Q2 sees a resurgence of sales in Covent Garden and Midtown
Following a period of pre-election caution – mainly precipitated by the threat of a potential mansion tax – the market bounced back on the news of a Conservative party majority.
As a result there was resurgence in sales within Covent Garden and Midtown during Q2, with average values up 31% on last quarter and 22% on last year.
As we move into Q3, it is expected that traction will continue to increase as more buyers come back to the market. The recent lack of rapid price growth, in contrast with recent years, is bringing much needed stability back to the market.
Within Covent Garden and the Midtown area we have a good supply of boutique schemes coming through but due to Westminster’s changing view within planning and the increasing commercial rents we expect to see less conversions from commercial to residential over the coming years. This is likely to tighten supply in the market making investing in the West End now a wise decision. The limited availability in an ever improving location makes the West End the perfect place to live, work, play and invest.