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London's West End divides in two

Aston Chase reveal that since the start of January 2017 there has been a 75% increase in enquiries and a 50% increase in sales across London's 'Upper West End' from a combination of Dollar based purchasers and UK domestic purchasers, all buying for owner occupation. In the last three years London's ultra prime West End region has divided into two distinct areas. The first district is the 'Upper West End' - consisting of Marylebone, Fitzrovia, St Johns Wood and Regent's Park – where residential values average €2,391 (£2,000) to €2,988 (£2,500) per sqft and buyers are a combination of UK domestic and international buyers.
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The second district is the 'lower West End' – consisting of Mayfair, Belgravia, St James's and Knightsbridge – where residential values average €3,586 (£3,000) to €8,367 (£7,000) per sqft, where the buyers are dominated by international buyers, particularly from the Middle East, Continental Europe, India and Asia.

The Upper and lower West End districts have distinctly different architecture, lifestyle offering and residential properties. The lower West End has an City ambience and is dominated by White Stucco houses, red-brick mansions and modern steel and glass buildings with residents able to enjoy tourist landmarks alongside restaurants, designer shops, cafes and night-clubs.

In contrast the Upper West End offers purchasers a leafy village ambience with the housing stock dominated by low rise houses and apartment schemes offering lateral living. Aston Chase highlight that there are five distinct types of residential dwelling in the Upper West End – Nash Regency architecture in Regent's Park, Italianate villas in St Johns Wood, mansion flats and Georgian properties in Marylebone and Fitzrovia alongside new build schemes.

Aston Chase highlight that St John's Wood, Marylebone and Regent's Park provide a wide ranging stock of houses and large three and four bedroom lateral apartments and are just 10-15 minutes or less from Oxford Circus.

Prices in the Upper West End have risen by 30% since 2007. Currently the core market is for properties priced from €597,645 (£500,000) up to €8.96 million (£7.5 million), with the strongest rate of sales within the €3.6 million (£3 million) to €6 million (£5 million) bracket, equating to values of €2,391 (£2,000) to €2,988 (£2,500) per sqft.

In addition, there has been a 50% increase in enquiries and 25% rise in sales across the West End and Inner North West London across the €8.96 million (£7.5 million) to €17.9 million (£15 million) price ranges for trophy houses and large ultra-luxury apartments.

Aston Chase calculate that since January 2017 35% of sales in the Upper West End have been to UK domestic buyers with 65% originating from international Dollar based purchasers. The largest groups of overseas buyers have been from Qatar, China, Italy, Iran, Canada, the USA and Saudi Arabia. The UK domestic buyers have originated from Hampstead, Hampstead Garden Suburb, Highgate and Oxfordshire purchasing a London base for their families.

The typical buyer profile for new or newly refurbished premium apartments in the Upper West End area covering Regent's Park, Marylebone and St Johns Wood is bachelors and couples in their early 30s to late 50s who work in the financial, legal and media sectors and are attracted by the opportunity of living within 10-15 mins of Oxford Circus and being able to walk to work and have the West End shops, Marylebone High Street and Fitzrovia on their doorstep.

Mark Pollack, Director at Aston Chase says: „There has been a real upward bounce in the West End and Inner North West London residential market since the start of 2017. It is clear that there has been pent up demand and buyers have become standardized to the Stamp Duty levels with Dollar based buyers attracted by the highly favourable currency play.“

Simon Deen, Director at Aston Chase says: „New developments in Marylebone and Regent's Park have been extremely popular with premium buyers over the last three months. In the flagship development known as The Park Crescent in Regent's Park, developer Amazon Property has had a number of successful completions since the start of the year which have blended at values of €2,988 (£2,500) per sqft.“

Residential values for the best homes in Regent's Park now average €2,988 (£2,500) to €3,586+ (£3,000+) per sq.ft, which provides a strong financial upside when compared with values in the Lower West End in locations such as Mayfair and Knightsbridge where residential values average €3,586 (£3,000) to £€8,367 (£7,000) per sq.ft.

The most sought after new residential development in Regent's Park is The Park Crescent, by Amazon Property. The Park Crescent is London's only Royal crescent, designed by renowned architect John Nash (1752-1835), transformed to provide 20 two to four bedroom ultra prime residences. The development includes lateral, mezzanine and duplex apartments with concierge, fronting onto eight acres of magnificent private resident's gardens and the 410 acres of Regent's Park.