The future for houses in Covent Garden
As one of the most bustling areas in central London, it is the quirky nature of WC2 that makes flats in Covent Garden a popular choice and the market for rent in Covent Garden increasingly buoyant. The area has many attractions, from restaurants to bars to street entertainment and luxury spas, making it a fantastic spot for families, couples or those on their own.
Covent Garden is most definitely one of the more affordable districts for high end property hunters and, as people begin to realise this, demand for flats in Covent Garden is beginning to increase. The area is attractive with traditional cobbled alleys and clean streets as well as incredibly convenient in terms of transport with Charing Cross station is a mere moment’s walk away.
Laurence Glynne, partner at West End specialist estate agency, LDG, says “Drury Lane and the surrounding streets are popular with buyers as they have a residential feel but are just moments from the tourist hotspots, such as Neal Street, Long Acre and the Piazza. Floral Street is also very desirable and boasts lovely shops. Properties in Covent Garden tend to have many distinctive features and a lot of character; this could explain why people from so many different walks of life choose to live in the area.” The property market in relation to houses in Covent Garden is extremely dynamic with interest coming from international property investors as well as British based investors. This year has seen the area continue to go from strength to strength and future redevelopments are already in the planning stages.
Houses in Covent Garden are increasingly being seen as an affordable alternative to the traditional investor hot spots such as Mayfair and Belgravia. Studios in Covent Garden are priced from around £300,000 and two-bedroom apartments start from an average of £650,000 in comparison to Mayfair where the average for a flat in 2010 was £1,895,714. A recent addition to the office space in the area has meant that prices are may rise again soon - Facebook is moving to larger offices in Covent Garden in a bid to expand its UK foothold. The social networking firm will rent out 36,000 sq ft of space across three floors of a listed building to accommodate for its 70 staff members.
The UK operation has been based in a small office near Carnaby Street for the last four years and will move to the new space in January 2012. With one of the most important websites in the world moving their operations to the area, rent in Covent Garden is expected to rise rapidly so it is advised to make a move sooner rather than later.
LDG currently has a number of properties both for sale and available to rent in and around the Covent Garden area. Feel free to contact us for more information.
