An iconic luxury waterside development in Lincoln is down to its last few apartments as 84% of dwellings are sold. The One The Brayford development from Jackson Living, part of Jackson & Jackson Developments, resides on the well-lit Brayford waterfront in the heart of Lincoln and boasts panoramic views of
Ultra-wealthy tycoons have triggered a boom in sales of U.K. mansions, taking advantage of softening property prices in the wake of uncertainty over Brexit. Figures gathered by property lender Octane Capital show a surge in so-called “super-prime” purchases, defined by some experts as properties costing in excess of £10 million
Activity levels at the very top of the London property market have stabilised after a tumultuous few years, the latest analysis reveals. Sales in the super prime market with homes valued at £10 million plus have been underpinned in many cases by the release of pent-up demand, says the report
BDC 319 : Aug 2024
An iconic luxury waterside development in Lincoln is down to its last few apartments as 84% of dwellings are sold. The One The Brayford development from Jackson Living, part of Jackson & Jackson Developments, resides on the well-lit Brayford waterfront in the heart of Lincoln and boasts panoramic views of the marina, Lincoln Cathedral and Lincoln Castle. Located in the top five safest counties to live in England and Wales according to a recent ONS report, the development has high standards of security with a concierge service, monitored CCTV and a private car park for residents. Only 16 properties remain for sale at the development and these include one, two and three- bedroom apartments across all floors as well luxury double floor penthouses, with prices starting from £185,000. The premier location has so far attracted residents from all over the world and benefits from a central city location just a six-minute walk from Lincoln’s High Street. Lincolnshire was ranked in the top five safest UK counties and Lincoln city centre is number 14 in the UK’s most popular cities according to a recent YouGov report. With developments such as the £70 million regeneration of Lincoln’s Cornhill Quarter, the city is set to see significant growth in the future. Dominik Jackson director at Jackson & Jackson Developments: “As Lincolnshire-based developers, we are very proud that our county has been ranked one of the safest places to live in the UK. People from outside the county are choosing to move into Lincoln with its reputation for safety, its historical significance and its streetscape with plenty of vibrant amenities on offer. “One The Brayford includes state-of-the-art security including monitored CCTV, secure parking and a concierge service. Coupled with a stunning waterfront location and close proximity to the High Street – the development is an ideal choice for city centre living.” Homes are available through local agent Pygott & Crone and for more information visit One The Brayford.
Ultra-wealthy tycoons have triggered a boom in sales of U.K. mansions, taking advantage of softening property prices in the wake of uncertainty over Brexit. Figures gathered by property lender Octane Capital show a surge in so-called “super-prime” purchases, defined by some experts as properties costing in excess of £10 million ($12.6 million), as the seriously rich, many from overseas, snap up bargains and take advantage of the weak pound. Octane Capital had requested previously unpublished data from HM Revenue & Customs, the U.K. tax authority, under the Freedom of Information Act. The data shows the number of homes selling for more than £10 million rose by a half in 2017, as uncertainty over the U.K. leaving the EU made property price tags at the highest end of the market significantly more attractive. The figures reveal sales of the country’s most substantial dwellings spiked to 300 in 2017, up from 200 in 2016. In the first three months of 2018, the latest period for which data is available, 100 homes costing more than £10 million were sold. The lack of clarity over Brexit has touched almost every part of the UK economy. The latest purchasing managers’ index, released on January 3, showed manufacturing growing at its quickest rate in six months. Factories have been boosting stock in anticipation of a no-deal Brexit in March. Activity in the property sector was not only seen in the market for mansions. Octane’s HMRC data shows the number of second-home owners buying properties costing over £2 million ($2.5 million) more than doubled in 2017 to 1,900 from 800 in 2016. Jonathan Samuels, chief executive of Octane Capital, said: “While many home owners sit on their hands during times of political and economic volatility, the ultra-wealthy often use these periods to acquire assets at a significant discount. “Brexit had a particular impact on super-prime properties in the capital, so for many very high-net-worth individuals the fallout from the EU referendum vote was an investment opportunity. For investors based overseas, sterling weakness made the price falls even more attractive.” The Brexit-fuelled boom in super-prime property has seen sales of some of the UK’s most stunning piles, according to Octane. It cites a raft of examples including Lambourne Hall in Ascot, Berkshire, close to the racecourse frequented by the royal family. Lambourne Hall, which is over two floors with a lift and two independent staff suites, sold for £21 million ($26.5 million). It includes an indoor swimming pool, gym, spa/Jacuzzi, sauna, steam and treatment room. The property has five reception rooms on the ground floor as well as a separate bar and library/cigar lounge. The five bedroom suites on the first floor all have dressing rooms and en-suite bathrooms. Meanwhile, a four-story, seven-bed Victorian property in Oxford, once home to social reformer and novelist, Mary Arnold Ward, went for a more modest £10.5 million ($13.3 million). Samuels added: “Some of Britain’s wealthiest cities became a goldmine for foreign investors seeking a bargain.” The data also showed the number of homes costing £1 million ($1.3 million) and above exceeded 20,000 for the first time.
Activity levels at the very top of the London property market have stabilised after a tumultuous few years, the latest analysis reveals. Sales in the super prime market with homes valued at £10 million plus have been underpinned in many cases by the release of pent-up demand, says the report from international real estate firm Knight Frank. The figures show that the number of new prospective super prime buyers registering in the first three months of 2018 was 7% higher than last year. And, although the number of transactions in the year to March was 9% lower than over the previous 12 months, this is an improvement compared to annual falls of more than 20% registered throughout 2016 and the first half of 2017. The steepest price decline since the peak of the market in prime central London in August 2015 has been in Chelsea where a 15.5% fall took place between then and March 2018. However, buyers have responded to the decline and the value of super prime sales has risen as a result while the effects of a weaker pound also continue to drive sales, alongside the continued appeal of London. The report points out that US dollar denominated buyers would have benefitted from an effective 11% discount at the end of March compared to the period before the European Union referendum ‘Though London has had a tough time recently, it is seeing renewed vigour. The effective discount provided by a weaker pound has certainly helped some buyers seeking value. There is a continued focus on safe haven investments for the long term with increasing focus on income generation and longer-term returns,’ said Paddy Dring, head of global prime sales at Knight Frank. ‘Although political risk remains with us, economic fundamentals underpinning the market remain strong, with interest rates at an all-time low and global economic growth improving,’ he added. Family houses in the Kensington and Chelsea are in relatively strong demand at the start of 2018 among needs driven buyers, according to Thomas van Straubenzee, head of Knight Frank’s private office . ‘While international investors are proceeding with more caution, British families committed to London are more comfortable buying given that pricing has largely adjusted for stamp duty. It means areas like Notting Hill have done very well at the start of 2018,’ he pointed out. But some buyers remain hesitant. ‘There has been a definite uptick in enquiries from prospective buyers, which is feeding through into sales. However, those buyers making commitments have either been in the market for a while or have a pressing social or personal need to move,’ said Daniel Daggers, a prime central London partner with Knight Frank. ‘So there is a ticking clock for many of them which, together with the price declines and favourable currency movement, means they are now deciding to act. Buyers are less location specific and new focal points include Fitzrovia and W2,’ he added.
