Penthouse Price Record Suggests London Property Will See A ‘Boris Double-Whammy’
The same day that estate agents in the U.K. were allowed to get back to work, a record was set for the most expensive one-bed penthouse in St James’s Park. The central London property with views of Big Ben sold for £2.5 million ($3.1 million) on Wednesday (13 May).
The record is significant given the circumstances, says Emma Fletcher-Brewer, partner for New Homes at Knight Frank. “We adapted our traditional sales process and supported the purchaser by offering virtual tours, which enabled us to complete on the sale despite lockdown."
But bigger records might now be on the cards. Beauchamp Estates, an estate agency dealing in prime properties, has received viewing requests for a £16 million ($16 million) townhouse in Belgravia, among others in London.
"I've also had 15 emails from clients asking to see properties and 17 voice messages," says Jeremy Gee, managing director of Beauchamp Estates. "This restarting of the London housing market will now unlock three big deals, each over £10 million ($12.5 million), in Belgravia and Knightsbridge, which had got stalled due to the lockdown.”
London's £5 million-plus ($6.2 million-plus) property market was just picking up following the U.K. election in December. Following a price drop for the first half of 2020, Beauchamp Estates forecasts a return to pre-quarantine levels and then 20% rise in transactions by March 2021.
"One of my wealthy Hong Kong clients this morning called this reopening a 'Boris double-whammy' to help boost the housing market," adds Gee.