St Johns Wood came in at third place, ahead of Mayfair and Kensington
New luxury developments, especially prime family houses, have increased the supply and sales levels of ultra-prime housing in both St John’s Wood and Hampstead, according to new research.
The report conducted by north London estate agents Aston Chase, used sales data from property data source Lonres, and looks at sales records and local market intelligence, analysing ultra-prime residential sales across Inner London, between January and October 2017.
The research focused on sales of properties valued above both £10 million and £15 million.
Belgravia is London’s top super-prime address for sales over £10 million, with £151 million worth of deals. This is closely followed by Knightsbridge with £114 million worth of deals.
St Johns Wood ranks in third place, with £88 million worth of deals, ahead of Mayfair (£74 million) and Kensington (£73 million). Hampstead came sixth with £54 million worth of deals and Regent’s Park/Primrose Hill achieved seventh, recording £47 million worth of deals.
But while £10 million plus deals throughout the rest of London are evenly balanced when comparing the ratio of sales between houses and apartments, north west London super-prime deals are dominated by the sale of large luxurious new developments, new build or newly refurbished substantial family houses.
In St Johns Wood, Hampstead and Regent’s Park/Primrose Hill, all the £10 million plus deals have been for new or newly refurbished homes, with five sales in excess of £15 million.
These key addresses sold in excess of £15 million include Hamilton Terrace in St Johns Wood and Redington Road in Hampstead, as well as Chesham Place (Belgravia), Carlyle Square (Chelsea), Eaton Square (Belgravia), Grosvenor Square (Mayfair), Lancaster Gate (Bayswater), Charles Street (Mayfair), Victoria Road (Kensington) and Wilton Crescent (Belgravia).
Mark Pollack, co-founding director of Aston Chase says: “The impressive sales performance of St John’s Wood, Hampstead and Regent’s Park/Primrose Hill – which for £10 million plus property sales during 2017 has recorded £190 million worth of transactions (14 deals) - is down to three factors. Firstly the quality and supply of new super-prime houses and new developments has risen significantly over the last 18 months.”
“Secondly the Inner London residential property market is now product-led rather than location-led, with buyers prioritising newly built or refurbished homes with less emphasis on location. Thirdly, North West London provides super-prime buyers with more space and value compared to the West End. Super-prime homes in St Johns Wood typically sell from £2,250 to £3,250 per sq ft; half the cost of buying in Mayfair or Belgravia.”
For properties for sale, lettings or new homes contact Aston Chase on 020 7724 4724 or visit astonchase.com
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