105 sales in Mayfair over the last 12 months with values averaging £2,123 per sqft.
The other three ultra-prime districts were Chelsea with properties sold at £1,741 per sq ft, Kensington with £1,575 per sqft and St Johns Wood with £1,140 per sqft.
Penelope Court of Beauchamp Estates said: “Whilst Knightsbridge remains London’s most expensive residential address Belgravia is making a very good case for stealing the crown. The district is now hitting prices previously only achieved in Knightsbridge and demand from both domestic and overseas purchasers remains very strong in the district.
The average price per square foot achieved in Belgravia has risen by 16.3% over the past year, commanding a 13.9% premium over the rest of prime central London. The average sales price in Belgravia in Q1 2014 is now £3.49m and the number of properties sold for over £5m has increased by 69% compared to 2013.”