Mayfair is not the only money-puller

It has been well documented that since the start of the credit crunch that certain London postcodes have bucked the national trend and have seen astronomical rises in price.

Hugh Wade-Jones

These tend to have been the areas favoured by the super-rich such as Mayfair, Knightsbridge and South Kensington and news that an Arab or Russian has paid upwards of £6,000 per square metre barely raises an eyebrow nowadays as it seems like a different world compared even to some of its very centrally located neighbours.

But it is not all one-way traffic as the money seems to have also poured into previously less desirable, if still central, London areas.

Regents Quarter at Kings Cross and numerous new developments around London Bridge, NEO Bankside and The Shard to name but a few have seen these previously transport-only locations become central business hubs.

The area known as Midtown, which sits between the West End and the City, is seeing huge regeneration, with large amounts of commercial units being converted to residential to try and keep up with demand.

The most striking of all will be Theatreland in and around Soho which once housed seedy strip clubs and drinking dens but is now seeing multi-million-pound flats as the norm.

The reality is that much of the new European money now pouring into London due to the euro crisis sees ease of transport and amenities as important, if not more, than postcode.

The threat of new French tax laws means an apartment in the new St Pancras train station development with France only a Eurostar away is more appealing than 75 per cent tax.

To put it into context, an events manager we dealt with bought a flat off Oxford Street in 2007 for £675,000 which is now worth £2.25m, a staggering rise for somewhere not supposedly favoured by the uber-rich. 

It seems it is not just the Candy and Candys of this world reaping the rewards from London’s continuing rise.