Southwark new hotbed for multimillion pound homes

One South London borough has seen the sale of more homes costing in excess of £5million than any other, writes Kate Dennett.

Southwark is now the hotbed of multi-million pound property prices, law firm Boodle Hatfield found.

Its report revealed luxury property sales were moving outside the old core luxury areas of Westminster and Kensington and Chelsea.

The report claims Blackfriars Road in Southwark sold 16 homes for £5m or more in 2019-19 – more than any other area in the capital.

The street is home to the modern One Blackfriars block of apartments, and plans are already under way to build the £1bn Arbor building scheme there.

Sales of luxury properties in Westminster and Kensington and Chelsea fell by 23 per cent, to 262 last year, while the rest of London began to catch up, rising by 19 per cent to 107.

Six out of 10 streets with the most £5m+ properties sold were in Westminster.

Boodle Hatfield has its own office in Blackfriars Road and gives legal advice to rich clients on luxury home buying from its office in a 19-storey office block.

The report claims prices of developments continue to rise, meaning more super-prime properties are being prioritised across the entire capital.

Queenstown Road in Battersea is also an up-and-coming luxury area – three high-end homes were sold there last year.

New developments opening in Southwark this year have contributed to these massive changes.

Western Yards development near Blackfriars railway line will also be remodelled for railway arches to include shops and restaurants.

Saskia Arthur, head of residential property at Boodle Hatfield, said: “Belgravia, Chelsea, Mayfair, Knightsbridge and Kensington still remain the key target areas, but some buyers are more willing to look elsewhere than they were previously.

“A lack of stock in these areas, coupled with slightly lower prices for luxury properties with the right level of specification elsewhere, appears to have assisted international buyers being more flexible over location.

“The continued weakness of the pound particularly against the dollar over an extended period has also made London properties cheaper, so there has been an appetite to buy whilst the pound remain low.”

London accounted for 89 per cent of £5m+ property sales and leads in £10m+ house sales, making up 93 out of 101 sales in the UK last year.