Fitzrovia estate agents achieve record price for local area

A new build home at Crabtree Place, the luxury development on Whitfield Street, Fitzrovia, recently achieved a record price of £1,500 per square foot for a residential property sold in Fitzrovia, a sought after part of central London.

The recent sale of the penthouse, situated within a derelict power station, which has been transformed into a small collection of seven triplex homes and apartments, has set a new level of pricing for Fitzrovia.

The one-off duplex apartment, accessible via a direct secure-access lift, has been impressively designed. The top floor apartment benefits from plenty of natural light from the wrap around terrace, which offers impressive views over London’s skyline and the treetops of Crabtree Fields below.

The penthouse offers impeccably designed space with state of the art audio-visual systems, under floor heating and discreet mood lighting to create a pleasant living environment.

The success of this property scheme supports claims by Fitzrovia estate agents that demand for properties in Fitzrovia is growing at a rapid pace.

John Ennis of Foxtons estate agents, the appointed estate agent for Crabtree Place, said: "Combined with its excellent location near the vibrant hubbub of Charlotte Street and Fitzrovia, it is no wonder we have applicants from every continent interested in this development [Crabtree Place]."

It is not just the market in Fitzrovia that is booming. With very few homes on the market, property prices in nearby Regents Park are also on the rise, supported by a high level of demand for property for sale in Regents Park, particularly from overseas purchasers.

"London is holding up well despite gloomy reports from the most of the rest of the UK," said Andrew Ellinas of leading estate agents Sandfords.

Harrods Estates, the luxury estate agents arm of the Harrods Group, has announced plans to head to Hong Kong in November to attend MIPIM Asia 2011, with a view to selling homes in Regents Park, among other prime central London locations, to buyers in the Far East.

The weak UK pound and increasing property prices have made the London property market extremely attractive to South East Asian buyers, with popular areas like Regents Park and Fitzrovia, amongst those reaping the rewards.

Figures provided by estate agency Savills reveal that purchasers from South East Asia accounted for 35 per cent of new development sales in London, with the Chinese particularly active in London at the moment.

Shirley Humphrey, Sales and Marketing Director for Harrods Estates, said: "This is a particularly interesting time in the Central London property market. Whilst traditional buyers and renters from North America and Europe are finding their domestic economic situations constricting their property investment decisions, it is precisely the domestic environment in South East Asia that has shown a 15 per cent increase in sales to the [London] region by Harrods Estates over the last six months. In 2010, 40 per cent of our sales came from Asia."

High property prices and a lack of mortgage liquidity are forcing more and more people into renting. With demand for property to rent in Regents Park at a historic high, rental prices are increasing at a rapid rate; an attractive proposition for buy-to-let investors, including those in the far East.