UK buyers from the Capital’s financial sector are continuing to invest in the heart of London’s Midtown, and were accountable for just under a third of total sales during Q2, 2014, according to new research from CBRE.
The global advisory firm found that during this period, this central location has maintained its popularity amongst UK buyers, who purchased 50% of the total properties on the market during the second quarter of this year.
An increased demand was also seen in the Midtown lettings market, where there has been a 9% increase in rents when compared to the same period in 2013. The second quarter also witnessed a new record low for void periods.
Commenting on the findings, CBRE Residential COO, Ana Hutchinson said: “During Q2, we have seen record values, as a two bedroom new build apartment in Covent Garden achieved £2,845 per sq ft. This quarter has demonstrated the ongoing demand for high-quality residential property in one of London’s most iconic locations.
“With average prices still at £1747psf however, the area represents a sound investment when compared to higher prices per square foot in traditional Mayfair and Kensington postcodes,” she said.
Adding: “As Midtown continues to perform as one of Prime Central London’s most exciting emerging markets, this area has maintained its appeal for strong value for money and a higher potential uplift going forward. Both the sales and lettings markets are also complemented by the improved transport links that Crossrail will bring to the local area, particularly as it comes ever closer to completion.”
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