In the dynamic landscape of real estate, the preferences and priorities of property buyers continually evolve, reflecting societal shifts, technological advancements, and changing lifestyles. In recent years, a notable transformation has taken place in the property market, reshaping the criteria that prospective buyers consider when searching for their ideal homes. From innovative amenities, sustainable features and outside space…
Loving Lateral
Knightsbridge Prime Property has seen a surge in demand for expansive lateral residences, specifically tailored to accommodate extended families. Although Covid 19 may finally seem to be fading from our memory, the enduring desire to remain connected with loved ones has become a driving force in property considerations. Families, recognising the importance of togetherness, are redefining their property search to ensure ample space for multi-generational living. As family members age, the significance of spending quality moments with family intensifies, prompting a growing number of individuals to customise their homes accordingly. The discernible shift toward lateral properties is evident on both the sales and rentals fronts at Knightsbridge Prime Property, as these single-level havens offer not only living spaces but an accessible and comfortable environment, aligning seamlessly with the evolving priorities of modern families.
Outside Space wins the race
Outdoor spaces have evolved into a pivotal consideration in the property selection process for numerous potential buyers. Gardens, balconies, and terrace spaces can accommodate a variety of desires. First and foremost, serving tranquillity, versatile living space, not to mention the lucrative advantage outdoor space adds to the capital growth of a property. According to well- known London Estate agents, rents are forecast to rise a further 18.7% by 2027 with affluent internationals flocking to areas such as Regent’s Park, St john’s Wood and Hampstead to secure more outside space. Those staying in the more prime London epicentres such as Mayfair and Knightsbridge may still favour access to communal gardens or high balconies to take advantage of the London views. But the great thing about the size of Hyde Park and other green squares in prime London such as Grosvenor Square, Berkeley Square, Eaton Square, is that there is never a shortage of green space within a short walking distance of your property.
Turn-key or no- key?
With a mere 17% of individuals willing to engage in minor cosmetic works, the surge in demand for Turnkey properties has become evident with more buyers seeking entirely renovated and often fully interior designed homes.
There is also the increasing importance of turnkey features in central London's prime property market is attributed to the rising costs of building work. The "substantial costs" of construction could now be disproportionate to the increase in property value which is impacting decision-making. Reports indicate that there is a greater premium on turnkey properties as people acknowledge the higher expenses of building works and the difficulty in obtaining planning permission.
Wellness Revolution in Real Estate
Knightsbridge Prime Property has witnessed a significant surge in demand from Ultra High Net Worth (UHNW) buyers who are actively seeking properties with access to wellness features. An exemplary instance of embracing the health and wellness ethos is evident in The Whiteley, a prominent development in New London. The integration of a Six Senses hotel at the core of their new residences underscores a strong commitment to both wellness and sustainability. Fueled by factors such as the stress of urban life, the influence of remote work, and a rise in awareness of well-being, homebuyers are increasingly looking for residences that offer more than traditional amenities. This trend is further propelled by advancements in technology, the impact of wellness tourism, and a heightened environmental consciousness. Real estate developers are responding to this demand by incorporating features such as spa-like bathrooms, fitness facilities, and sustainable design into new projects. As individuals seek homes that align with their values and support their overall well-being, the trend is reshaping the landscape of residential real estate, emphasizing a fusion of luxury and wellness.This evolving preference aligns with a growing global consciousness regarding health and well-being.
Knightsbridge Prime Property is London’s fastest-growing Prime Central London agent. Dealing with Luxury Lettings and Sales Properties ranging from high-quality homes priced from £1,500 per week to £100,000 per week and sales properties priced from £2 million up to £200 million. Our specialist team of experts have unparalleled knowledge of every prime London area and covers all London neighbourhoods surrounding Hyde Park and Regent’s Park, selling and letting homes in Knightsbridge London, Mayfair London, Marylebone London, Bayswater London, Lancaster Gate London, Queensway London, Notting Hill London, Kensington London, South Kensington London, Chelsea London, Regent’s Park London and Hyde Park London. Our central office location based in Mayfair makes it easy for our agents to show prospective buyers and tenants around properties at short notice. Knightsbridge Prime Property has one of the largest, most exclusive databases of worldwide high-net-worth individuals with principal clients including CEOs of Global companies, Royal Families, Family Offices and Entrepreneurs. We professionally vet our landlords, tenants, vendors and buyers to ensure we only deal with high-quality and trustworthy people.