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Barbican Flat Watch Our quarterly update on the Barbican property market. A

re Barbican flat prices going up or down, and what are they likely to do in the near future? It depends who you ask as to what kind of answer

you get, but in general Barbican flat prices have remained relatively strong over the past year and some predict this continuing into next year.

The national press is forever quoting statistics from the big mortgage lenders which not only fluctuate from month to month, but often disagree with each other. If you ask our local Estate Agents the tendency is to put out an optimistic point of view, although to be fair the ones who specialise in Barbican properties are more accurate than most in reporting on current trends in the Barbican micro-market which quite often bucks the trend elsewhere. It remains a popular place to buy and lack of stock availability often does mean really keen buyers might be prepared to pay over the odds for the right properties, and such sales do colour the statistics somewhat. For example well positioned tower block flats (generally above the 20th floor and south and west facing) are now going at around the £1 million mark – the kind of price penthouses used to go at when we started Barbican Life eight years ago. Penthouses may now fetch £2million or more. Indeed over the past eight years residents will, for the most part, have seen their properties double in value – perhaps more. Even so, if one looks back over this

period, prices soared in the middle of the last decade, but then remained relatively flat with the froth going off the market in around 2007/8 when some very high asking prices could not be achieved. But once the market steadied, Barbican flat prices do seem to have been moving upwards, while much of the rest of the country has seen falls – quite severe in some areas.

The latest figures from the Land Registry confirm this pattern. London in general is the only area in the country where prices have actually been seen to rise over the past year – by around 2.1%, whereas prices in other areas have fallen by up to more than 7% (in the north east). But even these figures are probably coloured by strong sales of top-end properties in London (often to overseas buyers taking advantage of weak sterling) which can distort the apparent market growth.

Nevertheless it is apparent from the Estate Agents comments below that the Barbican market remains strong. Indeed lack of stock, coupled with buyers who appreciate the benefits of living here, could well see prices continuing to rise in 2012, despite the seemingly dire economic situation. However whether the 10% growth suggested by one of the agents below is achieved in these circumstances is perhaps over-optimistic. knows?

But who

ESTATE AGENTS’ COMMENTS SALES Tina Evans at Frank Harris: “We have had a terrific and interesting year on City Sales in 2011, with prices achieved on many properties in excess of those achieved in 2007, for example a “Type 20” sold for £640,000 and we have also agreed the sale of a tower flat over the £1million threshold for the first time.

A number of properties have attracted multiple offers which has led to “sealed bids” situations.

The City in general is attracting buyers who see the area as a good future investment, with good transport links and low crime rates being a contributing factor.

There has been an increase in overseas buyers particularly since we signed up to a Chinese language website.

Lastly we would like to wish all Barbican Residents a very Happy Christmas and a Prosperous 2012.” Leon Stone at Hamptons International: “The pre-Christmas slowdown started

earlier in sales this year than it has in other years, with reduced activity levels seen in early November rather than December. Despite the economic outlook, we don’t see this as a sign of things to come however, as it seems both buyers and sellers are getting ready to do business as soon as we start back in the New Year. Hamptons research department predicts house price growth of 1% in London in 2012, with up to 4% in prime London (Chelsea, Kensington and Knightsbridge). To back this up, Hamptons are opening offices in Mayfair and Ealing in spring 2012, to add to the recent Muswell Hill office and the Sloane Square expansion.” Nick Scott at Scott City: “Another edition of Barbican Life and we find ourselves reporting the lack of stock yet again. This lack of stock has meant that prices in the Barbican have continued to rise month on month for now well over a year and we are seeing the highest prices achieved ever on the Estate. Many other

The Modern House is a specialist estate agency dedicated to the sale of 20th and 21st century homes of architectural distinction. Due to strong demand, we are currently looking for Barbican apartments and other properties of architectural interest to offer for sale.

If you are thinking of selling, or you would like to learn more about the homes that we sell across the UK and France, please visit our website or call Matt Gibberd on 08456 344068.


Seddon House 2/3 bed corner flat on sale at Frank Harris at £725,000 and currently under offer.

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