Giles Cook, Head of Residential Agency at Best Gapp looks at changes to London’s Victoria district – its changing demographics, where people move from, the area’s new infrastructure and the predicted effect these changes are making on house prices and new development.
“The recent transformation of Victoria has been extraordinary and incredibly exciting to watch. What was previously considered a Central Business District (CBD) renowned for West End theatre productions, unsightly 1960’s office blocks and its famous coach and mainline train stations, the area now offers high end residential developments, smart modern office buildings, boutique shops, restaurants and cafes coupled with fashionable high street retail brands.
All this naturally impacts on the look, feel and atmosphere of the area and significantly property prices, which were always seen as better value for money than its more salubrious neighbours of Belgravia, Pimlico and Westminster. In the last Quarter of 2017, the average price paid per square foot was £1,179 compared to £1,951 in Belgravia. Average flat prices are 28.5% higher than they were 5 years ago. The area is notably attracting strong demand with 15% of properties selling within 3 months against an average of 21% for the whole of central London.
Victoria perfectly demonstrates how uncertainty can drive change. The area is unrecognisable and full of vibrancy with the sought-after period mansion blocks sitting comfortably next to 21st century glass styling. The Nova Building stands loud and proud in the heart of the new Victoria, achieving unprecedented sales and rental prices. Investors and owner-occupiers alike have flocked to the area seizing the myriad opportunities for potential capital growth and better than average rental yields. Pimlico, Westminster and Belgravia have always been popular with both domestic and international buyers, however Victoria is now also benefiting from a distinct rise in demand from all four corners of the globe.”
The name is used to describe streets adjoining or nearly adjoining, including Victoria Street (see below), Buckingham Palace Road, Wilton Road, Grosvenor Gardens, and Vauxhall Bridge Road. Victoria consists predominantly of commercial property and private and social housing, with retail uses along the main streets.
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