London, 04 June 2013 – Over the next decade new build homes in Lambeth, Finsbury Park, Shepherds Bush and Shoreditch could be worth an average of £2,000 per square foot, according to new research from CBRE. The Group’s residential experts estimate that the £2,000 per square foot average pricing band for developments will spread across the Capital by a kilometre every three years.
Mark Collins, Chairman of CBRE Residential, explains:
“High demand for luxury property in the Capital is pushing the £2000 per square foot band outwards. There is a limited supply of high end homes in London, and new homes are being snapped up at record rates.
“New developments achieving an average of £2,000 per square foot were traditionally limited to the golden postcodes – areas within Westminster and Kensington & Chelsea. However, these areas are now achieving in excess of £4,000 per square foot. There were less than 550 new units completed last year in Kensington & Chelsea and Westminster, which means buyers who traditionally focused in these prime boroughs are having to expand their search net wider, to the benefit of other areas.
“Developers have recognised this demand for luxury property and are now building high quality housing in a wider variety of locations. As a result, the prime boundary is gradually moving outwards, and will encompass areas such as the South Bank and the City in the next few years.”