Top-end developments, new transport links, luxury retail and leisure facilities have pushed the City of London, London’s business district, and the surrounding half-mile ‘Fringe’ into the Prime bracket
The City and its surrounding area now join established Prime areas such as Mayfair, Knightsbridge and Belgravia, says Knight Frank. The estate agency says it will add the City and its Fringe to its monthly Prime Central London Index of property prices, which has been tracking luxury property values since 1976.
Gráinne Gilmore, head of UK residential research for Knight Frank, said, “Four main factors make an area stand out as a prime location in central London: good levels of top-end housing stock, a central location, good transport links and excellent retail and leisure facilities. This combination delivers a higher than average propensity for growth in capital values.
“The City Fringe is a less-developed market than the City, although the western fringe of Clerkenwell and Farringdon is more established. But there are signs that the eastern fringe of Shoreditch and Spitalfields is catching up, with growing demand for property by city workers keen to enjoy the wide range of nightlife and cultural opportunities the area offers
“The eastern fringe has already benefitted from the recently completed East London Line, and Crossrail will also be a boost to the area, as there will be new stations in both the eastern and western fringes.”
“The last, but arguably, one of the most important factors in the move to prime for the fringe is the new tech hub which has emerged around Old Street in the fringes. Referred to by David Cameron as “Silicon Roundabout”, the area now plays host to hundreds of tech start-ups,and to Google’s new office building. Workers in this industry who choose to live nearby, in one of the liveliest areas of the City, will drive demand for residential units in this neighbourhood.”