Find out what’s new in the London homes and interiors sector this June
Contemporary new Earls Court development by Paul Davis + Partners
The apartments, townhouses and penthouses at Lillie Square, London’s newest premium residential development, will benefit from 24-hour security, concierge services and a private residents’ clubhouse with a gym, 20m swimming pool, spa, bar and private dining facility. Part of the Earls Court regeneration scheme, the development comprises stylish one to three-bedroom apartments and contemporary four and five-bedroom family homes.
Designed by architects and urban designers Paul Davis + Partners, the homes will feature luxurious interiors, available in distinctive dark and light palettes, and will be fitted out to the highest specification including underfloor heating, comfort cooling, and Bulthaup kitchens with Miele appliances and Hansgrohe bathroom fittings.
The rise of the Micro Mansion
In cities around the world, including London, central locations have become too expensive for the majority – enter dedicated tiny living spaces, or the ‘Micro Mansion’, says the ‘Housing Futures’ report from Strutt & Parker. These are not broom cupboards converted into some semblance of accommodation, but are carefully designed homes.
A micro home is 100-250 sq ft, compared to a two-bedroom flat of 750 sq ft, and ideally have the ceiling height to accommodate mezzanine sleeping spaces. Like a boat, each component must have at least two functions, with typical features including under-floor storage, pull-down beds, steps that convert to chairs and sofas, and kitchen worktops that slide away after use.
Popular state schools creating a ‘mini property bubble’ in London
While everyone has been talking about a London property bubble, it seems mini bubbles have developed around popular state schools, leading to prices that can be over double those out of the school’s boundary, according to research by the Good Schools Guide and Savills. On average parents are prepared to pay an extra 22% to live close to some of the best state secondary schools, which are often grammar schools.
‘With private schools often charging around £15,000 a year, paying a premium on a property near a good state school can work out as a significant saving in the long run, especially if you have more than one child,’ comments Johnny Fuller, Head of Savills Kensington & Notting Hill.
The Crossrail effect
2013 marked a turning point in housing market activity close to Crossrail stations, with transaction growth accelerating well beyond London averages for the first time since construction began. Transactions within 500m of the stations grew by 23% in 2013 and within a mile by 21%, compared to a London average of 13%. The highest increases in transactions within 500m of a station have been within Zones Two and Three, up 116% since 2009 compared with a London average of 52%. ‘A drop in journey times to central London to 20 minutes or less is a really big market driver,’ says Johnny Morris, Head of Research at Hamptons International. ‘It’s these markets that stand to see some of the biggest impact from Crossrail in the short term.’