Earlier this year London’s new Westminster City Plan was put in place as part of the borough’s planning blueprint until 2040.
Included in the plan is a maximum housing size of 200 square metres for future homes in residential developments.
As on one of the capital’s largest boroughs, stretching from the Thames in the South to Regent’s Park in the North, Westminster City Council contains some of London’s most sought after locations. Areas including Mayfair, Marylebone, St James’s, Bayswater, Whitehall as well as parts of Belgravia and Knightsbridge will be effected by the new ruling.
New rules give large units rarity value
Newly built, larger homes already built or in construction within Westminster will likely become even more of a prized asset as future supply is restricted.
At the same time, the desirability of larger homes has been further enhanced following the impact of the global pandemic: spacious, light-filled properties with home office rooms and views over open green spaces are now greatly in demand.
This is likely to create a two-tier market where the price of homes in excess of 200 square metres are likely to be higher than those sub-200 square metres. This would suggest a potential higher capital value gain for those who purchase these homes now while there is still new supply in the marketplace.
In the short term, it is good news for developments that feature larger units, including those featured below: