For years, demand for property in London’s most affluent areas has far outstripped supply, something which could be about to change as many of the world’s embassies vacate their central London headquarters.
See Full Article at http://www.bestgapp.co.uk/news/2013/05/central-london-set-for-hot-property-surge
Here, Louise Hewlett and Howard Elston of Aylesford International comment.
Central London top end of the market continues to be price sensitive with particular locations being most in demand. The most sought after location as far as sale transactions taking place are Belgravia, Knightsbridge and Mayfair . The uncertainty over the government bringing in a mansion tax or worse a capital gains tax on the sale of a private home is making the market jittery and we are seeing a lot more instructions coming to the market. Louise Hewlett
It’s not just the knock on effect that sales of Ambassadorial buildings will have in the centre of town that should be noted, but also the effect that the movement of these buildings to underdeveloped and possibly underpriced areas of London such as Battersea. Very centrally located and yet historically underpriced Battersea is already seeing somewhat of a revival in its fortunes. Watch how prices around Battersea Park move over the next few years as a new influx of overseas Embassy staff look for somewhere to live! Howard Elston