The luxury central London property market has witnessed a rapid spike in interest and increase in sales as we approach 2022. Trends including the worldwide pandemic, have contributed to a shift towards the city center re-emerging as a prime location as well as a change in the type of buyer.
Despite a buyer’s budget, there are certain essentials that have become universal when seeking to purchase a new home. Below is a list of the factors to consider when buying luxury property in central London in 2022.
Location is the most important factor when buying a luxury property in London. Postcodes are seen as a symbol of status, and thus a prime postcode will assure the buyer a long-term asset that continuously increases the property value. Another factor to consider is proximity to tourist attractions. Main residential areas are located farther from tourist attractions, highlighting their social structure and thus demand premium prices.
2. Amenities and facilities
Luxury London properties need to provide optimal amenities and facilities for the buyer. Home technology systems are a necessity and these may include a home automation system, an indoor cinema, multi-room sound systems, motorized window treatments, burglar alarms, CCTV surveillance, temperature-controlled wine cellars, and log burners, and underfloor heating. First-floor apartments are the most desirable as they have higher ceilings accompanied by a view. Access to south-facing outdoor gardens and separate home offices has also become highly sought-after as an increased number of buyers are working remotely. Apartments also need to accommodate multiple, well-sized bedrooms that can fit a double bed. Space is another factor that defines a luxury apartment with an apartment being no less than 3 500 square feet with plenty of open space.
Luxury factors also exist outside the perimeters of the property – whether you travel via car or public transport, access to transportation links has a significant influence when purchasing a luxury property in central London. This includes factors such as easy access to off-street parking as well as a wide selection of luxury boutiques, restaurants, schools, and parks. Access to schools and outdoor spaces is in the top three amenities when referring to ease of transportation.
The interior finishes set the tone of a luxury property in central London. This refers to a unique wall and floor finishing’s including fabric walling, marble bathroom floors and walls, hand-painted silk wallpaper, and wall-to-ceiling privacy windows. Wooden flooring is essential, with almost a third of property agents recognizing it as the most popular current style accompanied by bi-fold doors. Ikat patterns still remain a favorable choice.
Developers play an important role in creating a luxury property experience for the buyer. The ideal developer should be someone who has prior experience in successfully developing multiple luxury properties in the market. Developers who lack this experience may find it difficult to deliver the higher-end experience and finishing’s today’s buyers expect. The developer is required to be highly customer-orientated, focusing on the constantly changing needs of the buyer market.
Vogue Properties focuses on a diverse range of services. We help our clients find luxury properties that reflect brilliant design and functionality. We handpick properties that spur buyers of the Middle East and the MENA region. Buyers can rely on us as we have a profound understanding of the market trends. We partner with the most promising and top-notch developers to provide our elite clientele with properties that align with their needs.