In the luxury property market it would be tempting to say that expensive fittings and state-of-the art decor are luxury items. However, in today’s world, when there is a price put on just about everything, luxury is more about the intrinsic value to the buyer than the cost paid.
Today, in the world of luxury property, real value is more about having the right space. Real luxury is about peace and quiet and the having the time to savour what your money has bought.
Increasingly the discerning buyer is not looking to pay a premium for a property installed with over-complicated technology, which comes in many guises from baths that run themselves, to electronic remote curtain closing. Let’s face it, a dimmer switch has the same function as Lutron lighting, and is far easier to use! However, proper sized and equipped gyms and proper sized media rooms are still in demand.
New build luxury property
There appears to be an increase in demand for larger properties (apartments) with an increasing number buyers opting for new-build apartments as homes rather than just investments. As a consequence, more thought is going into the design/layout to suit owner occupiers rather than just renters or investors
Today’s luxury property buyers are actually shying away from predictable high street brands, with the exception of perhaps a mini Waitrose or Wholefoods. Here, there is an increasing demand and reliance on home delivery.
In London, we are seeing an increase in appeal among buyers for London’s ‘villages’, most notably Marylebone, Hampstead, Highgate, Barnes, Wimbledon. Here landlords have made strategic plans to focus on independent retailers, rather than predictable brands.
And, of course, The Ivy is now the new Pret as there’s now one on every street corner pretty much throughout London, which makes the exclusivity of a ‘village’ all the more appealing and sought after.