Every cloud has a silver lining, and a high end prime central London estate agent appears to have found one from a council’s ban on large new homes.
Westminster council wants to limit the size of new homes to 150 square metres in its 2019-2040 City Plan.
Now Will Tremlett, sales associate at UK Sotheby’s International Realty, says: “Limiting new build super-sized homes will create a greater focus on the existing mansion stock in the area. These properties will undoubtedly become more exclusive and whilst we know there is little room for price increases at this super-prime end of the market this could increase the speed of sale of mansions in the area.
“We know that the market is governed by supply and demand, and if supply falls this is likely to have an impact on the speed of transactions. Russian and Middle Eastern buyers favour these super-size homes more than any other clients and whilst we expect them to continue to purchase in this part of London due to the postcode premium it offers, we may very well find these buyers also looking to new London boroughs where they can still create their dream home.
“The devil will be in the detail. Limiting new build houses is most likely to impact the Westminster area but the restrictions on joining two separate apartments into one lateral property will probably impact the Belgravia and Mayfair markets more.
“This consultation comes as no surprise though, there has been reluctance in recent years to allow mega-mansions in this part of the [capital] with the council banning a 1,590 square metres home being created earlier this year and showing consistent resistance against basement extensions.”