Marylebone: London's latest hotspot?
Thursday, 15 September 2011 3:36 PM
Google ‘Britain’s most expensive streets’ and at the touch of a button the search engine will bring up an abundance of information about London being a hotspot for buyers searching for the best homes on the market.
London is a city in which the wealthy all over the world want to invest in. Andrew Ellinas, director of Sandfords, says: “What will always be in our favour and what will define the market is the fact that wealthy overseas buyers regard London as a key place in which to own a property.
"More so than any other part of the UK, it is London that attracts foreign investment.”
Those looking to make luxury investments in London often form what is known as microclimates. These are localised hotspots that are driven by very specific needs.
For example, The American School in St John’s Wood is attractive to overseas buyers and the mosque at the entrance to Regent’s Park has put this part of the capital on the map for Middle Eastern buyers.
Tracking microclimates is a useful indicator of where good returns are. Localised hotspots can also affect investment strategy, especially for overseas buyers who have been particularly keen to invest in London since the Eurozone crises.
Marylebone, with its wealth of elegant properties and desirable high street, has been attracting affluent buyers for a number of years.
“Demand for Marylebone properties priced between £1.5 and £4 million is intense, resulting in properties selling within an average of just seven days," says Ellinas.
For those looking to secure their offspring in good educational establishments, Marylebone has well-regarded business schools, increasing its popularity with buyers from the UK and overseas.
But with prices high and supply short in prime Marylebone, the next area to invest in could well be West Marylebone.
“The ripple effect will mean more buyers are attracted to this part of Marylebone and will therefore further boost property values,” Ellinas says.
To find out what’s on the market in Marylebone and other microclimate locations, visit Sandfords.com.
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