No one can deny that London’s high-end housing market has been through the wringer lately. First it was hit by a double dose of higher sales taxes, known as stamp duty, which has weighed heavily on demand. Then nerves were further frayed by the unexpected vote on 23 June in favor of a Brexit.
So far, the impact of the latter on activity in London’s housing market doesn’t seem to have been as severe as originally feared. According to global real estate consultancy Knight Frank’s recent health check of the market, annual prices fell 1.8% in prime central London in the year to August.
More:House Prices in London’s Poshest Areas Expected to Fall Almost 10% This Year
While this was the biggest drop since October 2009, Knight Frank saw a large increase in enquiries from prospective purchasers and believes there are grounds for "cautious optimism" that activity will intensify over the next few months as concerns over stamp duty and the Brexit have pushed down prices, which should, in turn, entice more buyers.
In particular, there is already demand from abroad as dollar-backed buyers are benefitting from an effective discount of more than 10% since the start of the year due to the depreciation of sterling.
As for new developments, Ian Marris, Knight Frank’s joint head of residential development, believes that it remains too early to assess the impact of Brexit on the residential development market in prime central London.
"Brexit is not having a particularly adverse or positive impact on the market," he said. "What the market is dealing with is the fiscal drag of taxation. Developers are managing their margins by focusing on details like containing construction costs and refining their schemes so capital values are at the right pricing point."
Here are some new developments on the market this fall:
Hampstead Manor, Hampstead
A manor house and several other historical buildings on the site of the former Westfield women’s college in posh Hampstead in North London are being transformed into 156 new homes, ranging from studio apartments to five-bedroom townhomes.
The main manor house, known as Kidderpore Hall, dates back to 1843 when it was built for John Teil, a wealthy Englishman who made his fortune in India. After Teil’s death, the mansion was acquired by the founders of Westfield College, a pioneering women’s educational establishment specializing in botany, in 1889. In addition to Kidderpore Hall and four other historical buildings on the site that are being redeveloped, a further eight are under construction to house all the 156 homes, which are close to Hampstead Heath, one of London’s sprawling parks. The first homes are due for completion at the end of 2017.
Number of units: 156 Price range: £755,000 to £16 million (US$1.02 million to US$21.1 million) Developer: Mount Anvil Apartment sizes: Apartments and townhouses Amenities: 24-hour concierge service, a spa, private gym and swimming pool Website:Hampstead Manor
22 Buckingham Gate, Westminster
If you fancy counting the British Royal family as neighbors then you might want to consider buying a home at 22 Buckingham Gate in Westminster, which is just 200 meters away from Buckingham Palace.
The Grade II listed white stucco building will be home to seven properties—a mixture of one, two and three-bedroom apartments, including a duplex penthouse with a private roof terrace. As well as Buckingham Palace, it’s also close to many of London’s other famous landmarks including Big Ben, the Houses of Parliament, Westminster Abbey as well as two of the city’s Royal Parks—Green Park and St. James’s Park. The building is completed and sales have just launched.
Number of units: 7 Price range: £1.39 million to £5.5 million ($1.83 million to $7.26 million) Developer: Seastar Developments Apartment sizes: One- two- and three-bedroom apartments including a duplex penthouse with a private roof terrace. Website:22 Buckingham Gate
Garden House, Bayswater
London’s private squares were made famous by the film "Notting Hill" when Hugh Grant and Julia Roberts scaled the railings to sneak into a garden that was only for the residents of the houses that surrounded it. While there are an estimated 200 of these in the U.K. capital, Garden House on Kensington Gardens Square in Bayswater is the only new development in London, which backs directly onto a garden square in the city that only residents have direct access to.
Located close to Notting Hill and a four-minute walk from Hyde Park, the development has one-, two- and three-bedroom apartments housed in an unbroken terrace of Grade II listed, stucco-fronted buildings. The first residents have already moved in and the remainder are now on the market. While Bayswater has traditionally been a forgotten part of London in terms of residential development, it is set to benefit from a huge urban renewal program.
Number of units: 58 Price range: £995,000 to £2.5 million ($1.3 million to $3.3 million) Developer: Residential Land Apartment sizes: One-, two- and three-bedroom apartments Amenities: 24-hour concierge service, two acre private communal gardens, parking Website:Garden House
The Corniche, St James
Designed by Foster + Partners, The Corniche at Albert Embankment boasts views over one of the most iconic stretches of the River Thames, including Lambeth Bridge, the Houses of Parliament and the London Eye. The development, due for completion in late 2017, will have 168 apartments and two penthouses featuring panoramic floor-to-ceiling glazing to maximize the views across the river. It is one of a wave of developments popping up along the river Thames and views of London’s bridges are particularly popular with international buyers.
Amenities at The Corniche include an infinity pool, spa, private screening room and club lounge with terrace.
Number of units: 168 Price range: £3.35 million to £5 million ($4.43 million to $6.6 million) for The Skyline Collection, which comprises three-bedroom units from the 16th floor upwards. The penthouses are priced on application. Developer: St. James Apartment sizes: One-, two- and three-bedroom apartments and penthouses Amenities: Infinity pool, spa, private screening room and club lounge with terrace Website:The Corniche
Lincoln Square, Lodha UK
Located opposite the Royal Courts of Justice and near the London School of Economics, Lincoln Square will offer homes ranging from studios to four-bed apartments, and two penthouses, with interiors designed by Bowler James Brindley. Patricia Urquiola, known for her work on the Mandarin Oriental in Barcelona, is curating the residents’ amenities, while Gustafson Porter, who was behind the Diana, Princess of Wales Memorial in Hyde Park, has designed the courtyard.
The apartments, close to restaurants and shops in Covent Garden, have private balconies or terraces looking out onto the historic neighborhood where Shakespeare and Dickens once walked.
Number of units: 202 Price range: Prices start at £900,000 ($1.19 million) Developer: Lodha UK Apartment sizes: Studios to four-bedroom apartments,and two penthouses Amenities: Private garden, 24-hour concierge, club room, library and snooker room, gym, private landscaped gardens, 25-meter lap pool, meeting rooms with video conferencing facilities Website:Lincoln Square
The Park Crescent, Regent’s Park
The Park Crescent, London’s only Royal crescent, designed by renowned architect John Nash, is being transformed into 20 two- to four-bedroom homes. This includes lateral, mezzanine and duplex apartments. The crescent stands on eight acres of private gardens and the 410 acres of Regent’s Park and dates back to 1811 when Prince George, Prince of Wales, was made Prince Regent and Acting Head of State due to the illness of his father King George III. He wanted his own palace and commissioned Nash to create a master plan for a Royal residence, surrounded by parkland, complete with a circus of grand townhouses providing palatial homes for the family and friends of the Regent.
Over the years many of the homes ended up as offices, but Amazon Property bought them in 2013 to transform them into homes. Six were sold off plan as part of the phase 1 release and the remaining 16 will be launched shortly.Number of units: 20 Price range: £3.95 million to £20 million ($5.2 million to $26.3 million) Developer: Amazon Property Apartment sizes: Two to four bedrooms Amenities: 24-hour concierge, private residents’ gardens Website:The Park Crescent