The Demand for Waterfront Homes in London
London is a beautiful city that is famous all over the world. There are many people who come to London and settle here. As such, there is a lot of demand for houses.
London is home to a wide variety of waterfront locations that are very appealing for the buyers. However, waterfront living brings along with it a premium. It can be a one-bedroom flat by the sea, a country house by the river or a cottage by a loch. In all these cases, buyers have to pay a premium for homes that are situated near the water.
According to a report from Savills, both international and domestic buyers are prepared to pay a premium for waterfront homes, since properties alongside London’s River Thames are highly coveted.
The London-based estate agents said that the buyers are willing to pay an average of 14.6 % more for an existing flat located within 100 meters of the riverbank.
This is for the houses alongside the 27 mile stretch of the river that snakes through the capital. These flats make up a large amount of the housing stock along the river. For all those buyers perusing the Central stretch of the Thames, between Putney Bridge – linking Putney on the south with Fulham to the north – and Waterloo Bridge – linking the South Bank to Covent Garden, a payment of a premium of 22% for the flats on the North Bank and 28.2% on the south can be expected.
The premium is 15.6% for the houses in the east, where riverfront houses mainly consist of industrial and warehouse conversions. According to Savills, the waterfront properties aren’t immune from the price falls that have plagued the prime London market.
According to the report, there has been a gradual decline in the prices of the houses situated across prime London since 2014, including those on its waterfront. The main causes for this are political and economic uncertainty, stamp duty and mortgage regulations according to the report.
According to Speedy, the national waterside market will increase ahead of the national country market over the next 12 months as more baby boomers opt to downsize or retire to waterfront locations.
The reason that buyers prefer waterfront properties is the wellness element of being by the water. It is f key importance to a work/life balance with more and more companies offering flexible working hours.
All in all, it can be said that the demand for waterfront property will continue to rise because of its significance and advantages.
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