The market latest |
Published: 13th May 2008 |
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Thank heavens for the warmer weather! The property business in the West End is now flowing with the freshness of spring rather than the greyness of the recent headlines. Our little corner of London has refused to give in to the pessimism of the rest of country – yes, the first quarter started off quietly but it soon picked up in terms of lettings and sales.
Because the West End is still a special place in terms of property and community alike the caution people have felt over the sub-prime (high risk) mortgage market hasn’t really been reflected on our patch, where sales are still as strong as they have been all year. I would still advise people to sell because conditions are still favourable, and that’s unlikely to change hugely in this increasingly desirable location.
At the time of writing – though this is almost certain to change by the time you read it! – the sun is out, the skies are clear and we’re all looking towards even more warm days. And that means that many people are looking for a change in terms of their home. There are still good levels of buyers and tenants looking for new properties, which has in turn has led to a number of sales and rentals agreed. And as we enter the traditionally buoyant spring market, it remains an excellent time to sell or let a property. There still aren’t enough new properties coming on to the market to satisfy demand, and so there is something of a shortage – good news for sellers and landlords alike!
The rental market is as busy as ever and during the spring and summer months this is forecast to continue. Hudsons have excellent links with several foreign embassies, investment banks and other blue-chip companies - so our success in achieving excellent rental incomes for the landlords we work with can only grow. The area is particularly popular with city workers, and those in the creative, media and marketing sectors.
Throughout the local area there is an atmosphere of prosperity. Many, many millions of pounds are being invested in improving public spaces and renovating old sites - sometimes demolishing them and rebuilding them completely. The old EDF energy site is to be demolished, to be replaced by a new mixed-use scheme of residential, office and medical consulting space – in total that will be about 35,000 sq ft! The space on the corner of Wells and Mortimer Street is being renovated to give the area a dramatic new office building with a striking central atrium, plus a residential scheme in a separate building due to be completed later this year.
As you can see, the whole area continues to be prosperous, interesting and vibrant. Lambs Conduit Street has retained its villagey, community feel even though it’s improving commercially all the time with its independent restaurants, cafés and shops for those of us that live locally to enjoy. Looking towards the summer, what could be more attractive than finishing work and making the most of the long evenings, either outside a pub or café or even on your own roof terrace?
Our community magazine Central Life shows even more than ever that what appeals to people is this community focus, this villagey atmosphere within which they can live and interact with their neighbours – and yet still be within the most exciting capital city in the world. The fact that we can get from St Pancras to Paris in just over two hours makes our little corner seem even more cosmopolitan! Look out too for central lite – a smaller version of our successful Central Life magazine.
The thing is, at Hudsons we have intimate local knowledge of the whole area. We know every nook and cranny, every facility and every quirk. That’s why people keep coming to us, whether they want to buy or sell, let or rent. Do give us a call – we’re here to help you.
Jonathan Hudson
Director
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