Does it ever feel like a good time to buy Prime Central London (PCL) property, for example houses in Kensington? It never seems to. People always seem to be asking themselves the age old question of ‘to buy or not to buy.’
I remember just a few years ago when £1,000 a square foot was considered to be an eye-watering landmark in the market, of course prices have since dwarfed this and £2,000 a square foot is fast becoming ‘normal’.
Let’s face it, PCL is expensive. Very expensive. And so it should be. London has the finest of many things (schooling, restaurants, theatre, cultural diversity, economic strength, high quality housing stock …. and of course great spirit) so it’s little wonder that ambitious and successful people settle here in droves.
It’s widely stated that PCL property prices double every ten years. Of course, like most statistics, this is a little ‘broad’ but by and large it’s pretty much spot on.
There will always be elections, changes in taxation, economic fluctuations (be it global or otherwise) but with finite supply one thing remains reliable, and that is the strength and security of PCL.
Even when the market stumbled in 2009 after the credit crunch the speed of recovery was remarkable. Why? Quite simply because when the market does take a dip sellers simply don’t sell, they sit tight so the market recovers extraordinarily quickly. Indeed in 2009 when there was a dip in the market some savvy sellers actually used it as an opportunity to upsize at a discount.
Of course property is not all about money or investment- to many of us it’s about home and security but it’s inevitable that when anyone considers buying a piece of our great city they question whether it’s a good time to buy.
Ask yourself this, how many people do you know who regret buying property in PCL? In my experience the only people who have property regrets are those who have waited to buy, or indeed those who have not bought at all.
So the answer to the question is very simple. It’s always a good time to buy. Or perhaps I should say, it’s as good a time as any.
Associate Director – Sales, Mountgrange Heritage
21 April 2015