The Ultimate Guide to Buying Property in Pimlico

03-July-2024
03-July-2024 16:11
in Private clients
by Sam Hodgson
Buying Property in Pimlico

Pimlico, situated in Central London, exudes a unique blend of historic charm and contemporary living. Its graceful garden squares and iconic Regency-style architecture contribute to its timeless appeal.

This comprehensive guide will walk you through everything you need to know about purchasing property in this sought-after Prime Central London (PCL) location. We’ll take a look at recent price trends, investment yields, and the high-end amenities that make it one of London's most sought-after residential areas.

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Table of Contents

Pimlico's Property Landscape

Market Segments and Pricing

Pimlico’s Quarterly Market Activity

Types of Properties Available in Pimlico

Prime Pimlico Property Market Forecast

How to Finance Your Pimlico Property

Understanding Pimlico's Property Landscape

Data for Pimlico PCL property market is provided from Coutts’s London Prime Property Index Q4 2023.

Part of the City of Westminster, this area offers a diverse property market that caters to various preferences and budgets. From elegant Georgian townhouses to modern apartments, the area presents a range of options for prospective buyers. Let’s take a look at the date:

Recent Market Trends

The Pimlico property market has shown resilience and growth in recent years:

  • Price Growth - In 2023, house prices in Pimlico, Westminster, and Victoria increased by 2%, marking the largest annual price growth across London.
  • Sales Volume - The market experienced a significant 20.0% increase in annual sales volume.
  • Average Discounts - Sellers offered an average discount of 12.2% on asking prices.
  • Rental Yields - Properties in the area yielded an average of 5.24% in rental income.

Market Segments and Pricing

In the Pimlico PCL market, properties are categorised into two main segments based on their price range: properties under £1 million and properties between £1 million and £10 million.

Under £1M Properties

  • Average Sales Price per Square Foot: £958
  • Annual Change in Price: -10.8%
  • Time on Market: 188 days
  • Average Discount: 8.4%

£1M to £10M Properties:

  • Average Sales Price per Square Foot: £1,233
  • Annual Change in Price: +2.0%
  • Time on Market: 168 days
  • Percentage Sold at a Discount: 89.5%
  • Average Discount: 12.2%

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Quarterly Market Activity (Q4 2023)

During the fourth quarter of 2023, the Pimlico market experienced varying activity across different price brackets:

Under £1M Properties:

  • Quarterly Sales Volumes: 32 properties
  • Annual Change in Quarterly Sales Volumes: -50.0%

£1M to £10M Properties:

  • Quarterly Sales Volumes: 19 properties
  • Annual Change in Quarterly Sales Volumes: -48.6%

These figures indicate a significant decrease in sales volumes compared to the previous year, which could present opportunities for buyers in a less competitive market. 

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Types of Properties Available in Pimlico

Regency and Victorian Terraces

Pimlico is renowned for its elegant terraced houses, primarily dating from the Regency and Victorian eras.

  • Architectural Beauty: These properties showcase classic features like stucco-fronted facades, wrought-iron balconies, and ornate cornices.
  • Garden Squares: Many terraces overlook picturesque garden squares, offering residents tranquil green spaces.
  • Spacious Interiors: High ceilings, large windows, and generous room proportions are hallmarks of these period homes.

Mansion Flats

Pimlico boasts several impressive mansion blocks, typically dating from the late Victorian and Edwardian periods.

  • Communal Amenities: Many offer shared gardens, porter services, and sometimes even lifts.
  • Character: These flats often retain period features like fireplaces and original wood flooring.
  • Views: Upper floor flats can provide stunning views over London's skyline.

Modern Apartment Complexes

Recent years have seen the development of contemporary apartment buildings in Pimlico.

  • River Views: Some newer developments offer prime Thames-side locations with panoramic river views.
  • Amenities: Expect features like underground parking, concierge services, and state-of-the-art security systems.
  • Energy Efficiency: Modern builds often incorporate eco-friendly design and cutting-edge home technology.

Mews Houses

Tucked away in Pimlico's quieter corners are charming mews houses, originally built as stables but now converted into desirable homes.

  • Intimate Scale: These properties offer a more intimate, village-like feel within central London.
  • Unique Character: Many mews houses retain their original cobblestone streets and quaint facades.
  • Modern Interiors: While exteriors maintain their historic charm, interiors are often fully modernised.

Converted Townhouses

Many of Pimlico's larger townhouses have been converted into flats, offering period living on a more accessible scale.

  • Period Features: These conversions often retain original features like fireplaces, cornicing, and sash windows.
  • Prime Locations: Many are situated on Pimlico's most desirable streets, close to amenities and transport links.
  • Variety: Options range from studio flats to multi-level maisonettes within these converted properties.

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Prime Pimlico Property Market Forecast

The broader Prime Central London market hints at potential growth, this includes the PCL property market of Westminster, and, of course, Pimlico.

Here are some key trends to keep an eye on:

  • Continued International Interest - Overseas investors are drawn to Pimlico’s central location and rich cultural appeal. The area’s global allure remains strong.
  • Preference for Larger Properties with Outdoor Space - Post-pandemic, lifestyle preferences have shifted toward larger properties that offer outdoor spaces. Buyers seek a harmonious blend of indoor and outdoor living.
  • Demand for New-Build Properties with High-End Amenities - The luxury segment continues to thrive, with buyers seeking modern new-build properties equipped with top-tier amenities.
  • Price Stabilisation and Modest Growth - Pimlico’s limited supply of new developments contributes to its enduring appeal. We anticipate price stability and gradual growth in the medium term.

The current market dynamics present a nuanced picture for buyers and investors in Pimlico.

While there's an increase in new instructions and properties under offer across PCL, sellers are increasingly motivated, leading to more competitive pricing.

This has manifested as an average discount of 12.2% on asking prices, creating opportunities for savvy buyers. Additionally, the rental market is particularly robust, with prime London rental values rising 3% to 4% annually and currently sitting 28.6% above pre-pandemic averages.

Pimlico's average gross rental yield of 5.24% makes it an attractive option for buy-to-let investors, especially given the trend of higher yields for studios and smaller properties across PCL.

How to Finance Your Pimlico Property

Investing in Pimlico’s exclusive property market requires sophisticated financing solutions. At Clifton Private Finance, we specialise in arranging bespoke mortgage packages for high-value properties in Prime Central London.

Our services include:

  • Access to Exclusive Lender Panels: We connect you with private banks and specialist lenders catering to high-net-worth individuals. These exclusive panels offer tailored financing options.
  • Expertise in Complex Income Structures: Whether you have foreign currency income or diverse assets, our team understands complex income structures and can guide you effectively.
  • Tailored Solutions for UK and International Buyers: If you’re a UK resident, expat, or foreign national, we customise financing solutions to match your unique circumstances.
  • Guidance on Tax-Efficient Ownership Structures: We provide insights into tax-efficient property ownership, ensuring you make informed decisions.

Our expert brokers, at Clifton Private Finance, can craft a financing solution aligned with your long-term financial goals and investment strategy.

To explore how we can assist you in unlocking the potential of Pimlico’s prime property market, please call us at 0203 900 4322 or book a consultation with one of our specialist brokers. 

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