North London enclaves soar up London’s super-prime rankings after £10m+ deal surge
London’s top ten super-prime addresses: St John’s Wood trumps Mayfair and Kensington for £10m+ deals
A spate of extremely high-value development / refurb projects have propelled two North London enclaves into super-prime territory; St John’s Wood and Hampstead – as well as the more established Primrose Hill/Regent’s Park area – now rank above Chelsea and Westminster for £10m+ residential property deals, according to research by Aston Chase.
A total of 50 £10m+ sales took place across prime London in the first ten months of the year, say Aston Chase and LonRes, with a combined value of £727m.
Belgravia and Knightsbridge are the two top spots for eight-figure homes; LonRes data indicates that 15 £10m+ deals went through in these two areas between January and October this year, with a combined selling price of £265m.
Mayfair, with five super-prime deals worth £74m, actually lags St John’s Wood,
which saw six transactions worth £88m go through in the same period.
London’s top ten super-prime enclaves
Seven £15m+ deals have gone through in prime London so far this year; five of them happened in the North London patches – and Aston Chase is claiming four of the seven transactions as its own. All of these went to British or international families – but none went to EU-based buyers…
22 Redigton Road, NW3 – sold for £17.5m (photo by Joas Souza)
A flurry of high-end development projects – particularly lavish family homes – in North London have helped push St Johns Wood and Hampstead up the super-prime charts, says Aston Chase. Of the 50 super-prime sales so far this year, 30 (60%) were for houses, with the rest being for super-luxury apartments.
Large refurbed or new-build houses account for the lion’s share of £15m+ deals, while the apartment/house split is more even in the £10m-£15m segment.
90 Hamilton Terrace, St John’s Wood – sold for £15m
London’s top ten address for £15m+ homes
1. Hamilton Terrace 2. Chesham Place 3. Carlyle Square 4. Eaton Square 5. Grosvenor Square 6. Lancaster Gate
7. Charles Street 8. Victoria Road 9. Wilton Crescent 10. Redington Road
Hamilton Drive
Mark Pollack, Co-Founding Director of Aston Chase: “The impressive sales performance of St John’s Wood, Hampstead and Regent’s Park/Primrose Hill – which for £10m+ property sales during 2017 has recorded £190m-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.
“Historically there have been much higher levels of ultra-prime property stock in Mayfair, Chelsea, Westminster and Kensington, so one would expect the level of £10m+ deals to be higher in these addresses. However, this year the North West London locations of St Johns Wood and Hampstead have performed disproportionately well, with St Johns Wood in particular outperforming Mayfair, Chelsea and Kensington for £10 million plus sales deals. This rise up the super-prime rankings this year is due to the quality of supply and superior value for money.
“Agreeing a deal is only small part of the equation in the ultra-prime sector; buyers in today’s challenging market are forensically reviewing their purchase before finalising, so need hand-holding and complete confidence in all aspects of the transaction, they need to feel 100% comfortable as no-one is prepared to take a view in this climate.”
Simon Deen, Director & Head of New Homes at Aston Chase: “Since the 2017 General Election Inner London resi sales have been very much driven by overseas buyers and they prefer ‘turn key’ new homes rather than second hand product which is why the premium market has become very development led. The market is now product-let rather than location-led with buyers much more focused on interiors, specification and lifestyle amenities rather than specific roads. Even where second hand homes are purchased, buyers are then wanting them refurbished so they are modernised and given new interiors.”