Magnificent double house with linked mews and garage close to Kensington Gardens
St. Petersburgh Place, W2
Apartment 52 Chiltern Place, w1u
D72 Montevetro,
sw11
A beautifully designed lateral apartment within a landmark development in the heart of Marylebone Village.
A sensational riverside apartment with spectacular views, located in a prestigious Richard Rogers building.
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Welcome to the June edition of the Savills Super Prime newsletter.
This month, London life has continued to progress towards the highly anticipated “Freedom day” and as a team we continue to be pleasantly surprised by robust buyer confidence and activity in the market. Across the capital, we are experiencing some impressive hotspots of activity as the first half of the year’s hard work is yielding the fruits of the teams labour.
From a buyer perspective, best in class assets continues to command premium values and with some exciting launches this year, we anticipate significant activity moving into the next quarter of the year.
The summer season is upon us and we are cautiously optimistic about a gradual relaxation on travel restrictions and a full calendar of sporting events. With great sadness, we say goodbye to the Residential development legend, Dom Grace who has been a longstanding stalwart of the team. We have no doubt that we will be working with him the future in his new ventures beyond Savills.
Harri Williams-Jones
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Located in one of London's most sought after areas overlooking Hyde Park, Park Modern represents the most ambitious park-side architecture to-date.
Park Modern, Bayswater W2
Former water treatment plant converted into a luxury villa with a unique contemporary interior and spectacular sea views.
Industrial heritage in Villefranche,
Villefranche-Sur-Mer, 06230
No.1, Grosvenor Square residents will enjoy the recently completed health club and amenities whilst also benefitting from the in-house 24 hour concierge service from the dedicated St. Amand team.
One Grosvenor Square, W1K
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Check out just a few of the latest properties sold by Savills.
Savills recently sold
Academy gardens, W8
The Draycott, SW3
8 Mulberry Square, Chelsea Barracks, SW1W
• Guide Price - £4,650,000
• Exchange Date – June 2021
• Completion Date – June 2021
• No of bedrooms - 2
• Sq ft – 2,011
• Buyer Nationality – Chinese
• Asking Price: £4,850,000
• Exchange Date - June 2021
• Completion Date - June 2021
• No of bedrooms - 3
• Sq ft - 1,364
• Buyer Nationality - Spanish
• Asking Price: £18,000,000
• Exchange Date - June 2021
• Completion Date - June 2021
• No of bedrooms - 3
• Sq ft - 6,007
• Buyer Nationality - American
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Joanna –
Park Modern, Bayswater W2
Park Modern is the finest new residential development on Hyde Park, overlooking Kensington Palace. The large floor to ceiling windows flood the residences with natural light and frame spectacular south facing views of the Royal Park and city skyline. The building by award-winning developers Fenton Whelan will include 57 residences, including 3 penthouses all with significant Park facing terraces. Residents will have access to a concierge, valet parking, 25m swimming pool, gym, spa and private cinema. Park Modern is a short stroll away from vibrant Notting Hill and is well connected to Mayfair and the City. It forms part of the £2bn regeneration of Queensway which includes Fenton Whelan’s new gates into Hyde Park.
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• With new regional lockdown measures being introduced at the start of the week, Oxford Economics have revised their GDP forecasts, now expecting GDP to fall by 10.3% in 2020 (up from -9.5%), before recovering to grow by 6.7% in 2021 (down from 8.3%). The full note is attached.
• In our new Prime Market in Minutes we’ve updated our prime forecasts for both sales and rents. The new forecasts can be found in the attached PDFs – please do share with clients.
• The latest UK Housing Market Update shows house prices rising by 0.9% in September, taking annual growth up to a scrumptious 5.0% - the strongest level since September 2016.
• Banks are resisting government pressure to rush back into riskier areas of the mortgage market, in spite of Boris Johnson’s recent announcement. According to executives at several large banks, banks are unlikely to offer many 95% LTV loans, citing a bleak economic outlook and rising unemployment as reasons.
• Mortgage approvals across the UK in August were at their highest monthly level for nearly 13 years, fuelled by the stamp duty holiday and low interest rates.
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Savills hosted a webinar on 27 May to address whether or not the regional markets can keep up with demand, and if the capital will regain its buzz. Our panel of experts reflect on these trends and discuss what’s next for prime residential property.
Prices were currently 21 per cent below the market peak, and buyers entering the market now stand to make a sizeable return on their investment as prices are set to grow 21.6 per cent by 2025.
Read about the Eight factors shaping the prime markets that will help guide you through future house buying decisions.
Click Here
Prime Central London prices set to grow 21.6% by 2025
People are snapping up homes as prices skyrocket around the world
The coronavirus pandemic had sent large parts of the world into lockdown and putting the housing market into a deep freeze. The number of people asking lenders for more time on their mortgage payments surged as a result.
But in an unexpected twist, the pandemic has benefited house prices. Any homes with a home office located in commuter towns within an hour train ride of London, are going for 10% above market value.
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High number of completions in Q1, but long term supply may be at risk
New homes completions were unusually high for a first quarter, at 62,971 in England, according to Energy Performance Certificates (EPC) data, 9% above Q1 2020. Completions were particularly high in February, 16% above 2020 levels.
Housebuilders prioritising completions of homes under construction to satisfy high levels of demand before the original Stamp Duty deadlines.
The number of full planning consents on sites over 20 homes in the year to Q1 2021, was 15% below consents in the year to Q1 2020. If consents do not pick up, this risks longer term supply.
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New Rosewood hotel in London’s Mayfair to open in 2024
Rosewood Hotels and Resorts has confirmed that its new London property will be named The Chancery Rosewood, a nod to the building within which it will be housed in Mayfair estimated to open in 2024.
The 139-room hotel is being built within the former US Embassy on Grosvenor Square, which was the first purpose-built chancery in London.
The Hong-Kong based company Rosewood Hotel Group said that the five-star hotel would also be the first in the UK to receive a BREEAM outstanding rating for sustainable development.
The building was originally designed by Finnish-American architect Eero Saarinen in 1960, and features including the Grade II facade and diagrid ceiling are set to be retained and restored under David Chipperfield Architects, “with a mission to reinforce and enhance Saarinen’s original vision of a ‘palace on the park’”.
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Property buyers undeterred by stamp duty holiday ending
There are now 704,000 property sales currently going through the conveyancing process across Great Britain, the highest over the past decade, according to the latest data from Rightmove. At the start of the year the sales pipeline across Great Britain stood at 613,000, but the frenzied marketed over the past few months had led to homes being marked as sale agreed at a quicker rate than they are completing (Property Industry Eye)
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Young Londoners moved house more than anyone else during the pandemic
Nearly two-in-five (39%) young Londoners moved house during the pandemic in the hope of securing a better quality of life. Employees in London were keener to move than employees elsewhere in the country, according to research by Close Brothers (CityAM)
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Londoners paying almost £50,000 more to live near a tube or train station
According to Nationwide, people are shelling out a £46,800 premium in London for properties 500 metres from the nearest station - compared with a similar house 1,500m away. People in Glasgow, which has the largest network of suburban railway lines in the UK outside of London, are paying a £11,400 premium for properties with valuable transport links (Yahoo News/News Chain)
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UK economy grows in April as shops reopen
The UK economy grew 2.3% in April, its fastest monthly growth since July last year. Shoppers spent more on the High Street as non-essential shops reopened, and people bought more cars and caravans. Despite the surge in activity, the UK economy is still 3.7% below its pre-pandemic peak (BBC News/CityAM)
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City of London investment rocketed threefold in May
Property investment volumes in the City of London soared to £558.50m in May, up 307% on the £181.9m achieved in April, according to data from Savills. Savills said this was the highest May turnover since £724.9m in 2018 and the highest monthly turnover so far for the city in 2021, taking total investment volumes for the year to date to £1.37bn in 20 transactions (Property Week)
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UK economy accelerates as tourism and hospitality emerge from lockdown
The UK’s economic recovery accelerated in May as tourism and recreation firms reopened, but the delay in ending Covid-19 restrictions is putting hospitality firms at risk, research shows. Eleven out of 14 UK sectors reported faster growth in output month on month in May, up from nine in April, according to the Lloyds Bank UK Recovery Tracker, as the UK moved further out of lockdown (The Guardian)
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