The strength of the dollar and the £46m transformation of Sloane Street are attracting a new breed of international buyer to Knightsbridge, according to leading estate agents Winkworth.
Despite being the capital’s most expensive district, with its smart stucco terraces, private garden squares and imposing red brick mansion blocks, Knightsbridge prices are down 25 per cent on 2014, according to Christian Lock-Necrews, who has just taken over the Winkworth’s Knightsbridge, Chelsea and Belgravia office.
He said: “There are some very significant sales agreed with American buyers taking advantage of the currency play, many believing the lower levels of competition in the London market and strength of the dollar has allowed them to buy at a low point. Typically, the profile of these US families has been mainly from the film and media world, under 50 years of age, or entrepreneurs where they have no ties to a particular location, and still like the familiarly of what London has to offer. The market is providing opportunities in both respects.”
Christian told the latest episode of Winkworth’s Property Exchange podcast: “There is a real opportunity for international buyers, Americans and any nationality where the currency is dollar denominated.
Knightsbridge is down in price terms since 2014. Factor in the change to currency, it's about a 50% differential from 10 years ago. “Knightsbridge has been popular for centuries with not only the domestic market, but also international buyers. It's great to have a lovely home, but you want to be able to step outside of your door and have the coffee shops, boutiques and the restaurants. You know, that's one of the things that has always made Knightsbridge, Chelsea and Belgravia, hugely popular locations.
“A partnership between Cadogan and the Royal Borough of Kensington and Chelsea, has transformed Sloane Street, with the creation of an attractive boulevard which runs from Knightsbridge to Sloane Square, which is good news for residents and the businesses there. It’s a dramatic regeneration and probably the first along Sloane Street since it was originally commissioned in the 18th century.
“Look at the redevelopment of Pavilion Road, Chelsea Green and then Grosvenor’s changes to Elizabeth Street and Motcombe Street - and now Sloane Street has just experienced this. I see this as a point in time where Knightsbridge will be back in in the limelight.”
The cost of entry to living in Knightsbridge can be as low as £500,000 for a pied a terre in a mansion block, with upper price brackets reaching £250m, for a 50,000 sq ft freehold, entirely modernised, with private parking, high levels of security.
Dominic Agace, Winkworth’s Chief Executive, revealed that the Winkworth website has seen a surge in traffic from the US – with 30 per cent more visits last year compared to 2023. He told the podcast: “We’ve seen demand increased; the dollar strengthened. London is a place that appeals to very successful people to bring up their families because of its infrastructure and its schools. However, some of the non-dom tax changes relating to inheritance tax are more challenging for them."
