Marylebone is now one of London’s most sought after locations for global buyers
A wide mix of housing has helped Marylebone in London become one of the most successful so-called urban villages in the city that is attracting buyers from all over the world, a new analysis suggests.
The report explains that Marylebone has been transformed by a wave of new residential development, providing over 450 new homes, which has created a three tier property market and as a result the area has joined adjacent Mayfair as one of London’s most highly sought after addresses.
It says that the three tier market consists of second hand property, new or newly refurbished homes and luxury residences, each having their own distinct buyer profile and price performance with more homes in the development pipeline.
Published by top end estate agent Beauchamp Estates, with statistical analysis by Dataloft, the market intelligence group, the report reveals that second hand and newly refurbished homes in Marylebone typically sell for £1.5 million, up from £1.4 million in 2013, achieving an average of £1,581 per square foot.
These homes predominantly sell to British and continental European buyers, with newly refurbished homes also appealing to some Middle Eastern purchasers.
Since 2011 some 459 new homes have been built or are under construction in Marylebone, with another 768 in the planning pipeline. This wave of new residential development has largely taken place in just four locations; Chiltern Street, Marylebone High Street, the edge of Regent’s Park and the border with Fitzrovia.
The report also reveals that new homes typically achieve £2,000 to £2,500 per square foot, a significant price premium when compared with second hand transactions and that in the last two years a new ultra-prime sector has emerged at top end of the Marylebone residential market.
This new market consists of a collection of recently built, highly exclusive, luxury residential developments, with hotel style concierge and leisure facilities, which command values of £3,000 to £3,500 per square foot.