Knightsbridge is the hottest spot on the London property market – and it;s not all down to location, location, location reveals Thomas van Straubenzee.
The ultra-expensive residential area of Knightsbridge takes its name from two knights who fought on a bridge over the river Westbourne, back in 1621. The majority of Knightsbridge was constructed in the 19th century and consists of mansion blocks and family houses.
The property market in Knightsbridge is one area that is most definitely not affected by the economic downturn. The favoured SW postcodes come with an international reputation that tempts foreign investors, especially from the Middle East and Russia. This has led to a steady rise in prices due to a lack of supply and high demand. Flats are snapped up at the record speed, more so than houses, as they cater to clients who use their property only occasionally, but feel confident in leaving it locked up while they’re not in London. Another factor that affects the lack of supply is a trend towards multiple purchases. Many buyers like to acquire several flats in the same building for other family members, a practice that is especially popular with Middle Eastern clients.