Now is a great time to purchase or invest in residential property in the W2 area, according to leading Central London estate agents Kay & Co.
Recent research conducted by the agent, along with data analysis from property experts Dataloft, has revealed that residential property in Bayswater and the Hyde Park districts (which form the W2 postcode) currently remain undervalued compared to neighbouring areas in London’s West End.
Given the current pause in the market, there is an opportunity for buyers to purchase at a more attractive level and reap rewards over the next 18 months to 2 years through appreciation. Homes situated in highly desirable roads such as Connaught Square and some properties facing Hyde Park can be purchased for between £2,000 and £3,000 per sq ft – a beneficial discount on 12 months ago. Previously large lateral apartments on prestige roads such as Hyde Park Gardens were achieving values in excess of £4,200 per sq ft.
There are plenty of properties to choose, complemented by a number of brand new luxury developments throughout W2 expecting to reach build completion this year. Central London estate agent Kay & Co is pleased to be marketing a select number of beautiful lateral apartments on Connaught Place, ranging in price from £8.95 million to £13.25 million. Each of these apartments for sale in W2 boasts hand crafted interiors and are set across two Grade II listed properties which form part of a terrace of townhouses. External period features have been meticulously preserved while being married with completely new interiors, giving all the benefits of a brand new home.
While Bayswater and Hyde Park are no strangers to ‘the best of both worlds’ style new builds, where a period property is refurbished with a brand new interior, there are a number of ‘built from scratch’ new homes to tempt buyers. Working closely with leading developers, Kay & Co can offer buyers off-plan opportunities in W2. Purchasing a newly built or converted property comes with many benefits, which include:
- Off plan choice – depending on the stage of completion, you can choose your perfect property, location, fixtures and fittings.
- New homes warranty – most new homes come with a NHBC Buildmark Warranty. This insurance-backed policy provides purchasers with a 10-year warranty and insurance cover for newly built or newly converted homes.
- Constructed to the latest building regulations – a new home will be more energy efficient, with modern heating systems and higher levels of insulation. New homes built today can be over 55% cheaper to run.
- Environmentally friendly – new homes emit less carbon dioxide; a cause of global warming. Water use is also kept to a minimum by using water efficient fittings. As part of the bigger picture, new homes are increasingly built on brownfield sites, recycling previously developed land.
- Security and safety – new homes come with higher levels of security, with window locks and British standard 5 lever locks to main doors. Many new homes are fitted with pre-wired burglar alarm systems and apartment developments usually have CCTV, a concierge or a porter. These measures can reduce home and contents insurance.
- Less maintenance – your new home will be sold ‘turn key ready’ – needing little to no refurbishment, maintenance or decorating for several years.
- Simplified buying process – there is no chain involved in purchasing a new property, which often speeds up the home moving process.
- Resale price – the value of your property is likely to be linked to the value of the last property sold on the development. It may be possible to buy very early in the site’s history and see strong appreciation by the time the development’s construction is complete.
If you are interested in buying, selling or renting a property in Hyde Park, Bayswater or elsewhere in W2, please contact Kay & Co today.