On the Market - Little Venice, Spring 2012
Fri 20 Jul 2012
Fierce competition amongst motivated buyers, overseas investors and record breaking prices are moulding the current property market in Little Venice, but what else is in store for 2012?
by Natasha Greenwood
The persistant lack of available property continues to drive prices upwards in the Maida Vale area. Competition is rife amongst motivated buyers who, having possibly already missed out on securing other property, are prepared to act quickly when they find something they like. Since the beginning of the year, we have registered hundreds of new buyers, which in addition to last years property-searchers who have rolled-over into this year, means the competition for the best properties remains fierce. Indeed, we now have a total of 14 buyers registered for every available property with our Little Venice office and this demand is evident in the prices we are achieving for our clients. Just in the last few weeks, we have sold an apartment in Leith Mansions for 32,000 over the asking price - a record price for the street.
Those selling their property through our office will also benefit from the large number of buyers who are registered with our Notting Hill, Ladbroke Grove and HollandPark offices, where there are as many as 20 buyers looking for every available property. Its not uncommon for buyers to start their property search in Notting Hill and Holland Park, only to discover a great deal of whats available is out of their price range. They then come over to Little Venice where they can find a smart apartment in a prime spot for anything between 850-1600 per square foot, in comparison to Kensington and Chelsea which can be as much as 2,000 per square foot or something more!
Central London values have beenbuoyed up over the last year by overseas investment. Weve seen a number of interested buyers in Little Venice and Maida Vale from a wide variety of places, including Greece, Italy, Egypt, the Far East as well as many other parts of the world. The close proximity to Paddington, with its greattransport links into the City and out to Heathrow, means that a good number of City workers want to find homes here. In addition, amongst other companies in the Paddington Basin, were helping to accommodate executives working at the Marks & Spencer headquarters, who want a nearby Monday-to-Friday base.
Will this buyer-demand continue into the summer? I cant see it dwindling - London is, and will remain, a safe haven in an uncertain world. Additionally, the Olympics and the Queens Diamond Jubilee are already bringing a real feel-good factor to the capital. However, my advice to sellers, who have perhaps toyed in the last year or two about selling and have put their lives on hold, is this: if youre considering selling, now is the time to do it. Buyers of London property will inevitably find themselves distracted during the summer months and an opportunity to get premium prices for the best properties may be missed.
Contact Little Venice Sales Office on:
T 020 7993 3050
Holly Goodge gives her views on the current lettings market and explains why Little Venice is just so popular with renters.
Prices have risen by 5-10% in Little Venice and Maida Vale in the last year and I expect prices to rise further throughout 2012. The established close-community feel and natural charm of the area means it remains consistently popular. Tenants are attracted by the fact that its more residential and they wont be disrupted by noise from clubs, late-night bars and pubs at closing time. There is a less 'transient' feel than some neighbouring areas - people who rent here want to stay in the area, upsizing to larger rental properties, and often eventually buying here.
Most of the corporate tenants we deal with want to be within a 10-minute walk of Paddington - to get into the City quickly by Tube, to ride the speedy Heathrow Express, or to be close to their offices in the newly created Paddington Basin. Our Corporate & Relocation Services team has recently helped two banks - Deutsche Bank and BNP Paribas - to find properties in the area, as well as assisting executives at Vodafone in their search for homes.
A huge advantage of dealing with Marsh & Parsons is that our network of 15 offices means that if a tenant isnt able to find the property they're after in a particular neighbouring area, we are often successful in finding them somewhere suitable in Little Venice. Indeed, 40% of our transactions are through colleagues in other offices such as Notting Hill and North Kensington, which demonstrates the success of this collaborative approach.
Buy-to-let investments have re-emerged into the market, with enquiries from investment landlords up by 20% in last year. Its not uncommon for people buying homes on the sales side to then cross the office to see us in lettings. These are a mixture of long-term investors and more short-term property owners who have decided not to move in to their purchase straight away.
Its easy to see why a wide range of tenants - executives, students and 'inbetweeners' waiting to buy their next property - all choose Little Venice; an unexpected beauty spot in a convenient central location where you can find the best of both worlds.
Contact Little Venice Lettings Department on:
T 020 7993 3050