The areas of Victoria and Pimlico are offering savvy buyers the opportunity to purchase properties for prices at sometimes less than half of the average London house sales price in nearby Prime central London locations, yet still benefit from the central location and transport connections. Recent research conducted by Garrington shows that over the last quarter the average growth of £ per square foot in Victoria and Pimlico has been greater than neighbouring Prime Central London areas which bodes very well for the future projects of the area.
This part of London is currently benefiting from investment and gentrification. Once well known for its commercial property surrounding, the transport hub of Victoria station and a fairly unattractive high street feel, with large amount of 1950-1970’s buildings which are now being either redeveloped or entirely demolished and stunning new residential spaces are being built in their place. These are being built in a style akin to Singapore, Kuala Lumpur and Hong Kong.
The area is serviced not only by Victoria station and Pimlico underground but many parts are also serviced by Green Park and St James’ Park underground stations, providing those who live there with multiple tube line options and proximity to the most sought after London Royal parks and exclusive high shopping districts in the world.
Moreover, Victoria and Pimlico are surrounded by the prime central London areas of Belgravia, Chelsea and St James and yet the price tag is much more reasonable.
The increase in London house prices is further encouraged by the redevelopment on the facing southern side of the River Thames: Nine Elms and Battersea Power Station. Victoria is likely to see a huge leap in interest over the next twelve months if prices are to match the demand. With central London selling agents adopting off-market tactics to sell in such pockets using a property finder will help enable buyers to gain access to these properties not available to the open market.
Victoria and Pimlico are not only attractive areas for purchasers they also offer value when seeking a central London rental property with average monthly rents approximately 30% cheaper here than in neighbouring prime central London areas.