House price values in Regent’s Park have outperformed the rest of prime Central London, as detailed in a new report commissioned by Central London estate agents Kay & Co. Analysis of historic and current sales figures revealed growth of 123% in the average sales price over the last 10 years, outperforming the 105% growth seen across prime Central London as a whole.
With scarce availability and limited house building in the area, owning a property in Regent’s Park marks you out as one of the elite – with a prize asset that will almost certainly sell for more that it was originally purchased.
Kay & Co’s Managing Director, Martin Bikhit, comments "Our report highlights the Regent’s Park area as a real jewel in the crown of London’s prime residential property market. Square foot values are a good barometer of the area’s rising appeal, with values of around £3,000 to £4,000 per sq ft in some streets – an increase of 62% since 2010. Due to the limited supply of Regent’s Park properties, there are many wealthy purchasers in the UK and across the globe ready to snap up your property as soon as you put it onto the market.”
This wasn’t always the case, however. Just a decade ago London’s home buying elite favoured Belgravia and Mayfair, and even Regent’s Park’s striking Nash terraces and 400 acres of parkland did not hold the attention of purchasers and the area fell somewhat out of fashion. The prime property market soon refocused and the glorious period properties found favour once again, with a glut of apartments and offices being converted back into substantial family homes.
This resulted in a 13.4% reduction in the overall stock of Regent’s Park properties between 2001 and 2011, as stacks of four or five separate apartments returned to single dwellings. The area took on a greater air of exclusivity and the scarcity of the property stock served to enhance Regent’s Park’s kudos even further.
The historical transaction analysis makes compelling reading for anyone owning a Regent’s Park property. By 2006, transactions in and around Regent’s Park comprised 4.8% of all sales and 3.5% of lettings across prime Central London. By 2014, 6.7% of all sales were in the Regent’s Park area, while lettings peaked at 6.1% of all lets in 2015.
The renewed interest in the area coupled with a limited number of properties for sale caused prices to rise in Regent’s Park faster than other prime Central London locations. Are you are looking to sell your Regent’s Park property? Please request a valuation or contact us today. With our 30 years of experience and a waiting list of assured buyers we’re confident we can find the perfect match.