3-Bed Flats In London, Zone One

In London, there are various ‘Zones’ which are linked to travel fares, such as the London Underground.

Zone 1 consists of :

Central London,

The City of London,

Camden,

Hackney,

Islington,

Kensington & Chelsea,

Lambeth,

Southwark,

Tower Hamlets,

Wandsworth,

Westminster.

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“Lateral 3-bed flats within PCL are still the most favoured by buyers - and in particular by foreign buyers - and command a premium.”

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Over the last 24 months, Zone 1 3-bed flats have been less popular, due to the increase in demand for outside space - think of a 3-bed house in Zone 5 within London!

However, 3-bed flats in Zone 1 are being purchased once again!

Demand for 3-bed flats in Zone 1, and specifically, Prime Central London (PCL) has risen as overseas buyers are now able to visit London and can also buy at a large discount, due to the price of the £/GBP vs the $/USD.

There are discounts of 30% or more for those buying PCL property in USD.

Lateral 3-bed flats within PCL are still the most favoured by buyers - and in particular by foreign buyers - and command a premium.

There are also far more sales (in terms of numbers/ volume) than there was in 2020.

Due to the fact that purchasers at the higher price points (think £3,000,000+) often buy with cash, they are unaffected by what is currently happening with mortgage rates.

I’m fascinated to see how prices change over the coming 12 months and what is going to happen with mortgages rates/ interest rates.

Will the prices of PCL flats increase in that time…?

Time will tell!