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Southbank new London property hotspot

Tuesday, 9 October 2007 12:00 AM

Southbank is emerging as the new property hotspot in London, according to estate agents Knight Frank.

The creation of the capital's first contemporary urban quarter and rising demand from affluent residents have both pushed property prices up in the area.

Indeed Knight Frank now includes Southbank in its monthly prime central London residential index - which assesses prices in key areas of the capital.

This represents the first new inclusion since Notting Hill was admitted entry in the mid-1990s.

According to the index, average prices for prime central London property have continued to increase despite emerging falls across the country.

Prices for central London were up 1.2 per cent in September.

This was, however, the smallest increase since August 2006.

The annual average prices growth in the capital was 36.5 per cent in the year to September.

But it is Southbank which has been attracting the spotlight.

The area runs from County Hall to Westminster Bridge and in a tight corridor east, toward Tower Bridge.

There are several landmark developments in the region.

The existing Royal Festival Hall and National Theatre have been joined by the Globe Theatre and Tate Modern in recent years, along with a rejuvenated Borough Market.

Prices have increased by 17.3 per cent in Southbank in the 12 months to September, according to Knight Frank.

While this might appear comparatively modest to the city average, super-prime areas - including Kensington, Belgravia and Knightsbridge - regularly achieve annual growth of 30-40 per cent, distorting the picture.

Southbank is an emerging market with ease of access to the City - via the Millennium Bridge - and a strong long-term future.

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