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Pimlico a family haven for London property

Wednesday, 16 March 2011 2:00 PM

The small, central area of Pimlico is quickly becoming a haven for London buyers seeking the ultimate location at more affordable prices.

According to research from property consultants Cluttons, the district often boasts homes at half the price of those just a few minutes away in Belgravia.

With investors and overseas buyers competing fiercely over central London's limited prime stock, Pimlico's increasingly family-orientated market is attracting those seeking more affordable homes in the heart of the capital.

Houses in the area are currently selling for between £750 and £1,000 per square foot, compared with £2,000 being paid just a short walk in Belgravia.

This equates to approximately £2.5 million for a quality family home in Pimlico, while a similar Belgravia property would set you back by as much as £6 million.

Toby Whittome, sales manager at Cluttons' Belgravia office, said: "Pimlico remains a pocket of reasonably-priced homes in the centre of London.

"Many domestic buyers seeking family homes have been priced out of central London, but Pimlico has so far avoided the 'prime London' label among international buyers and continues to offer excellent value for money," he added.

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