Research by the leading mortgage broker for global high-net-worths, Enness Global Mortgages, has found that London’s high-end homebuyers are snapping up properties with parking across the capital’s prime boroughs.
This is despite Sadiq Khan’s war against four-wheels which has seen an increase in the Congestion Charge, its extension to run seven days a week and the introduction of the ULEZ Zone, which is also due to expand, covering anything within the North and South Circular boundaries.
Enness analysed current market data for prime properties complete with parking listed for sale at £3m and above across the capital.
The research shows that currently, 213 prime London properties fitting the bill are sold subject to contract or under offer.
In terms of the boroughs with the highest number of high-end homes sold with parking, London’s prime boroughs sit at the front of the grid.
Both Kensington and Chelsea account for 17% of all homes sold with parking at £3m or more.
The London Borough of Merton has also become popular with the capital’s super-wealthy, with recent research showing that Wimbledon is the most in-demand pocket of the prime property market.
No surprise then, that Merton is home to 9% of all £3m+ homes sold with parking at present, along with neighbouring Wandsworth.
At 8%, Camden and Richmond are also home to some of the highest number of luxury homes sold in the current market, with the benefit of a parking space.
CEO of Enness Global Mortgages, Islay Robinson, commented:
“Although Sadiq Khan has attempted to ‘clean up’ the capital by waging war on its motorists, this has done little to deter those looking to buy in the capital’s most affluent areas.”
Parking in London is big business and we regularly see huge sums of money change hands to secure the luxury of a parking space for those that need one.
So homes that come with this feature already in place are always going to be in high demand at the top end of the market and this is unlikely to change despite the introduction of the ULEZ Zone and its expansion at the end of the year.
For those with a fleet of million-pound supercars, a few hundred thousand on a parking space is a small price to pay and so the addition of the Congestion and ULEZ charges are unlikely to be a deterrent.”
|Table shows the number of homes at £3m+ with parking available that are already sold subject to contract or under offer|
|Location||Homes SSTC or Under Offer||% of total homes|
|Kensington and Chelsea||37||17%|
|Richmond upon Thames||18||8%|
|Kingston upon Thames||5||2%|
|Hammersmith and Fulham||4||2%|
|Barking and Dagenham||0||0%|
|City of London||0||0%|
|Data sourced from Rightmove (13/04/2020)|