I live by the river
AWINDOW on the Thames once again ranks highly on the wishlist of London property buyers. After a lockdown dip, the capital’s waterside market is bouncing back, according to new research by Knight Frank. Waterside buyers increased by 138% in 2021, compared with 2020, and, in the last quarter of the year, this translated into a 10% premium over similar properties far from the river or the canals.
‘Despite the recent rebalancing of values across some London markets, the premium buyers are willing to pay to be by the water,’ says Christopher Jones of Knight Frank. ‘This drive for outside space goes much further than larger private spaces; there is now a real desire from most buyers to be within easy reach of parks and, of course, the riverside.’
Agents expect this trend to continue in 2022. ‘Sentiment among buyers is high at the upper end of the market and this is something we’d expect to see continue with the return of international buyers and the warmer summer months ahead— particularly [for] best-in-class properties,’ explains Mayow Short of Savills Waterfront.
Among the developments set to see good interest is Chelsea Waterfront, a collection of 710 apartments split across 10 buildings close to the Lots Road Power Station. Designed by Sir Terry Farrell, it will include the tallest residential tower in SW10 —clocking in at 37 storeys—and, across the Chelsea Creek, a complementary 25storey tower. Both buildings promise fine views of the Thames, with the added draw of immediate access to the riverside walks.
‘We have seen buyers come out of big apartments in areas such as Knightsbridge to be near the river and enjoy all that living in a modern home has to offer,’ says Knight Frank’s Mr Jones. ‘This increased domestic demand is all down to location and lifestyle offering of the water’s edge.’ CP