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Regents Park Property Market Report
North West London Properties News, UK – average prices for apartments & houses
9 Sep 2019
Regents Park Property Market News
Newest research report by Beauchamp Estates focusing on London’s Regents Park Market.
This new report reveals:
- Increased interest and demand for premium property in the park
- Hidden value with average prices per sq ft:
45% less than Knightsbridge
43% less than Mayfair
14% less than Marylebone
- Prices for apartments nearly back to 2015 prices
- Prices for houses in the park higher than 2015 prices
- Price premium for houses over apartments:
48.7% in the north of the park (11% premium in 2015)
44.8% in the south of the park (28.5% premium in 2015)
- Record sales prices achieved (June 2019):
Chester Terrace £3,449 per sq ft (previous record £3,208)
- Prices for ultra prime properties (houses and large lateral apartments) can range from £2,600 – £4,400, depending upon the location, size, lease term remaining and level of internal finish
- The seminal exercise in town planning by Nash set the bar exceedingly high and offers an exceptional location
- The decision by the Crown Estate to offer longer leases (up to 150 years) continues to positively impact appeal and pricing
- Increased appeal of life in the park has also seen the advent of ultra prime lettings: properties at £10,000+ per week
- The rise of St John’s Wood and Marylebone High Streets now places park properties between two of London’s most desirable urban villages and high streets, both of which are within walking distance
- The management of the park by the Crown Estate offers hidden benefits: decreased light pollution, subtle security, reduction in traffic
- New Luxury schemes in Park Crescent and York Terrace, of limited re-development, will further boost market.
Property for sale in Regents Park
Park Life Premium: latest research reveals record prices and premiums in London’s Regents Park
Property in London’s Regents Park has experienced a reversal of fortune, with houses in the park exchanging hands for record prices and commanding an up to 48% price premium over apartments,says a new report by Beauchamp Estates.
The report entitled, Prime Central London Micro Markets, focuses on Regents Park and explores in detail the history of the market and underpinning reasons for the area’s appeal and performance: the Regents Park market, despite its Royal connections, has not always found favour at the very highest levels of London’s ultra prime property market nor, with society. A situation revealed by the report to be changing and rapidly.
Prime central London values have been under pressure since 2016, with a number of areas experiencing substantial price corrections. The Regents Park market has been undervalued for some time, a fact that has assisted the average price for all properties in the market in recovering to close to 2016 prices. This currently sees the average Regents Park price achieved per sq ft at £1,198: 45% less than Knightsbridge (£2,154), 43% less then Mayfair (£2,097) and 14% less than Marylebone (£1.392). The benefit of the decision by the Crown Estate to grant future leases on terms of up to 150 years continues to impact the market positively, as new leases come into effect, helping to support growth in capital value, which had generally been more challenging under previous lease terms of maximum 60 years.
When originally completed in the early 1800s Regent’s Park was described ‘as being more like the demesne of an English nobleman than the breathing-ground of the denizens of a great city, being well wooded and adorned with trees’: this remains true almost two hundred years later.
The Regents Park market touches upon property on the periphery of the park and immediate adjoining areas, in addition to property in the park, as properties in these locations also benefit from proximity and access to the park: green space, and access to it, is a ‘hot’ commodity for many urbanites and Regents Park provides some 486 acres (197 ha) of landscaped park, influenced by master landscaper Humphry Repton and inspired by the most famous English landscape designer of all, Capability Brown.
Property in the park itself, despite its classic appearance and prestigious location has not always been considered as part of the prime central London residential real estate market, with buyers having previously rejected the location due to lack of facilities and local amenities. This is no longer the case and informed buyers are starting to specifically request properties in the park.
The rebirth of Marylebone High Street, immediately south of the park and the High Street in St John’s Wood immediately to the north, now places properties in the park between two of London’s most desirable premium local high streets and urban villages: Chiltern Firehouse has added to the cache of Marylebone and the latest offering from The Wolseley team, Soutine, is likely to have a similar effect on St John’s Wood (both locations now also have branches of The Ivy).
The increased demand for access and proximity to green space and sports facilities also gives the market a distinct and unparalleled advantage over other prime London locations: a wide range of sports are played in the park including Football, Tennis, Rugby, Netball, Cycling, Cricket, Ultimate Frizbee and Softball, with Belsize Park Rugby Football Club playing all their home games in the park. Sports activities are focused in the Northern Parkland and are centred on the Hub – a pavilion and underground changing rooms designed by David Morley Architects and Price & Myers engineers, opened by The Queen in 2005.
Figures for sales activity in the Regents Park market as a whole show a story of recovery, with a positive trajectory, but when separated into apartment and house sales it is clear that the stucco fronted houses, north and south of the park, are leading the market, demonstrating that space is a luxury commodity, commanding a premium.
In the current market house prices in Regent’s Park command a price premium per sq ft of up to 48.7% in the North and up to 44.8% in the South (for the best properties in the market (large lateral apartments and houses in the park) the premium can be higher). This is a substantial increase in premium compared to 2015, when figures were 11% in the North and 28.5% in the South.
In the last four years Beauchamp Estates has sold c. £125m worth of property in the park at an average price of £2,134 per sg ft. a figure which does not reflect the price of ultra prime properties: villas and houses located in the principal listed terraces facing the park. The average price per sq ft for such properties can range from £2,600 – £4,400, depending upon the location, size, lease term remaining and level of finish. When location, lease term and interior finish align record prices are being achieved: earlier this year in June Beauchamp Estates’ achieved a new record price of £3,449 per sq ft, for a house in Chester Terrace, surpassing the previous record of £3,208 per sq ft.
While sales prices for ultra prime properties in the park are higher than the average, even at the ultra prime level they continue to offer exceptional value in comparison to Knightsbridge (£6,000 – £7,500) and Mayfair (£4,500 – £6,500).
The increasing appeal of life in the park has also seen the advent of ultra prime lettings, with the first £10,000 per week properties being marketed and let. Where previously the very best houses had generally only been offered for sale, 2019 has seen a number of exceptional period houses become available to rent and successfully let.
While opportunities for new developments are extremely limited, some scope for redevelopment remains which will further bolster the area’s position: Park Crescent and York Terrace will see a number of newly refurbished properties brought to the market, finished to an exceptional standard, while the refurbishment of Hanover Lodge, one of the largest villas in the park, will set a new benchmark for price, becoming one of the most expensive private residences in London.
Jeremy Gee, Managing Director, Beauchamp Estates said:
“Regents Park is unquestionably the jewel in the crown of park side living, with perhaps only the Upper East Side of New York’s Central Park offering similar access to amenities and green space, while being in the heart of a global city.”
“The appeal of gracious park side living is finding increased favor with many buyers, who seek an oasis in the city, close to amenities. Unquestionably the rise and rise of St John’s Wood and Marylebone High Streets has helped greatly, making a local artisan coffee shop, newspaper vendor or excellent restaurant only a short walk away, but we have also seen how the management of the park by the Crown Estate has also provided less obvious benefits. The discreet security is welcomed by many residents but so too is the dimming of the park lights at night, minimizing light pollution to the benefit of all the park’s inhabitants: wildlife, plant life and people, and the nightly closure of the park gates to traffic.”
“The listed classic facades of the buildings do not always give an accurate reflection of the interiors that lie behind and there are a surprisingly diverse range of styles, from period to minimalist and modern. With the exceptional life style afforded just by dint of location it is easy to understand its appeal, particularly when combined with the comparable value and space.”
“The opportunity of extended lease terms has brought properties into consideration by some clients that at 50 years and below would have reject them. As there are only a very limited number of properties that will ever be available in the park, we anticipated that prices will continue to rise, with the redevelopment of York Terrace likely to create a further step change, both in regard to sales and lettings.”
“We have found that the location appeals to a diverse range of buyers, with our Marylebone and St John’s Wood offices receiving increased interest for both sales and lettings: current costs of purchase have opened up consideration of letting for some buyers, which has seen the ultra prime lettings market open up in the park. Beauchamp Estates has successfully let a property in this new market, which we anticipate will expand further.”
The full report is available from the Beauchamp Estates website. For further information on Beauchamp Estates Tel: +44 (0)20 7499 7722 or visit W: www.beauchamp.com
Regents Park Property Market Report information / images received Sep 2019
Location: Regents Park Property, Westminster, London, England
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