Is stock a concern?
Shaun Macnamara discusses how restrictions from Westminster on office to resi conversions could affect stock levels
CBRE Residential are the leading agents in the midtown area with a huge number of flats to buy and rent in Covent Garden, Soho and the surrounding areas. We are fortunate enough to carry more stock than any other agents in our patch. Our levels of stock continue to remain high due to the great array of new boutique schemes and a healthy supply of re-sale instructions.
However due to new restrictions from Westminster council stock levels could be altered. Many of our boutique schemes come from office to resi conversions and this is what may come under threat in the future. Westminster are tightening their restrictions on these conversions and with the increasing commercial rents many investors are now deciding not to convert. If this becomes the case we may see a short fall in new schemes in the coming years which will bring a huge level of exclusivity to the area. For this reason it is an area which is increasingly becoming a great long term investment.