Clerkenwell is attracting a new surge of wealthy Londoners who are prepared to pay for their properties in cash.
With nearly 6 out of 10 homes now bought without a mortgage, not only are these buyers paying with cash but 50% of them are also looking to settle in the area for the longer term, a great vote of confidence for the area.
Although more people are buying with cash, prices in Clerkenwell remain comparatively affordable compared to the West End. With an average property price of £692,000 in the EC1M area, a one bedroom flat in Clerkenwell currently costs an average of £537,000. By contrast, just half a kilometre away in the West End’s WC1A district, the average property value stands at almost a million pounds (£975,000).
Andrew Bridges, Managing director of Stirling Ackroyd, comments: “Cash buyers are now looking beyond the traditional confines of London’s luxury postcodes. This is partly down to sheer volume of demand. But equally, there is an inevitable element of fashion too. Most of those planning life without a mortgage are still looking for a good deal in an interesting location – and Clerkenwell certainly offers this”
For many, Clerkenwell will always be associated with law, architecture and design however just over one in two tenants living in Clerkenwell work in the world of finance and technology.
Andrew Bridges, Managing director of Stirling Ackroyd, comments: “Clerkenwell is uniquely placed between Silicon Roundabout and Soho. That makes not just equidistant from London’s two top technology hubs – but also bang in the middle of the dual creative hearts of the capital.”
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