West End Residential: our patch, our view Q3
The West End report Q3 discusses the continued strength in the market and a surge in sales on homes above £2m
As we move towards the end of the year, our teams in the West End have experienced a typical busy period with values 11% higher than Q4 2014. Over the past three years sales prices have increased by 31% highlighting the return of buyer confidence to the London market.
In the rental market, CBRE agreed 149 tenancies in Q3, an increase of 21% on Q3 2014 and 60% on Q2 2015. 1- and 2-bedroom residences are of greatest demand as a result of the new academic year, accounting for 46% and 30% of student tenancies respectively.
This area of London is more diverse than any other with incredibly unique properties with many buildings providing individual architecture and design due to the historic origins; therefore it is no surprise that the area continues to attract both British buyers and overseas investors. This continued demand for homes in our West End patch, coupled with reduced availability of conversions, will result in price rises in the future. With a great range of apartments currently available, now is the time to buy in the West End, before it’s too late.