Vale of Influence
Mon 30 Jun 2014
A change is as good as a rest. In the first quarter of 2014, prices rose at an extraordinary rate, with buyers fiercely competing to secure property in a highly charged market. This chronic lack of supply led to some of the most rapid capital growth weve ever seen in London. To illustrate, a 700 sq ft raised ground floor flat in a Victorian conversion on Elgin Avenue saw an increase in value of five per cent in the first three months of the year, which in this case equated to 35,000. However, this imbalance of supply and demand finally seems to be easing and the London property price growth will continue throughout 2014, albeit at a much slower rate than the first two quarters of the year, but there will now be more measured trading conditions, in which panic buying and multiple bids will play a reduced role. This is also good news for our sellers in Maida Vale, who are invariable trading up to neighbouring areas such as Queens Park, Kensal Rise or Willesden Green, where theyll now find there is much more choice for their onward purchase. Buyers may want to look towards a three-bedroom, two-bathroom maisonette we have for sale on Blomfield Road, Maida Vale which has an asking price of 2,350,000; its a beautiful, interior designed apartment situated on the upper floors of an imposing period house in the heart of Little Venice with views over Regents Canal and the communal gardens. Blomfield Road is sought after address ideally located for the fantastic array of local amenities on Formosa Street and Clifton Road with excellent proximity to fantastic transport links including Maida Vale and Warwick Avenue underground stations and Paddington Station with its national connections. Buyers, sellers and estate agents can take a breather and a well-earned rest from the unbelievable pace we saw earlier this year. A return to a more stable, and more importantly sustainable, property market, in which were still achieving incredible prices for our clients, points to a much healthier outlook for London.