Tag: Pied a Terre

Why Soho and Covent Garden Offer a Unique Proposition

Posted on by Rosalind Sack

Vibrant, dynamic and at the cultural and creative heart of London, Soho and Covent Garden offer buyers a unique lifestyle. With significant investment in the area and real value to be found, our Partner in London, Toto Lambert, explains what makes them a compelling alternative to the Prime Central London stalwarts

For buyers drawn to a neighbourhood with energy, culture and personality, few areas of London rival the atmosphere of Soho and Covent Garden. From sweeping piazzas to cobbled courtyards, lively independent restaurants, some of the city’s finest shopping and, of course, the bright lights of the West End’s theatre district, it takes some beating.

Here you can find properties to be lived in – not merely hotel-style suites designed for occasional stays. You’ll find homes where you can entertain, host friends and family, and be within walking distance of the action. And for buyers searching for a pied-à-terre, it offers an exciting, distinctly different lifestyle from a primary home in the country.

The Elizabeth Line now links Tottenham Court Road directly with Paddington and into Berkshire, while Waterloo is a short and pleasant walk, making it easy to travel between central London and countryside homes in Surrey or Hampshire.

While the likes of Chelsea, Notting Hill and Kensington offer timeless appeal for family living, Soho and Covent Garden bring something altogether different: verve and variety. Ideal for couples, singles and – increasingly – empty nesters looking for a London base that feels invigorating, not isolating.

Many of my clients searching in this area fit this profile – still working, often with grown-up children and keen to enjoy the best of the city’s cultural life. One couple that I recently worked with chose to focus their search in this area because of their passion for the theatre. With 39 West End theatres concentrated within a walkable distance, not to mention galleries, museums and the Royal Opera House, this location is a dream for arts lovers. And London’s theatreland is thriving, with record ticket sales last year and fresh investment flooding in. Generous tax incentives here are said to be persuading producers to debut their shows in London rather than Broadway.

Industrial Lofts to Classical Terraces

There are two clear architectural identities in Soho and Covent Garden. In Covent Garden you’ll find elegant, boutique new developments such as Capco’s Floral Court Collection – 31 individually designed homes with balconies and private terraces in the historic Westminster Fire Office building, with incredible views towards the London Transport Museum. These one, two and three-bedroom apartments offer intimacy and charm that is rarely found in more expansive developments such as 190 Strand, on the south side of The Strand, with over 200 residences.

In Soho, you’ll find more industrial, loft-style living such as the prestigious Hat Factory Apartments on Hollen Street. This converted former factory building dating from the 1880s offers contemporary, open-plan, light-filled spaces, private terraces and plenty of history. Soho is also home to handsome Grade II-listed Georgian townhouses, like those on Betterton Street in the Seven Dials Conservation Area and on leafy Soho Square overlooking the central gardens.

Price-wise, there’s genuine breadth – from around £1,600 to £2,700 per square foot. Value is driven by factors such as the presence of concierge services, high specification finishes and private outdoor space, as well as architectural significance and building prestige.

A Sophisticated, Spirited Lifestyle

What truly distinguishes this part of London, though, is the lifestyle that it offers. The iconic home of the defining music and fashion movements of the 1960s and the centre of London’s LGBTQ+ community, Soho continues to pulse with creativity and diversity, edged with a certain flamboyance.

Historic Covent Garden offers a more classical atmosphere and sense of grandeur with its colonnaded Piazza – a market in some form since the mid 1600s – and the Royal Opera House with its beautiful glazed entrance pavilion. Colourful Neal’s Yard adds a splash of the bohemian, while pretty, cobbled Floral Street is renowned for shopping.

Nearly a third of London’s 30 best restaurants, according to The Telegraph this month, can be found in Soho and Covent Garden – including The Devonshire, The French House and Rovi in Soho, and Cora Pearl in Covent Garden.

The area is also seeing robust commercial confidence. Diageo is investing £73 million in a new brewery, restaurant and training academy near Neal Street. Meanwhile, international fashion brands like TALA and Autry have recently made their UK debuts in and around Soho’s famous Carnaby Street – a vote of confidence in its continued relevance and appeal.

Of course, this means that the area is bustling, but there are discreet oases of calm to be found, if you know where to look. Akasha wellbeing club at Hotel Café Royal on Regent Street was awarded England’s Best Hotel Spa at the 2023 World Spa Awards, and the AIRE Ancient Baths in Covent Garden is wonderfully atmospheric.

Why Work with a Buying Agent Here

As with many desirable London neighbourhoods, best in class properties in Soho and Covent Garden are often under the radar and rarely reach the open market. Our experience and networks grant us access and, with the advantage of local insight, we know which pockets offer peace and discretion and who your neighbours might be.

In this market, it pays to look through a ten-year lens and consider a home here as a long-term investment. Whether as a pied-à-terre or as a main residence, considerations like lift access, on-site security and a peaceful position are important to factor in when looking to future-proof your property purchase.

Right now, Soho and Covent Garden offer invigorating appeal, variety and long-term value. For the right buyer, this is an area brimming with opportunity.

Toto Lambert, The Buying Solution Partner, London

Toto Lambert is our Partner in London

For news, expert commentary and invaluable property insight, subscribe to The Insider, our quarterly newsletter, here.

The Rise of the London Pied-à-Terre

Posted on by Rosalind Sack

Despite the recent political and economic turbulence, the demand for pied-à-terre properties in London – particularly among international buyers – is higher than ever. Our London specialist, James Burridge, explores which areas of the city offer the best value, how to maximise the benefits of a London pied-à-terre and how to avoid paying over the odds.

London tree-lined street with white mansion houses and red buses
Unsplash

The Labour government’s change in taxation rules for non-UK domiciled individuals and its increased surcharges on second homes has, of course, impacted the market. Yet property in London remains a trophy asset – with buyers still drawn to the city for its world-class lifestyle, its status as a global hub and the unique history that a home here offers.

The Unwavering Appeal of London

We are working with growing numbers of overseas buyers – particularly from America – who are spending more time in London and are looking for a comfortable base in the city for themselves and their families. Buying property in London is no longer seen as a profitable short to mid-term investment in the same way that it once was, thanks to the steep rise in stamp duty, cooling price growth and the wider economic slowdown. That said, with uncertainty comes less competition; there is some fantastic value in the market right now for those with a long-term view. 

This rise in demand for a London pied-à-terre is very much a lifestyle choice; for work, for family, for education, for its culture and connectivity. London is a safe, well-regulated market, which makes it a magnet for buyers who value long-term security.

The US dollar’s strength has further accelerated demand, among American clients as well as dollar-based buyers from the Middle East. I recently worked with an American client whose husband works for a major bank. They are based on the West Coast of the US so it’s a long journey to London and they spend more than just two or three nights at a time here. Previously relying on One Fine Stay when visiting London, they were tired of the transient nature of short-term rentals and wanted something more permanent where they could leave their belongings and immediately feel at home. We brought a lovely flat near Sloane Square, overlooking green space.

Another recent client from America often comes to London to see her daughters – one is in further education here and the other was studying here and has stayed in London to work. We bought a beautiful apartment in Notting Hill to avoid the hassle of booking with the likes of Airbnb every time she visited.

Pied-à-Terre Non-Negotiables

Pied-à-terre buyers want immaculate, turnkey properties. They aren’t interested in tackling a renovation from overseas, particularly on a leasehold apartment. Yet only about 10-20% of the properties we see are immaculate – the rest require significant work, whether that’s updating kitchens and bathrooms, or a complete renovation. This means that buyers either need to be patient or consider expanding their search areas beyond the most in-demand areas of Marylebone, Kensington and Notting Hill, known for its patchwork of communal gardens.

With a clear shortage of immaculate stock at the higher end of the market, it’s imperative that buyers stay ahead of the competition. Our experience and connections ensure that we gain unparalleled access to the very finest homes and 80-90% of the properties that we find for our clients are off-market.

London is seen as a hub and another key prerequisite for many London pied-à-terre buyers is ease of access to Heathrow. The second busiest airport in the world after Dubai, Heathrow is a gateway to Europe and we see many people from America or Asia choosing to stay in London before they travel on into Europe or elsewhere.

We recently worked with a Japanese client who was planning more frequent visits to Europe. We helped him to buy a fantastic apartment in a prestigious London development with easy links to Heathrow to act as his European base.

The Best Value London Pieds-à-Terre

London property prices have dipped since the last peak in 2014 and there is some good value to be had in the market right now – the best we’ve seen in a decade. But the cost of purchase is high and it’s impossible to tell what the political landscape will look like after the next general election in 2029. For now, buyers have to maintain a long-term view; they need to be prepared to hold on to their property for 10 years plus to make a good return on their investment.

While clients are often drawn to well-known areas like Notting Hill, Marylebone and Kensington because of their ease of access to Heathrow and their status, it’s definitely worth exploring further. There is comparatively good value to be had in nearby Sloane Square and Belgravia, which also offer fantastic architecture, good transport links and well-managed buildings with solid infrastructure.

Typically, it takes a year from the start of the search through to completion, in part because there is a shortage of suitable properties. Why? The cost of stamp duty in the UK is a large part of it – a significant 12% for properties over £1.5m, 17% for second properties in that price bracket. Unless you are a needs-based seller who is upsizing or downsizing, divorced or bereaved, there is little motivation to move. The volume of stock shrinks each year as the cost of trading gets higher.

While we are seeing non-doms leaving the UK for the likes of Dubai or Italy in reaction to the Labour government’s new rules, we are seeing many of them holding on to their London property. They may still have children at boarding school here, or they may be biding their time until the next general election when the rules could change again. If they sell now and decide to come back in four years, it’s likely to be a costly move.

Our specialist knowledge of London’s prime residential market not only unlocks access to some of the most exceptional homes before anyone else, but also ensures that you are not overpaying for it. This can make a huge difference in the current climate, as we regularly see people paying vastly inflated prices for a London pied-à-terre.

Not only are we highly experienced, we act with discretion and care to handle all of the intricacies of the buying process in London, wherever you are in the world.

James Burridge, London specialist buying agent at The Buying Solution

James Burridge is our specialist Partner in London.

For news, expert commentary and invaluable property insight, subscribe to The Insider, our quarterly newsletter, here.

Outlook on the prime central London market this autumn

Posted on by Jennifer Hudson

It goes without saying that the last year of uncertainty amid interest rate hikes has had an instrumental impact on the real estate market. Whilst we expect the interest rate to have finally hit its peak, here is our outlook on the buying market and the shift we’re seeing in prime central London.

In a period that is traditionally one of the busiest times of the year, as we enter the autumn market, we are optimistic that London stock levels will improve, and this will continue for the remainder of 2023 into 2024. Whilst we expect house prices to further reduce elsewhere in the country, the average sale price of London prime properties has shown resilience throughout the past year, and we expect this to continue.

There is greater demand than usual from clients for turn-key properties – the appetite for ‘projects’ is low, so clients looking for a recently refurbished property in prime central London could really benefit from a buying agent. Often, we get access to these properties before they hit the open market and given that demand is outstripping supply, gaining that advantage will be crucial to being able to get the right property, in the right area at the right price.

We’ve also seen an increased demand for pied-à-terre properties in the capital as the shift to more permanent hybrid working patterns continues. I recently acted for a US client who was looking for a pied-à-terre. We helped them purchase an apartment in Knightsbridge’s most sought-after garden square address, right in the heart of the action, meeting their needs and giving them the perfect home from home. 

We’re also seeing a higher than average number of clients who currently rent but are deciding to buy. Unsurprisingly, rising rent prices in London are pushing some buyers to consider the trade-off between paying rent or buying a property and absorb the Stamp Duty – especially if they intend to extend their stay in London. Regarding other London hotspots, Marylebone, Chelsea, and Notting Hill continue to be popular choices amongst my client base, but London villages are also desirable. Locations like Wimbledon, Clapham, Barnes and Chiswick offer clients a short commute to the office with plenty of family activities on their doorstep.

As buying specialists, our local knowledge is critical if a buyer is searching for something particular. We can target specific houses. If the buyers are looking in a defined area, we will often already know the houses; if we don’t, we make approaches.

Buoying the stock levels for the rest of the year are those facing re-mortgaging who will assess their options on whether to hold on to a large family house, downsize or sell a second property. Add to this the uncertainty of a general election in 2024 and the Labour Party proposing to charge VAT on independent school fees, we may see vendors choosing to leave London in search of areas with excellent grammar schools.

In conclusion, with London and prime central London readying for a busy Q4, getting the right advice and expertise from an experienced buying agent is a wise decision. Get in touch with me here if you would like to carry on the conversation.