London’s professionals are hitting the “second ring” of the capital’s property market in ever-greater numbers after being priced out of the centre, the head of estate agent Winkworth said today.
Winkworth sold a house for £20 million last year but the liveliest markets are further out as mainly UK buyers chase properties in the £650,000 bracket around Kensal Rise, Shepherd’s Bush and Shoreditch, according to chief executive Dominic Agace. “They are areas close enough to appeal to professionals who like the central London lifestyle,” he said.
Winkworth, which first opened its doors in Mayfair’s Curzon Street in 1835, saw annual profits slip 11% to £1.1 million in 2012 because of one-off costs from the closure of its French business. Revenues from its 90 franchised offices grew 7.2% to £39 million, split between sales of £24 million and lettings of £15 million.
