_Prime London homes show signs of pent-up demand
In 2018 the number of new prospective buyers registering with Knight Frank in prime central London rose by 5%, as well as this, the ratio of new demand to new supply rose to 4.9 in the final quarter of 2018, the highest level in four years. These positive signs come at a time of increased market activity in the highest price brackets.
Taimur Khan, head of research at Knight Frank Middle East, commented: “Knight Frank saw more sales above £10m transact in the past three months than in any similar period since 2014. There was a 17pc rise in sales at this level in the final three months of 2018 compared to the same period in 2017. This comes despite the rising temperature regarding Brexit at this time.”
The weakness of the pound, and the relative discount this offers dollar denominated buyers, has helped stimulate global investors looking at securing trophy assets in prime central London. In recent weeks there has been a run of luxury property transactions in the capital, including a £55m sale in Mayfair and a reported £95m sale in London’s St James’s.
"The growth in sales reflects a growing sense of confidence amongst super-prime buyers. The combination of lower prices and a weaker pound has created a once in a decade buying opportunity."
Knight Frank’s market analysis also found that the average number of days between listing properties in London and going under offer began falling on a year-on-year basis at the end of 2018.
Tom Hawkins, Head of International Project Marketing (MENA) at Knight Frank, commented: “Relatively speaking, there continues to be a lack of best in class residential development in London for world’s global elite. Over the last year we have seen the very best projects outperform the market, bucking the wider trend experienced across London. Such projects have maintained robust pricing and seen higher transaction volumes in some cases.”
The Bryanston, Hyde Park, is London’s very latest super prime residential project which encapsulates the luxury of Mayfair, the heritage of Marylebone and Portman Estate and the serenity of Hyde Park. Until recently, The Bryanston, one of the most highly anticipated launches of 2019 and arguably one of London’s finest new addresses has been unavailable to purchase. Now, Almacantar, the mixed use development specialist, is unveiling the project to prospective Middle Eastern UHNWIs.
The Bryanston
The Bryanston, Hyde Park is a collection of 54 super-prime residences overlooking the world’s most beautiful Royal Park, defining limitless, elegant city living in the finest location in London. Completing in 2020, - this 18 storey residential tower sits at the heart of the prestigious Portman Estate and has been designed by world-renowned architect Rafael Viñoly, the master planner behind the New York University Abu Dhabi’s 40 acre Saadiyat Island campus and 432 Park Avenue in Manhattan, New York. The development is crafted from the finest materials including globally sourced marble and stone and will feature world-class amenities along with secure underground parking and private access to residences. Directly adjacent to the historic Marble Arch, at what has been described by Rafael Vinoly as ‘the most important corner of Hyde Park’ and located just a stone’s throw away from Selfridges and the world class dining offering of Park Lane and Mayfair. With unprecedented panoramic views, The Bryanston is set to become London’s most desirable address.
Tracy Hughes, Residential Sales Director, Almacantar, said: “At Almacantar we are committed to developing world class properties in the best Locations in Central London: we are confident in the quality of our products, and are delighted to be launching The Bryanston, Hyde Park to an international market in the MENA region. This is an interesting time for London, and whilst much of the market is facing uncertainty, the super-prime sector remains strong on the international stage – the fact that we are launching The Bryanston with a number of residences already sold off plan is testament to this.”
Founded in 2010 by renowned London property expert Mike Hussey, Almacantar is known in particular for its transformation of brutalist icon Centre Point, in the heart of London’s West End. The company has a varied portfolio across the prime and super-prime London markets.