Despite recent wobbles in the UK housing market, prices for “trophy property” in the capital continue to hold steady, according to prime central London estate agent, WA Ellis.
In just six months, WA Ellis has sold flats and duplex apartments worth a total of £47 million, with the average price of luxury property reaching more than £2,000 per square foot. The increase has been fuelled by international demand, with super-rich buyers from Russia and the Middle East, unaffected by the uncertainty over city bonuses, leading the charge.
Typically the most sought after buys are new, ultra-modern lateral apartments located in Knightsbridge rather than the West End, and include a full range of services and amenities, such as 24 hour security, indoor cinemas and on-site underground parking. Higher prices per square ft are now being achieved for flats than for houses, as the international market generally prefers generous accommodation arranged over one or two floors .
Richard Barber, partner in WA Ellis, which offers sales and lettings in Knightsbridge, Belgravia, Mayfair, Kensington, Holland Park and Chelsea, said: ‘Despite recent uncertainty in the housing market, the prices for trophy properties continue to rise. The buyers are the super-wealthy, who are not concerned by dips in the market but are looking for luxurious apartments with ultra-modern interiors,for which they are willing to pay premium prices.’
(Pictured) The Halcyon, Holland Park W11
Two converted luxury apartments on the site of the original ‘Brit Boutique’ hotel, the Halcyon, Holland Park. Priced at £4.5 million each, the split level two bedroom apartments have high ceilings and bespoke interiors which include custom-built wall coverings, solid Wenge, Tiger Wood and leather flooring, stairs with Bamboo Verde marble inserts and a floor-to-ceiling wine cellar with lattice woodwork.