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About Pimlico & Westminster

The rise and rise of the Pimlico housing market!

While it’s true that most areas of London have seen huge growth in property prices and rentals achieved during 2007, one area stands out as having been a particular hotspot: Pimlico. Douglas & Gordon’s sales director and chief estate agent in Pimlico, Alex Leschallas, has seen property prices in the small district between Victoria station and the River Thames increase by around 45% during 2006 and 2007. The surges in growth have been particularly pronounced at the top end of the market.

Alex says, “As estate agents in Pimlico, we have a good mixture of accommodation, from mansion blocks and the old houses in Lord Moore Street to flat conversions and wonderful Cubitt-designed houses in garden squares such as Eaton Square. These wonderful, stucco-fronted properties enjoy fabulous proportions – high ceilings, porticos and pillars – which make them very desirable to politicos and barristers, both of whom make up a large part of our client base.”

Owing to regeneration in the postwar years, Pimlico has a diverse range of property on offer, including charitable housing projects and public housing estates built on land cleared by bombing raids. Large Victorian houses have also been divided up into flats to make stylish apartments perfect for young professionals. This eclectic mix is reflected in the range of property prices in Pimlico, from £300,000 for a studio flat up to £9 or £10 million for a spacious mansion.

Pimlico’s regeneration doesn’t end with residential properties, as the extraordinary rise in popularity of this central area can also be attributed to the fact that it has seen a great deal of commercial renewal during 2006 and 2007. The dingy shops and cafes have been replaced by more up-market commercial outlets. Our estate agent in Pimlico, Alex, says, “We’ve had it with both barrels. We’ve seen incredible price increases but during the same period Pimlico has become more popular, with lots of new bars, restaurants and shops to create a more sophisticated ambience.”

Another factor in Pimlico’s favour is that people who can’t necessarily afford Chelsea or Belgravia have realised that by simply contacting their local Douglas & Gordon estate agent, they can buy or rent in Pimlico at a fraction of the price. With excellent transport links to the West End and the City from Pimlico Tube station or St James’s Park, as well as overland trains to and from Victoria, estate agents are able to market the SW1 region as easily accessible and convenient for everyone. The West End is a short taxi ride away and for those in Government departments, such as the Ministry of Defence or lawyers and barristers who need to get from home to Inns of Court quickly, Pimlico is ideal.

The rental market in Pimlico

Lara Prescot, Douglas & Gordon’s manager and letting agent in Pimlico, has witnessed the rate of rentals rocket over the last few years. “Pimlico is certainly on the up. People are slowly getting the message that Pimlico is closer to the West End and the City than Chelsea. As experienced letting agents in Pimlico, we find apartments for single professionals and couples, 90% of whom are employed in finance, accountancy and law. Employees of the MoD and American Express make Pimlico their home, as it’s so close to work. Pimlico letting agents are often the first port of call for relocation agents, as the area is so accessible.”

During 2006 and 2007, Lara and other letting agents noted a price increase of 15% in rental value for flats and apartments in the SW1 area, with prices starting at £340 for a one-bedroom flat up to £650 for a three-bedroom property. “People are paying these higher prices for accommodation with no problem. Our rental property listing consists chiefly of period conversions and a couple of purpose-built developments.”

So, what is it that makes Pimlico such a popular place to live? Once again, our leading letting agent in Pimlico, Lara, has the answer. “Apart from its central location, we have the Tate gallery, St James’s Park and the river all within easy reach. People who rent here also love the low Westminster council tax and the fact that it feels very safe owing to the increased security close to Westminster. Other plus points include the fact that the bins are emptied every day and the streets are clean!”

View our property listings and contact a letting or estate agent in Pimlico for more details.

“Thank you very, very much for all your hard work, positive attitude, good advice and long hours during the months leading to us selling. You went way beyond your ‘duties’ as a real estate agent and we really appreciate that.” K & C… read our testimonials