Are Westminster Properties Underrated?
Westminster (and the City of Westminster) is home to a range of London landmarks, including:
The Palace of Westminster,
Buckingham Palace,
Westminster Cathedral,
Westminster Abbey.
When people typically think of Westminster, they think of these landmarks and probably immediately associate it with UK Parliament.
As an area, historically speaking, Westminster hasn’t usually been high up on people’s areas of where to potentially live in comparison to areas such as Mayfair, Belgravia and Knightsbridge.
However, this has changed in recent years…
There is good transport in the area, with three underground stations giving access to and from the area, including Westminster station, St James’s Park station and Victoria station.
Westminster School is one of the most sought-after schools in the UK, due to the fact that it is one of the UK's leading schools in terms of academia.
More than 85% of students at Westminster School received an A or an A* at A level, putting them 2nd in all of the UK.
There are lovely properties in Westminster, including period flats and homes that are popular with couples and young families.
The properties around Vincent Square are incredibly popular and command a large premium, as do the properties that directly face St James’s Park.
Over the course of the last 11 months (since January 1st 2020) the most expensive property to have sold in Westminster was a 5 bed house on Old Queen Street, which sold for £15,450,000 at a price/ sq ft of £2,351/ sq ft, which was the highest price/ sq ft over the same time period.
The current average price/ sq ft in Westminster stands at £1,193, which is considerably lower than neighbouring Mayfair (£2,301), Belgravia (£2,227) and Knightsbridge (£2,252).
“The properties around Vincent Square are incredibly popular and command a large premium, as do the properties that directly face St James’s Park.”
There is currently a 6.7% average discount in Westminster on the initial asking price and 65% of properties that are currently on the open market have been on the market for over 3 months, with more than 46% of properties having been on the market for more than 6 months.
Over 44% of properties have been reduced in asking price and more than 12% of properties are currently under offer.
Westminster allows for incredibly easy access to St James’s Park and Green Park, as well as good access to Belgravia, St James’s and Mayfair.
With the great transport, brilliant schooling in Westminster School, it’s closeness to green spaces and the heart of Prime Central London in Belgravia, Kngithsbridge and Mayfair, as well as offering a more peaceful lifestyle than some of it’s more popular neighbours, it is a wonder as to why the average price/ sq ft in Westminster isn’t more expensive than it currently is…
Would you consider buying your next home in Westminster?