Buying Property In London’s Most Prime Postcodes


London is home to some of the world’s best addresses

Anyone looking to buy property in Prime Central areas of Mayfair, Chelsea or Kensington is likely to experience market conditions that are different from anywhere else in the capital – or even the country, thanks to the high values involved and the enduring global popularity of these areas.

Arranging finance on prime property can be in a different league from most transactions, involving specialist deals and private banks. According to Aaron Strutt of Trinity Financial, “most of the banks and building societies are keen to attract wealthier borrowers looking to buy in London’s prime property postcodes. Many of them offer larger mortgage loans up to and over £1 million on their cheapest two and five-year fixes.”

Of course, with the recent interest rate increases coming on top of property price rises, mortgages – and their repayments – are growing significantly. Strutt says: “More buyers looking for more expensive homes have been taking shorter term fixes or base rate trackers because they think rates will come down at one point. It is possible to get a larger loan five-year fix priced around 4% which is well under the 4.5% Bank of England base rate. Two-year deals start at around 4.40%.”  Larger loans are often sought for prime London properties, and he explains: “When we help our clients buy really expensive and luxury homes, we often approach the private banks because they do not really have maximum mortgage loan sizes. They can also be flexible with the buyer’s income especially if they earn their money in a foreign currency or they have multiple income sources. They can also help if the property has unusual features or a separate granny annexe.”

Here are three of the best prime properties on the market now:

1. Marylebone

This two-bedroom apartment in Marylebone’s Cramer Street, W1, is part of the prestigious Marylebone Square development that has all the contemporary luxuries you can imagine. There is a 24-hour concierge and CCTV as well as separate passenger and goods lifts, and the building is free of corridors, with each apartment accessed from the central courtyard. The second-floor apartment has a carefully designed open plan layout and a large terrace, as well as two bathroooms and a study. It is available through Winkworth Paddington & Bayswater 020 7467 5770 for £6m leasehold.

2. South Kensington

In prime stucco-fronted South Kensington, this two-bedroom duplex apartment in Sumner Place is fabulously located with an unusually large private garden. It has a bright, airy feel and exceptionally high ceilings, and is on the market with Winkworth South Kensington 020 7373 5052 for £2.95m.

3. West End

An impressive new development in Great Portland Street is set to include 37 generously proportioned luxury residences, impeccably designed in a grand new building. For sale with Winkworth West End is a two bedroom apartment priced at £3.055m that has floor-to-ceiling bay windows from which to enjoy views over the very heart of London in the utmost luxury.

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