A pied-à-terre is a small living unit usually located in a large city some distance away from an individual’s primary residence. Wikipedia
Has the pied-à-terre had its day? – DBPR asks Ashley Wilsdon of Middleton Advisors:
“Owning a studio or one bedroom property simply as a place to sleep for a few nights a week has always been a luxury item, so during uncertain times, as well as the additional stamp duty on second homes, demand for the traditional pied-à-terre has dried up over the last few years.
Furthermore, with more companies now being flexible in terms of working from home, our country house business has seen an increase in buyers requiring a home office with fibre optic broadband capabilities. As a business, we now carry out a technology survey for all of our clients.
London has become a much more needs driven market. Both buyers and sellers are only committing to a purchase or sale if they have a real motivation. As result of the market conditions we have seen that many of our clients still require a London ‘crash pad’, but also wish to make a long term investment into the London property market, as London is still considered as a safe bet, even if growth is expected to be much more gradual over the next decade.
Furthermore, these clients often plan to pass these properties on to children when they come of age. With this in mind, many of our clients are now opting to purchase larger two and three bedroom properties that generally fall in the £2 – £3m price range, rather than a small one bedroom flat.
Fitzrovia, Marylebone, Maida Vale, Kensington and Notting Hill are all hot spots for these types of purchase, as many of our clients commute into London from the West and into Paddington and Marylebone Station.”
RECENT ARTICLES BY MIDDLETON ADVISORS
- PCL Property Experts: 2017 review and 2018 predictions
- Overseas buyers look beyond Prime Central London
- Budget 2017: Reaction from London property experts
- Budget 2017: What property experts really want
- How UHNWIs relocating to the UK can find essential services
- London property market – experts describe what’s really going on
- Has the pied-à-terre had its day? – Ashley Wilsdon
- Westminster Voluntary Mansion Tax – experts’ reactions
- The deceptive London commute – Middleton Advisors
- Property experts on best way to find your doer-upper