Prices Of Properties In South Bank Falling
The entire South Bank area beginning at the Westminster Bridge up to the London Bridge is currently experiencing a change in the trend of the property market in London. It is evident that London long term rentals have increased but South Bank properties are currently seeing a decline in the recent prices. The same area located close to the Thames saw a lot of constructions especially high-rise apartment blocks that are high-end and made of glass and steel. This is the site which started the prime building trend in London and, to majority of the people, is also the reason why prices are falling hard in the recent years.
Despite this, the real estate agents that are tasked to sell the homes in the area are positive. Southbank Place has already sold 400 of its home which is located on Belvedere Road, a neighbour of the London Eye. The company has a remaining 170 homes to be sold before it is ready for occupancy in the coming summer. Savills’ Nina Coulter said that the company’s rate of selling has dubbed their project as one of London’s most successful home development. Savills is selling their apartment with two bedrooms at a price of £3.06 million which means the every square foot is £2,248.
Other real estate agents are on the cautious side. Circa London’s Nicholas Pearce said that the remaining properties in the Southbank Place could have an average selling price of £2,000 for every square foot. He added that the price is not moving any further.
On the eastern side where the One Blackfriars, a 52-storey establishment, is located, the residential properties are selling for over £2,200 for every square foot. As of the moment, developers as well as re-sales are offering apartments that are only sold at £1,800 for every square foot.
It cannot be denied that despite the rise in London long term rentals, people are still buying properties along the South Bank especially in Theed Street, Roupell Street and Whittlesey Street because they are close to the City, the West End as well as the Waterloo station.