Marylebone moves into prime London market
Marylebone, central London
Friday, 08, Aug 2008 01:37
Property in Marylebone has been reclassified into the 'prime' bracket by one of the capital's leading estate agents, following a string of recent successes.
Rising demand from affluent buyers, outstanding food and retail facilities and new high quality developments have led to the elevation of the W1 district into the upper echelon of London property.
According to Knight Frank the latest change marks the gradual expansion of the boundary of prime central London property slowly over time. In recent years we have recognised this growth by adding Notting Hill to our index in the early 1990s, followed by the South Bank last year.
The area encompasses the Georgian Portman Estate, world-class cultural attractions - such as the Wallace Collection and Wigmore Hall - as well the restaurants and retail facilities of Marylebone High Street.
However, the upgrading of the area to prime is partly the result of the retail-led regeneration policy pursued by the Howard de Walden Estate on and around the High Street.
The upturn in fortunes has driven up prices across the whole of the Marylebone market by 35 per cent since 2007.
Some locations, notably around Bryanston and Montagu Squares, are now regularly fetching over £1,400 per sq ft, largely based on a shortage of supply. Last year, few homes broke the £1,000 per sq ft barrier.
Liam Bailey, Knight Frank's head of residential research, commented: "The constraints on development and ownership in the area should ensure that prices remain resilient through the downturn, and are well-positioned for sharp growth when health returns to the market.
"The best properties are unlikely to lose value, given the ongoing demand for prime accommodation."
"There is an abundance of rental stock in the area, much of it owned by the two estates. However, values continue to grow, in common with much of the rest of Central London.
Growth of over five per cent is predicted throughout the capital during 2008, boosting investment yields, according to Knight Frank.
Chris O'Toole