Bridge locations are hot property in London20th April 2016
The newest trend emerging in the London residential market is the demand for not only riverside views but also bridges. As a central part of London’s history, these bridges, some of which are known for their beauty, are drawing in investors, like bees to a honey pot. Albert Bridge, in particular stands out of the crowd and the demand for residences overlooking it has boosted the average house price exponentially, The Telegraph recently reported.
As London’s wealth spreads and the next generation of high-earning individuals move away from traditional west London postcodes in favour of trendy new hubs to the south and east, there is a growing trend for luxury riverfront living along the 27 miles of the Thames between Kew and Canary Wharf.
In the most central stretch between Wandsworth and the London Eye, the waterfront premium is 26.5 per cent for second-hand flats north of the river and 36.3 per cent to the south, according to Savills’ latest London Waterfront report. Of the 270 new build developments, planned within a mile of the river in the next five years, 98 per cent of them are expected to achieve prime values of £1,000 per square foot.
Bridge-side homes afford the luxury of watching London go by, with stunning views and a general feeling of space that many other locations cannot achieve. Living near a bridge is also highly practical, as you can be in the north or the south in a matter of minutes. According to CBRE, living near a bridge adds 10-20 per cent to the price of your property.
There is also a lot of talk surrounding proposed bridge developments in London. These areas are also drawing in significant interest. The Mayor of London, Boris Johnson, has plans for 13 new river crossings between Fulham and Dartford, including car, pedestrian and bike bridges. Battersea is a particular focus area, with not only the growing development at Battersea Power station but also plans for a bridge linking the developing Nine Elms area to Pimlico and another to take pedestrians across the river to Chelsea Harbour.
11th September 2017Read more