Pimlico A local market review - CBRE Residential
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Pimlico A local market review
Pimlico snapshot
Noted for its leafy garden squares, The area retains much of its original charm,
Regency architecture, and a has over 350 Grade II listed buildings and
has been partly designated a conservation
pioneering grid of streets, Pimlico area since 1972.
in London’s City of Westminster,
is a small, largely residential area This idyllic blend of neighbourhood feel,
green leafy spaces, character and amenity
of central London. On the clusters, makes Pimlico a popular choice for
northern banks of the Thames, those seeking a good value, well located
the central position of the area area in central London.
means it is an impeccably The area is separated from Belgravia and
well-connected district of central bounded to the west by Victoria Railway
London, easily walkable to many Station, to the south by the River Thames,
of London’s major attractions, and to the east by Vauxhall Bridge Road.
The area is largely residential and still retains
universities, green spaces and a small neighbourhood and community feel
commercial areas. with small boutique shops, restaurants and
other local amenities dotted around in
clusters amongst the largely residential
locale. The area is also home to many of
London’s original regency ‘squares’,
providing a green leafy background to the
Georgian terraces.
Holborn
University of Westminster Chancery
Paddington Lane
Tottenham Royal Opera
Marble Arch
Oxford Circus Court Road House
Bayswater Lancaster Gate Bond Street London School
Leicester Square of Economics
Covent
Piccadilly Circus Garden Temple
Queensway Kings College
Notting Hill London
Gate National Charing Cross
Green Park Gallery
Kensington Waterloo
Palace Royal College
Westminster
of Arts Hyde Park London
Corner St James’s
Knightsbridge Eye
High Street Buckingham Park
Kensington Imperial College Palace Big Ben
Lambeth
Natural History Westminster North
Museum Abbey
Gloucester Road
London Victoria
Sloane Square
South Kensington Chelsea College
of Arts
Earl’s Court
Tate Britain
Saatchi
Gallery Pimlico
Vauxhall
West Brompton
Oval
Fulham
Broadway Battersea Park
Local demographic and Connectivity
economic trends
Due to its central location, Pimlico is well Location based on nearby top-performing
The population of the City of Westminster connected to the rest of London, both by schools can also be a strong factor in local
currently stands at 242,300, an increase of underground (Pimlico or Sloane Square average house prices. Research has shown
10% or an additional 23,000 people since stations), National Rail (Victoria Rail Station), that homes located near top-performing
2011 census and 34% since 2001. It is and above ground by car or on foot. From schools can add anywhere from 16% – 28%
expected to grow by a further 6% to 256,800 Pimlico Underground station, Oxford Circus to home values. There are six schools within
by 2021. is just an 8 minute journey or 40 minute one mile of Pimlico, including private
walk, Liverpool Street is a 23 minute journey, preparatory schools, academies and Church
Pimlico itself has a population of nearly while South Kensington is 11 minutes on of England, with nearby Westminster School
40,000 residents, which makes up the Underground from Sloane Square. consistently ranking as one of the country’s
around 17% of the City of Westminster’s Similarly, it is well connected to many of top schools for educational performance.
total population. London’s top-class universities:
Westminster’s seemingly low employment Travel times to London universities
level of 67.4% belies the true nature of from Ebury Place, SW1 Distance from London schools
economic activity in the borough, as its
unemployment rate is just 5.7%, slightly Imperial College 10 minutes* Eaton House 0.5 miles
below the London average of 6.0%.
Furthermore, with average earnings of London School of Economics 27 minutes# The Grey Coat Hospital 0.8 miles
£42,798, this is 29% higher than the wider University College London 28 minutes+ Francis Holland School 0.4 miles
London average and the second highest
earnings of all the boroughs in London. King’s College London 24 minutes# Garden House School 0.6 miles
Central St Martins 32 minutes+ Westminster School 1 mile
The area attracts a young, professional, and
affluent demographic with 33% of residents Chelsea College of Arts 6 minutes* Pimlico Academy 0.5 miles
aged between 25 and 40, compared with Royal College of Arts 18 minutes* St Paul’s School 4.5 miles
20% across the rest of the UK. As a result,
there is a high demand for privately rented Cass Business School 29 minutes+ City of London School 3.1 miles
accommodation. This is revealed in the
University of Westminster 24 minutes+ City of London School for Girl’s 3.7 miles
increased numbers of renters in the borough,
the proportion of which now accounts for *by car #via Sloane Square +via Victoria
40% of all households, up from 32% a
decade earlier and reflecting an increase of
12,500 households. Meanwhile looking at
Pimlico in detail, there are an estimated
6,200 households privately renting, and a
further 5,600 households who own their
property. The private rented sector has again
increased dramatically in this area, up 42%
over the decade, equivalent to an additional
2,000 households.
London housing market overview Property prices in Pimlico and surrounding areas
London is one of a handful of global cities Average flat prices in Pimlico have risen by Flat prices in Battersea Park, slightly further
that attract the most affluent international 5.5% since 2010 and are currently £954,526; afield and located on the south bank of the
buyers. As a result, London’s prime and this is 25% below the City of Westminster Thames, are currently £1.1 million while in
super-prime prices are among the highest average of £1,264,589 but more than double Victoria, the area surrounding Victoria
in the world, up there with Hong Kong and the London wide average of £466,300 Railway Station and north and east towards
New York. The prime market steadied for a flat. Pall Mall and Trafalgar Square, current
somewhat last year reflecting the uncertainty average flat prices are 18% above the
of the election, but we expect some modest When compared with prices in nearby Pimlico average.
growth to return this year. locations schemes, it is evident that
Pimlico is extremely good value considering Average rents in Westminster are now
London attracts a multitude of buyers from the location, ease of travel, and amenities. £3,188pcm, an increase of 43% over the ten
all around the world with the desirability of Neighbouring Chelsea posts current years to 2016, This is a nearly 85% over the
house prices continuing to see strong averages of £1.7 million for a flat, while average London rent of £2,102pcm, and
growth. According to the Land Registry, flats in Belgravia, to the north of Pimlico, reflects the centralised location of
house prices in London grew by 12.3% average £2.1 million. Westminster, thus reduced travel costs and
year on year in July, up from 14.5% in June. the premium which people are willing to pay
The average price of a London home is to live so centrally in London.
now £484,716.
Pimlico price comparison
Activity in the new build market remains
extremely strong and demand is high,
with 63% of the 62,036 new build homes £2.5m
under construction already sold. This is
Average apartment price
the highest absorption rate of new build £2.0m
stock in recent years.
£1.5m
£1.0m
£0.5m
Nine Elms Pimlico Battersea Victoria Chelsea Belgravia
ParkHouse Price Growth forecast
During the first six months of 2016, a total
of 110 units have been sold in Pimlico, and 5 year growth
of these 91% consisted of apartments. 2016 2017 2018 2019 2020 2016–20*
The vast majority of transactions conducted
in the area pertain to second hand stock, Prime Central London 3% 3% 5% 6% 6% 25%
with 94% of all transactions taking place
so far this year, falling into this category. London 5% 2% 4% 6% 6% 25%
However, of the very limited new build
stock that has changed hands, these UK 3% 2% 3% 5% 5% 19%
posted an 84% premium over their second
* Cumulative growth
hand counterparts.
Despite an increasing population in this Average house price index
area, and resultant increase in households
and demand for homes, there has been
just an additional 3,811 new homes built in 230
Westminster since 2010. This suggests a
Average house price index (Base = Jan 2007)
210
chronic undersupply of housing, compared
with target levels. Demand for homes in 190
Westminster hugely outweighs supply.
170
There are 34 schemes currently under
construction, providing 2,500 units; 150
56% are already sold. Of these, just three
130
are located in Pimlico, offering a total of
74 private units. 110
90
70
50
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
London Inner London Westminster BaseContacts Jennet Siebrits Mark Collins Tom Bryant
Head of Residential Research Chairman of Residential Director
+44 20 7182 2066 +44 20 7182 2264 +44 20 7182 2562
jennet.siebrits@cbre.com mark.collins2@cbre.com tom.bryant@cbre.com
Sources CBRE, Land Registry, Molior, Office for National Statistics, Rightmove
Photography Inside Page 1. Imperial College London: e X p o s e / Shutterstock.com
Disclaimer 2016 CBRE CBRE Limited confirms that information contained herein, including projections, has been obtained from
sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make
no guarantee, warranty or representation about them. It is your responsibility to confirm independently their
accuracy and completeness. This information is presented exclusively for use by CBRE clients and
professionals and all rights to the material are reserved and cannot be reproduced without prior written
permission of CBRE. Images provided are computer generated. © 2016 CBRE Ltd.You can also read
