Chester Square Success - Belgravia Lettings Market Comment
Date : 07 November 2011
Belgravia, London SW1
Knight Frank Belgravia lettings have recently successfully let two substantial houses on Chester Square on long term tenancies.
The first of which is a seven bedroom Grade II listed corner house, benefitting from staff accommodation, a lift, a double garage and roof terrace, marketed at £13,000 per week.
The second house is a recently refurbished six bedroom terraced white stucco fronted house on the north side of Chester Square, offering staff accommodation, media room, roof terrace, marketed at £8,900 per week.
"The local Belgravia lettings market has been at full strength this year and as a result our Knight Frank Belgravia lettings team has had a record year," says Tom Smith, Associate and Head of Knight Frank Belgravia.
"Strong rental growth has outpaced capital value growth over the past year, pulling income yields higher as a consequence, with Belgravia yields hitting an average of 3.8% up from 3.3% in June last year.
In contrast to previous recent years there’s also been a real appetite for family houses as well as the continued demand for well-presented “turnkey” lateral apartments driven by International tenants.
44% of our rentals this calendar year have been house lets with 35% of these houses achieving rents in excess of £5,000 per week.
The consequence being that Prime London rents are now 27% higher than the market trough in early 2009 and are now 2% higher than the previous record high hit in March 2008”.
For further information, please contact:
Tom Smith, Associate, Head of Belgravia lettings, Knight Frank, 020 788 17730
tom.smith@knightfrank.com
Lucy Hunnisett, Belgravia Lettings Administrator, Knight Frank, 020 7881 7730
lucy.hunnisett@knightfrank.com
Ends
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 209 offices, in 47 countries, across six continents. More than 6,840 professionals handle in excess of US$755 billion (£521 billion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com.
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