In the past two months, South Kensington based agency Milton Stone have achieved five sales in three of the best Knightsbridge addresses – Lennox Gardens, Pont Street and Egerton Gardens.
Two of the sales have gone to rental investors, two to owner occupiers and one unmodernised property has been sold to a developer who plans to renovate and then re-sell.
Commenting on the deals, Sacha Moussaieff explains: “Since Easter, we have seen a noticeable increase in offers and sales, particularly in Knightsbridge, for apartments under £3m. We believe this renewed flurry of activity is reflective of discerning buyers recognising better value for money in key Prime Central London addresses than in recent years, coupled with many sellers becoming more realistic.”
In early 2014, the average price per square foot in Knightsbridge for one or two bedroom apartments in reasonable condition was £2,000; today it is closer to £1700. For newly modernised ‘turnkey’ apartments, we are still achieving in excess of £2000 per square foot.
Sacha Moussaieff concludes: “We do not expect a significant upward shift in property values over the following two to three years, so where properties are priced accurately, we are confident that sales will continue to be achieved.”
About Milton Stone
Property consultants Sacha Moussaieff and Rupert Carr have a combined 50 years of experience in the Central London property market, primarily in the Royal Borough of Kensington and Chelsea.Specialising in sales, rentals and acquisitions of residential apartments and houses, Milton Stone are located in South Kensington just moments from Gloucester Road.
Knightsbridge is home to many expensive shops, including the department stores Harrods and Harvey Nichols, and flagship stores of many British and international fashion houses, including those of London-based shoe designers Jimmy Choo and Manolo Blahnik, and two Prada stores. The district also has banks that cater to wealthy individuals. Some of London’s most renowned restaurants are here, as well as many exclusive hair and beauty salons, antiques and antiquities dealers, and chic bars and clubs.