Focus On Knightsbridge: Who actually lives in the land of Harrods and what homes are set to be ‘superior’ to One Hyde Park?
Fast cars, flagship designer stores and fancy restaurants are all things that characterise Knightsbridge in the London hive mind. But who actually lives amongst this finery where, according to Hamptons International, the average home goes for £3.5m?
“Vietnamese, Turkish, American, Bahrani, French, Italian…” reels off Charlie Willis, head of London residential agency at Strutt & Parker. “Brits still account for the largest slice of the buyer market though, at anywhere from 40 to 50 per cent.” Savills, on the other hand, say British buyers account for a third of their sales and Sotheby’s International Realty says it sees “significant interest from Middle Eastern buyers”.
“Purchasers here are unfazed by Brexit or stamp duty hikes as they often set out with the mindset that they want to purchase a home specifically in this location and will be well informed of the cost,”says Guy Bradshaw, director of central London sales and lettings.
The bar at Hawksmoor Knightsbridge
So what is the cost? Hamptons International and Land Registry data shows that the majority of sales – 51 per cent – are over £1m. Richard Barber, director of residential agency at JLL, says you’re looking at £2m to £6m for a two bedroom flat. “The average price per sqft is £2,000; we recently sold a tired house on Brompton Square which achieved this.”
But there are relative bargains to be had. An excess of homes has led to a buyer’s market, “which is why deals I’m making on behalf of my clients at the moment have sold 15 per cent to 25 per cent below asking price,” says Prime London buying agent Nathalie Hirst. Savills’ prime London index shows that annual growth has shrunk by two per cent. “These drops are all to do with stamp duty changes,” says Willis from Strutt & Parker.
Most overseas buyers choose Knightsbridge for capital appreciation, rather than buy-to-let yields, so it’s good news for them that there is limited scope for new build development. The few that exist tend to break records, such as the £100m sale of a flat to a Qatari at One Hyde Park.
Mixed resi/retail is planned for the Knightsbridge Estate and the building opposite the Mandarin Oriental. The big ticket, though, looks like it’ll be Knightsbridge Barracks, which are being converted into apartments overlooking Hyde Park. “In fact, this will arguably be superior to One Hyde Park,” says Merlin Dormer at Heaton & Partners. Watch this space.
Tuna tartare at Sale e Pepe
Area highlights
Knightsbridge is best known the world over for being the location of Harrods, arguably the most famous department store in the world. Founded 184 years ago, it employees 12,000 people and is now owned by Qatar Holdings. Harvey Nichols, the other famous department store, is actually older by three years and opened a franchise in Baku, Azerbaijan in 2015. Though there are many museums in neighbouring South Kensington, the V&A is on the border with Knightsbridge. It’s still the world’s largest museum dedicated to decorative art and design, with a permanent collection of 2.27m objects. Imperial College London is on the doorstep, and for dinner with a difference, head to local Italian Sale e Pepe which has singing waiters.
Area guide
House prices Source: Zoopla
DETACHED
£1.609m
SEMI
£1.214m
TERRACED
£4.65m
FLATS
£2.94m
Transport Source: TfL
Time to Canary Wharf: 26 mins
Time to Bank: 22 mins
Nearest train station: Knightsbridge
Best roads Source: Hamptons International
Most Expensive: Montpelier Sq: £8,443,330
Most Affordable: Walton St: £1,427,580