Flats in central London are back on trend. Though they had never truly fallen out of fashion – there will always be a buyer for an apartment in a classic stucco-fronted townhouse, on a garden square or in a prestigious new development – the race for space and international travel restrictions certainly meant that demand had been sluggish. That’s beginning to change.
What, then, are buyers looking for this time round? In two words: the old and the new. They want the renowned addresses, including long-term favourites such as Cadogan Square, beautiful architecture and history. But they’re also open to new locations, especially if that comes with access to some outside space, even if it’s only a terrace on which to sit and have a coffee or access to a communal garden.
In Knightsbridge, for example, which runs along the south side of Hyde Park, potential buyers are less concerned about the traffic than the opportunity to have a view over the park.
Convenience is key. People want to be in the heart of things and at the forefront of new experiences. They want to be among all the hustle and bustle. Particularly after the experience of lockdowns and isolation, they want everything to be at their fingertips. They want to be close to central London’s world-class restaurants and shops.
Their expectations are also higher. Most buyers are after a lateral flat with three or four bedrooms, preferably on the first floor. They also want a lift and a concierge. The latter is considered essential following the pandemic: in the future, if a homeowner is forced to be away for long periods, it’s comforting to know there’s someone on hand to care for the flat if there’s a leak, say. That sense of security really matters.
These buying preferences are the same regardless of whether the property will be a main residence or a pied-à-terre to enjoy for a month here and there. As demand from international buyers is released, the central London flat is going to be the ‘it’ property to add to their portfolio.
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In Focus: Prime Central London reveals what's next for luxury residential property in the capital