All the most luxurious things in British real estate, with the exception of Scottish castles, should be looked for in London and the surrounding area, which is called Greater London. Such areas as Knightsbridge, Kensington, Chelsea, Hampstead, St. John's Wood have already become traditional synonyms of luxury. However, it is difficult to operate with names alone, comments and additions are needed.
For example, Knightsbridge has become really interesting from the point of view of luxury quite recently, after the construction of prestigious residential complexes around the Harrods department store. By and large, it is extremely difficult to call the area ideal for living, it is rather more correct to consider it fashionable and prestigious. Kensington benefits from its close proximity to Hyde Park, Diana's Palace, as well as proximity to busy shopping streets.
Chelsea, thanks to boutiques and celebrity loyalty, was once primarily associated with luxury real estate. Today it has already become a kind of classic of prestigious housing in London, and therefore many novelties in the luxury housing market are preferable both in image and even in certain conditions. So, the Fulham area seemed remote and dubious not so long ago. Noisy because of its stadiums, inconvenient because of the slowest metro District Line. However, the area has been revitalized by development projects such as Chelsea Harbor, a luxury complex on the banks of the Thames with its own yacht bay. Following this, new–level boutiques and upscale restaurants appeared - the infrastructure turned this quarter into an elite area with amazing speed in a few years.
North Hampstead is the most prestigious area far from the center. It lacks the liveliness of Knightsbridge and the variety of famous boutiques, but it's all there in the surrounding areas. But here you can feel the presence of real neighbors, rare for London, and appreciate the proximity of nature and lakes to the north of the city.
Your home in St. John's Wood will always remain a convincing indicator of success and taste. The best examples of architecture, almost central location, Regents Park across the street, "non-random" residents around. Perhaps most of London's mansions are concentrated here – Victorian, spacious, thoughtfully designed. In short, the price is justified.
But the Docklands area is still being evaluated inconsistently. On the one hand, more and more luxury real estate is being built there – with excellent views, extremely developed infrastructure and investment attractiveness. According to experts, the district's capabilities have not yet been fully evaluated. Here, the financial center of London Canary Wharf is the other side of the area's potential. On the other hand, so far the preferences of classic English luxury housing dominate over bold, new proposals.
Cream of cream
In addition to the already listed areas of London, there are two very special ones that occupy the top positions of the luxury real estate rating. These are Belgravia and Mayfair.
The British say that Belgravia is a trophy address. This is especially true of Eaton Square – with all its celebrities, offices of the largest companies, privacy and traditions. Real estate agents joke that buying a home here is like waking up famous. Prices are not lower than seven figures, among the residents there are ambassadors, actors, big business personalities.
Belgravia houses were built in the middle of the XIX century. for the wealthiest residents of London, and they still bear the imprint of those times. Naturally, the slightest architectural frivolities, even for such eminent owners, are strictly prohibited. And Belgravia is also called a sterile clean area of London, which even scares some away. Another belief about the most respectable place of residence says that only the drivers of luxury cars here are British. All the others are representatives of the highest circles of various countries.
In Belgravia, leasehold usually lasts only 10-40 years, and apartment areas vary greatly, since even former servants' houses are successfully sold today. Just renting a four–room apartment without an adjacent garden or terrace costs about 1,500 pounds per week here, whereas a spacious apartment in Eaton Square costs about 20,000 pounds per week.
Why is this area considered the most luxurious? Of course, there are obvious advantages such as very spacious apartments, especially by British standards, excellent security, a park at hand, a private pool, wine cellars, etc. But, apparently, the most significant factors are the reputation and safety of living here. As experts say, people who buy apartments in such houses really know how to appreciate peace and privacy.
Twice born
Many people call Mayfair the most controversial area in the superprime real estate segment. The location is in the very center. Prices are at their peak. The past is the most aristocratic. However, for a long time Mayfair turned out to be, if not forgotten, then pushed into the background by offices and hotels. The fact is that during the Second World War, many aristocrats left their luxurious homes in Mayfair due to the inability to pay utility bills for huge real estate. The area quickly transformed into a business district and became an ideal place for the most expensive hotels.
Today we can talk about a new Mayfair – according to experts, about 300 commercial facilities have already been converted into luxury apartments. The prices are appropriate, although they are noticeably inferior to Belgravia. A medium–sized house with a two-century history costs about 16 million pounds here, whereas in Belgravia it is twice as expensive.
Gradually, premium boutiques such as Marc Jacobs and tenants of Dover Street Market began to gather in Mayfair, and previously recognized gourmet restaurants known for their lunches, such as Cipriani, Wolseley, Connaught, Scott's, acquired new regular customers.
Interestingly, there are probably more British people here than in other luxurious areas. First of all, these are representatives of the City, who regularly shake up the London real estate market with their annual bonuses. Canary Wharf is only 15 minutes from Mayfair. by metro.
It is beyond the control of the elements
At the end of 2007, forecasts for the development of the real estate market ranged from the most pessimistic to very promising. In November 2007, the value of real estate decreased by an average of 2,000 pounds compared to October. For the year, this decrease was equal to 18,000 pounds. Due to autumn fluctuations, the average cost of new buildings in 2007 decreased by 4.1%, even despite a new price increase in December 2007. For the constantly and extremely fast-growing London market, these figures are quite significant.
Luxury real estate experts do not show significant concerns. While the entire market has noticeably shaken, the premium segment is experiencing only minor fluctuations. For 2008, the forecasts are as follows: in general, real estate will increase in price in the first half of the year, then a new drop in value by several percent is possible. Thus, most experts agree that the situation will be generally neutral. On the other hand, central real estate, especially luxury ones, according to agents, will not be affected by the price reduction in any case. In general, its value is expected to increase by 3-5% in 2008.
Ecology and the Olympiad
Describing luxury real estate in London today, we have to look several years ahead. There are possible turns in the market that are worth paying attention to.
The ban on smoking in all public areas, the popularity of organic food stores, and the ongoing animal welfare rallies… All these trends do not exist in the British mind separately, but rather flow from one another. It also came to real estate. They say that in 2008, the "hot" purchase will be a self-build home – something like a Russian country house. The main advantages are an environmentally friendly product and design at your own discretion.
As fans of the idea explain, a developer is always a business, not a charity. Accordingly, his task in the first place is to sell. Therefore, there are no ideal houses with an ideal interior, and often many details are deliberately made without a long-term perspective, and even more so without regard to the environment. The one who makes a house for himself is suitable with completely different principles – durability, convenience, maximum safety and comfort. According to the Nordwich Building Society, about 20,000 "green" houses have already been built in the UK on a new wave.
The second trend is related to the Olympic Games. Needless to say, East London will soon turn into an unrecognizable, new area. At the same time, London City Airport, which mainly serves private planes, plans to significantly expand the scope of its activities. All this, according to some forecasts, will lead to a real estate boom in this slightly forgotten part of London.
Another important factor: East London is the only area where large–scale construction is still possible, and really elite housing may appear here, which will be a unique investment against the background of the 2012 Olympics. How luxurious it will be and how appropriate the infrastructure will be will be clear in the next 2-3 years.
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