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About Pimlico

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. This small district, between Victoria station and the River Thames, formerly owned by the Grosvenor family who commissioned Thomas Cubitt to develop the area in 1825, has seen increases of around 45% during 2006 and 2007, mainly in house prices at the top end of the market.

James Baring, sales director of Douglas & Gordon’s Pimlico UK office, says, “We have a good mixture of accommodation in Pimlico, from mansion blocks, the old houses in Lord Moore Street, plus flat conversions, to 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.”

Pimlico does have a wide range of property on offer due to regeneration in the postwar years, with charitable housing projects and public housing estates built on land cleared by bombing raids. Large Victorian houses were also divided up into flats – these days, offering stylish apartments for young professionals – a far cry from the days when Pimlico was the site of Millbank Prison, from where prisoners were transported to Australia! This eclectic mix reflects the wide range of prices achieved by houses and flats in Pimlico, from £300,000 for a studio flat right up to £9 or £10 million for the grandest mansion.

The extraordinary rise in popularity of this very central area is also down to the fact that it has seen a great deal of commercial renewal during 2006 and 2007: gone are the dingy shops and cafes to be replaced by more upmarket commercial outlets. James says, “We’ve had it with both barrels – we’ve seen incredible price rises but, during the same period, Pimlico has become more popular, with lots of bars, restaurants and new shops opening up, creating a more sophisticated ambience.”

Another factor in Pimlico’s favour is that people who can’t necessarily afford Chelsea or Belgravia are realising that you 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, plus overland trains to and from Victoria. The West End is a short taxi ride away. For politicians and those in Government departments such as the Ministry of Defence; or for lawyers and barristers who need to get from home to inns of court in a short time, Pimlico is the ideal place.

The rental market in Pimlico

Charlotte Pownall, lettings manager for Douglas & Gordon’s Pimlico UK office, has also seen extremely high rentals achieved in the area. “Pimlico is certainly on the up – very slowly people are getting the message that you are closer to the West End and the City here than you are in Chelsea. We find apartments for single professionals and couples, 90% of them in finance, accountancy and law. Employees of the MoD and American Express like to make their home here as it’s so close to work. Pimlico is often the first port of call for relocation agents as the area is so accessible.”

During 2006 and 2007, Charlotte has noted a 15% price increase in rental value for flats and apartments in Pimlico, 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. Mostly we offer period conversions, plus a couple of purpose-built developments.”

So what is it that makes Pimlico such a popular place to live? “Apart from its central location, we have the Tate gallery, St James’s Park and the river all within easy reach. People who are renting here also love the low Westminster council tax and the fact that it feels very safe due to increased security close to Westminster. Another plus point is the fact that the bins are emptied every day and the streets are clean!”

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