Square Feet: local property news sponsored by Jackson-Stops
Harry Buchanan Director, Pimlico and Westminster Sales, Jackson-Stops – 1 December 2024
Pimlico update
While everyone has been treading on eggshells waiting for the budget we have been flying around having one of the busiest times in my professional career.
As always it is easiest to back up the bold statements with some facts and figures.
1) We agreed 250% more deals in Q3 this year than last year.
2) We have again averaged inside 95% of guide price
3) We have again been to best bids five times
4) 62% of our deals have been agreed to cash purchasers*
* Cash purchase = No chain and no mortgage.
It is also worth noting that we had the busiest October I have ever had on record with 300% more deals getting over the line.
So what do we think is going to happen over the next 3 to 6 months?
With the recent announcements in the budget it is encouraging to see that capital gains tax will not change for vendors looking to sell second homes HOWEVER this ‘may’ change come April given how much air time CGT received in preamble to the budget. With this in mind, now is the time to sell if that may be a concern, the process takes longer than you think! With regards to the extra levy on second home purchases; this should not affect buyer appetite in this part of the market as it can easily be absorbed in the process, combined with the fact that a 2% increase is unlikely to affect deals in an area where the average purchase price is c. £1,000,000
Overall the market is in a strong place and with another potential decrease in interest rates on the horizon this should encourage new buyers to come to the market. Furthermore, the stamp duty holiday for first time buyers comes to an end on the 31st March. This means there are plenty of ‘first-timers’ keen to transact as soon as possible in order to take advantage of this relief.
With regards to lettings, this has gone from strength to strength this year with Alex and her team seeing one of the strongest markets they have witnessed putting them on course for a record year. Rents have remained consistently high throughout the year with competing tenants clamouring for a limited supply. Strategic pricing remains key and again those landlords that have obtained HMO licences for their three bedroom properties are reaping the rewards. Similarly the average term of tenancy is still in the region of 24 months which gives landlords security of income.
As always the team and I would love to hear from you so please do get in touch.
With very best wishes for Christmas and the New Year.
Harry Buchanan, Director, Pimlico and Westminster Sales, Jackson-Stops
020 7828 4050, harrybuchanan@jackson-stops.com
Pimlico, the property sweet spot
(ES. Homes & Property article 22 October 2019)
Young professionals love a sweet spot that offers central London’s buzz but cheaper monthly rents.
Next to the river and with Victoria station and Westminster on the doorstep, Pimlico is right in the thick of it.
The area is now feeling some of the spillover effects of the massive regeneration happening in Victoria — not least the rash of new restaurants and bars that have opened there recently. Read more…
Pimlico offers homebuyers a square deal for prime central London
(Financial Times article 27 July 2017)
Belgravia’s neighbour can serve up Regency homes in a prime location — minus the prime prices.
Two-hundred years ago, Pimlico was a swamp. Raised using the spoil from the development of St Katherine’s Docks, “South Belgravia” was the brainchild of master builder Thomas Cubitt, who wanted to extend the grand stucco residencies that he had designed on Eaton and Belgrave squares down to the river. Read more…
Recent sales in Warwick Square
| 05/04/24 | FLAT A | 65 | WARWICK SQUARE | SW1V 2AL | £1,715,000 |
| 14/12/23 | FLAT B | 55-57 | WARWICK SQUARE | SW1V 2AJ | £5,500,000 |
| 20/10/23 | FLAT 49 | 45-49 | WARWICK SQUARE | SW1V 2AJ | £3,800,000 |
| 12/09/23 | 7A | WARWICK SQUARE | SW1V 2AA | £1,275,000 | |
| 19/05/23 | 7 | WARWICK SQUARE MEWS | SW1V 2EL | £1,150,000 | |
| 02/05/23 | FLAT K | 59 | WARWICK SQUARE | SW1V 2AL | £1,360,000 |
| 28/04/23 | 64 | WARWICK SQUARE | SW1V 2AL | £750,000 | |
| 22/03/23 | FLAT 2 | 20 | WARWICK SQUARE MEWS | SW1V 2EL | £650,000 |
| 06/01/23 | FLAT H | 65 | WARWICK SQUARE | SW1V 2AL | £3,000,000 |
| 21/12/22 | FLAT 4 | 2 | WARWICK SQUARE | SW1V 2AA | £842,000 |
| 06/12/22 | FLAT 19B | 18-20 | WARWICK SQUARE | SW1V 2AB | £1,300,000 |
| 25/11/22 | FLAT F | 29 | WARWICK SQUARE | SW1V 2AD | £920,000 |
| 27/10/22 | FLAT S | 74 | WARWICK SQUARE | SW1V 2AR | £1,430,000 |
| 27/09/22 | FLAT 7 | 77 | WARWICK SQUARE | SW1V 2AR | £675,000 |
| 12/09/22 | FLAT F | 3 | WARWICK SQUARE | SW1V 2AA | £1,400,000 |
| 31/08/22 | FLAT L | 59 | WARWICK SQUARE | SW1V 2AL | £3,350,000 |
| 15/08/22 | FLAT 6 | 5-6 | WARWICK SQUARE | SW1V 2AA | £2,100,000 |
| 04/07/22 | FLAT 10 | 75 | WARWICK SQUARE | SW1V 2AR | £640,000 |
| 30/06/22 | FLAT B | 55-57 | WARWICK SQUARE | SW1V 2AJ | £5,500,000 |
| 07/06/22 | FLAT S | 13-15 | WARWICK SQUARE | SW1V 2AA | £295,000 |
| 13/05/22 | FLAT 6 | 77 | WARWICK SQUARE | SW1V 2AR | £825,000 |
| 11/03/22 | FLAT H | 29 | WARWICK SQUARE | SW1V 2AD | £930,000 |
| 31/01/22 | FLAT M | 62 | WARWICK SQUARE | SW1V 2AL | £1,350,000 |
| 29/11/21 | FLAT 20E | 18–20 | WARWICK SQUARE | SW1V 2AB | £2,020,000 |
| 15/10/21 | FLAT 5 | 59 | WARWICK SQUARE | SW1V 2AL | £2,750,000 |
| 30/07/21 | FLATS D&E | 54 | WARWICK SQUARE | SW1V 2AJ | £1,677,450 |
| 28/06/21 | FLAT C | 52-53 | WARWICK SQUARE | SW1V 2AJ | £2,500,000 |
| 08/06/21 | FLAT J | 27 | WARWICK SQUARE | SW1V 2AD | £740,000 |
| 07/05/21 | 2ND FLOOR FLAT | 70 | WARWICK SQUARE | SW1V 2AR | £641,750 |
| 09/04/21 | FLAT O | 18-20 | WARWICK SQUARE | SW1V 2AB | £1,100,000 |
| 09/04/21 | FLAT F | 54 | WARWICK SQUARE | SW1V 2AJ | £512,500 |
| 31/03/21 | FLAT 19D | 18-20 | WARWICK SQUARE | SW1V 2AB | £1,500,000 |
| 19/02/21 | FLAT D | 9 | WARWICK SQUARE | SW1V 2AA | £1,070,000 |
| 30/10/20 | FLAT 2 | 62 | WARWICK SQUARE | SW1V 2AL | £8,500,000 |
| 23/10/20 | FLAT G | 23 | WARWICK SQUARE | SW1V 2AB | £1,150,000 |
| 14/09/20 | FLAT O | 58 | WARWICK SQUARE | SW1V 2AJ | £2,400,000 |
| 13/08/20 | FLAT L | 65 | WARWICK SQUARE | SW1V 2AL | £550,000 |
| 02/12/19 | FLAT E | 50-51 | WARWICK SQUARE | SW1V 2AJ | £3,750,000 |
| 15/11/19 | FLAT Q | 55-57 | WARWICK SQUARE | SW1V 2AJ | £3,350,000 |
| 08/11/19 | FLAT B | 29 | WARWICK SQUARE | SW1V 2AD | £1,050,000 |
| 23/09/19 | FLAT G | 73 | WARWICK SQUARE | SW1V 2AR | £765,000 |
| 26/07/19 | FLAT K | 73 | WARWICK SQUARE | SW1V 2AR | £915,000 |
| 06/06/19 | FLAT E | 73 | WARWICK SQUARE | SW1V 2AR | £600,000 |
| 22/02/19 | FLAT 2 | 20 | WARWICK SQUARE MEWS | SW1V 2EL | £610,000 |
| 11/01/19 | FLAT 6 | 79 | WARWICK SQUARE | SW1V 2AR | £1,875,000 |
| 14/12/18 | FLAT C | 63 | WARWICK SQUARE | SW1V 2AL | £2,150,000 |
| 11/12/18 | FLAT F | 3 | WARWICK SQUARE | SW1V 2AA | £1,000,000 |
| 28/09/18 | FLAT V | 7 | WARWICK SQUARE | SW1V 2AA | £835,000 |
| 28/09/18 | FLAT 1 | 60 | WARWICK SQUARE | SW1V 2AL | £1,800,000 |
| 27/09/18 | FLAT 20E | 18-20 | WARWICK SQUARE | SW1V 2AB | £1,400,000 |
| 05/09/18 | FLAT D | 5-6 | WARWICK SQUARE | SW1V 2AA | £970,000 |
| 21/06/18 | FLAT 4 | 4 | WARWICK SQUARE | SW1V 2AA | £835,000 |
| 17/05/18 | FLAT F | 29 | WARWICK SQUARE | SW1V 2AD | £650,000 |
| 17/05/18 | FLAT H | 29 | WARWICK SQUARE | SW1V 2AD | £670,000 |
| 11/05/18 | FLAT M | 9 | WARWICK SQUARE | SW1V 2AA | £2,680,000 |
| 16/02/18 | FLAT B | 66 | WARWICK SQUARE | SW1V 2AP | £985,000 |
| 19/10/17 | FLAT F | 10 | WARWICK SQUARE | SW1V 2AA | £1,510,000 |
| 02/10/17 | FLAT 3 | 1 | WARWICK SQUARE | SW1V 2AA | £970,000 |
| 28/07/17 | FLAT 4 | 77 | WARWICK SQUARE | SW1V 2AR | £850,000 |
| 22/06/17 | FLAT 2 | 75 | WARWICK SQUARE | SW1V 2AR | £850,000 |
| 24/04/17 | FLAT M | 65 | WARWICK SQUARE | SW1V 2AL | £550,000 |
| 31/03/17 | 79 | WARWICK SQUARE | SW1V 2AR | £3,550,000 | |
| 07/03/17 | 1ST FLOOR FLAT | 72 | WARWICK SQUARE | SW1V 2AR | £680,000 |
| 12/01/17 | FLAT 3 | 69 | WARWICK SQUARE | SW1V 2AR | £1,855,000 |
| 26/11/16 | 4TH FLOOR FLAT | 72 | WARWICK SQUARE | SW1V 2AR | £622,000 |
| 25/11/16 | FLAT E | 27 | WARWICK SQUARE | SW1V 2AD | £820,000 |
| 21/11/16 | BASEMENT GROUND AND 1ST FLOOR | 65 | WARWICK SQUARE | SW1V 2AP | £5,000,000 |
| 15/11/16 | FLAT B | 55-57 | WARWICK SQUARE | SW1V 2AJ | £4,250,000 |
| 07/11/16 | FLAT 49 | 45-49 | WARWICK SQUARE | SW1V 2AJ | £3,250,000 |
| 08/11/16 | 4 | WARWICK SQUARE | SW1V 2AA | £46,000 | |
| 23/06/16 | FLAT 3 | 77 | WARWICK SQUARE | SW1V 2AR | £640,000 |
| 20/05/16 | FLAT F | 5-6 | WARWICK SQUARE | SW1V 2AA | £1,265,000 |
| 31/03/16 | FLAT O | 13 | WARWICK SQUARE | SW1V 2AB | £2,000,000 |
| 31/03/16 | FLAT D | 61 | WARWICK SQUARE | SW1V 2AL | £878,000 |
| 30/03/16 | FLAT B | 26 | WARWICK SQUARE | SW1V 2AD | £1,170,000 |