Crumbling mews property is on the market for £2.5m - but could fetch £4m when fully restoredEven the estate agents warn that the roof is so leaky the house has gutters inside and out, but it could be a brilliant investment for one brave soul.
The crumbling shell of a one-bedroom Little Venice mews house has gone on sale for more than five times the price of the average London home.
Despite its eye-watering £2.5million price tag, the "beautifully derelict" property has a roof so leaky that buyers could be "taking an umbrella to bed". Read More
Friday 08:35 BST
● Pound plunges as UK election delivers hung parliament
● FTSE 100 higher as foreign currency earners gain, FTSE 250 falls
● Global markets shrug off UK and US political uncertainty
● US and European equity benchmarks firm
● Dollar rises, while “havens” like the yen and gold dip
The pound is falling sharply after the UK election delivered a hung parliament.
Sterling is down 2 per cent to $1.2698, it is off 1.8 per cent to £0.8811 per euro, and is sliding 1.6 per cent versus the Japanese yen to change hands at ¥140.16.
The pound bounced above $1.30 in mid-May when Prime Minister Theresa May’s call for a snap election was expected to boost her... Read more
Immediately following last month’s Brexit result, the rental market is stable, with little to no movement in terms of rental costs. While a tenth (12%) of agents reported an immediate dip in rent, an overwhelming three quarters (77%) saw no change. This contradicts expectations, as prior to the result a fifth (19%) predicted rents would increase, and a fifth (20%) expected them to fall. Only three in five (61%) thought they would stay the same. Read More
Rehan Sheikh of Manor Drive, Wembley, illegally threw out the six tenants, including one who had two young children, after giving them just two hours to leave the rundown House of Multiple Occupancy (HMO) at 90 Wembley Park Drive. Read More
Exclusive: it houses the study from which she called Ronald Reagan, and has a bomb-proof door. Margaret Thatcher’s former Belgravia mansion goes on sale. Read More
All change in Bayswater:Zone 1 area tipped for house price growth in 2020 as regeneration gathers pace
The clean-up of Bayswater is already clear. The first homes at the former Whiteleys shopping centre go on sale this year while new shops are set to smarten up neighbouring Queensway.
Its shops may lack excitement but its Zone 1 location is brilliant, its unconverted townhouses are elegant and, most importantly, regeneration is gathering pace.You can walk to the West End or hop on the Central line at Queensway station or the District and Circle from Bayswater.
From 2021 a short walk to Paddington will be rewarded by Crossrail services direct to the City or Canary Wharf.
“With its neighbour Notting Hill to the west and Marylebone to the east, where values can easily exceed £3,000 per square foot, Bayswater has long been the forgotten area of prime central London,” says buying agent Caspar Harvard-Walls, partner at Black Brick.
The reason for Bayswater’s Cinderella status? “Bayswater is blighted by Queensway, which is dominated by fast-food takeaways and mobile phone shops.”
Whiteleys shopping centre is being redesigned with new shops and restaurants, along with luxury new homes
Why Bayswater is tipped as one to watch in 2020The clean-up of Bayswater is already clear. The first homes at the landmark Grade II-listed former Whiteleys shopping centre, which closed in 2018, go on sale this year.
Prices are still to be confirmed and if you need to ask, you probably can’t afford one.
There will also be shops and restaurants at the redesigned centre, rebooted by starchitect Norman Foster. Meanwhile, a cluster of smaller developments on and around Queensway will have more flats, shops and offices that will generally smarten up the street.
The pros: Bayswater is relatively underpriced for its prime location, and Crossrail and regeneration will produce price growth.
“We know the effect that improving the public realm has on property values,” says Harvard-Walls. “The redevelopment of Marylebone High Street, Mount Street in Mayfair and Sloane Square in Chelsea have led to surges in the price per square foot in those areas. We expect 2020 to be the year the wider market really starts to sit up and take notice of Bayswater.”
The cons: it is good value for prime London, but it’s still not cheap. And there are still too many shabby two-star hotels.
Average house prices in Bayswater — and what there is to buyAn average home in W2 costs £1.25 million, according to Rightmove. Unlike other prime districts, where prices have flopped 20 per cent in the past two years, values are up slightly, from £1.2 million five years ago.
White stucco townhouses, often divided into flats, could again become the area’s loveliest homes, priced at £1,500 to £1,600 per square foot for a modernised property.
Prices for newer purpose-built flats are considerably more affordable at about £1,000 per square foot.