London, United Kingdom (PressExposure) February 18, 2012 -- Demand for the best homes in London has increased in recent months despite the economic crisis. Whether looking for a property for sale in London or a property to rent in London, competition amongst people to secure the very best homes in the most sought-after areas of the city has been fierce.
The demand-supply imbalance has arguably been greatest in St John's Wood and Primrose Hill. These neighbouring areas, home to a number of high-net-worth individuals and A-list celebrities, are situated a short distance from the capital's West End, in northwest London, making them some of the most expensive places to buy property in the UK.
Residents in St John's Wood for instance, recently bid farewell to the King's Troop after they left their barracks in the area for the final time in February 2012, after the site was sold to one of the richest businessmen in Asia for £250 million with a view to developing a selection of luxury new homes.
The 5.5-acre Barracks site, which will be managed by UK property group London Square, has planning consent for 133 new homes, as part of a desperate bid to increase the supply of property for sale in St John's Wood to meet growing demand for homes in the area.
A lack of homes for sale is something that all St John's Wood estate agents appear to have in common, due in part to high demand for properties in the area.
The lack of residential properties in St John's Wood has forced many people into rental accommodation, as they wait for more homes to become available on the sales market.
This has also helped to drive up demand for property to rent in Primrose Hill which is located a short distance from St John's Wood.
Whatever happens to the wider economy - nationally and internationally - the property market in Primrose Hill and St Johns Wood look ripe for capital growth, despite being among the most expensive destinations to buy property in the UK, according to leading estate agents Sandfords.
The company's Director Andrew Ellinas says that property markets in areas covered by Sandfords, including St John's Wood and Primrose Hill, provide "one of those rare classes of wealth that is retaining its value in a world where inflation is creeping up and stock market yields are volatile".
He added: "As we move into spring, we expect the market to strengthen as buyers return, attracted by the underlying value of properties in the world's capital city. "One thing is sure - property in the Sandfords zone of Marylebone, Regent's Park, Primrose Hill and St John's Wood will only appreciate."
For further information or to register your interest, please contact Sandfords on Tel: +44 (0)20 7224 4994 or visit http://www.sandfords.com.