It’s fair to say that although £1 million sounds like a lot of money, when it comes to property prices in Prime Central London, it’s not going to buy you a mansion in Regent’s Park. According to property portal Zoopla, in the last 12 months, the average sold price for a central London property stands at £1,805,314.
London’s real estate is the most expensive in Europe
Recent data for April 2024 from the Urban Land Institute ranks London as the most expensive city in Europe to buy property – averaging £19,775.65 per square metre. Much of that is based on London being a global financial, economic and cultural hub. The city attracts international investment and is regarded as a safe haven and politically stable. Foreign buyers favour London’s history and heritage, fascinating architecture, variety of period homes and vibrant atmosphere, driving up the price of luxury property.
Perfect mews in prime postcodes
Mews houses tend to be tucked away in quiet prime pockets of central London. They form pretty lines in leafy cobbled streets; occupying some of the most desirable postcodes spanning from Knightsbridge and Belgravia in SW1 to Kensington in SW7, Hyde Park, Connaught Village and Bayswater in W2 and Holland Park in and around W11.
A local specialist agent makes mews sense
Surprisingly though, it is possible to buy a mews house around £1 million – potentially even less, but you need to know where to look and what to look for. Prices do vary across these areas and by discussing your options with a specialist mews agent, you will find out which local areas offer market value, present a solid long-term investment, or even find a mews project that will bring you a profit post-renovation.
Mews stock levels are improving in 2024
Since the start of 2024, the availability of mews stock has certainly improved and here at Lurot Brand, we’ve been taking on an increasing number of new mews instructions, whilst also seeing sensibly priced options get snapped up.
Summer sales of affordable mews
If boho chic is your style, then a two-bedroom mews with a sale price of £1.275m in Devonport Mews, W12 could be perfect, providing masses of natural light with a fresh calm feel. Bespoke bi-fold doors open from the open-plan kitchen/dining room directly onto the original cobbled mews and the accommodation is laid out over three floors. There’s a generous light reception space that includes a ‘Murphy’ folding wall bed and office space on the first floor, with French doors leading onto a pretty wrought iron gallery along the mews. This mews house also has a handy private parking space and is temptingly close to charming cafes and shops. Another particular favourite is Osten Mews, SW7 whose gorgeous pink exterior and stunning roof terrace has earnt significant interest.
If you’re interested in buying or renting a mews house, give us a call on 020 7590 2520 and a member of the team will be happy to assist.