There are many places in London with a name that is known all over the world. Covent Garden has developed a reputation as being a fantastic tourist destination and countless people flock to this part of the capital on a daily basis. However, given the central location, strong transport options and with so much entertainment on your doorstep, you can see why there is an interest in Covent Garden property.
As of August 2017, the average value of property in Covent Garden stands at £1,266,163 while the average price paid for property in Covent Garden, over the past year, stands at £1,218,585. This would suggest that only the extremely wealthy buy property in Covent Garden but this is an area that is proving very attractive for tenants. This means that Covent Garden is an area where you can stay in, even without buying property, and this opens up the area to many people.
There are many rental accommodation options available in Covent Garden
A quick look online will tell you that there are many rental accommodation options available for Covent Garden. A studio flat may be the smallest option in the area but it could be ideal for someone who is more interested in being at the heart of an exciting and vibrant area as opposed to needing a lot of space at home. There are studio flats on offer from around £1,250 per calendar month while the weekly rental fee for the area starts at just under £300, although fees will apply. It may be that some people who are only in the area for a short period of time would rather have a studio apartment or small flat than paying hotel fees. In this regard, short term renting in Covent Garden looks to be very affordable.
With respect to one bedroom properties, the prices start from around £1,500 per calendar month or at £345 per week and for two bedroom properties, the prices begin from around £2,000 per calendar or £475 per week. A three bedroom property in Covent Garden comes in at around £3,000 per calendar month upwards and the weekly fee option starts from around £710. There will always be outliers which mean that a bargain or two can be found but anyone looking to find rental accommodation in Covent Garden should have these fees in mind when they start searching.
Covent Garden has improved its image of late
It is important to remember that Covent Garden has received a comprehensive makeover in recent years. The areas was previously solely focused on the tourist market, with some detractors saying the area was tatty or grubby with little in the way of interesting bars or shops for local residents. This is no longer the case and the people who dreamed of staying in a cool Soho location who would have previously balked at what was on offer now find that they can stay in a place that meets their needs.
There are new developments in Covent Gardens and there have been a number of conversion projects in recent times too. One thing that Soho has in its favour is that while it is expensive, even by London standards, Covent Garden is a more attractive offer than what is provided in areas like Mayfair or Knightsbridge.
One issue that should also be considered when considering the Covent Market property market is there is a strong interest from foreign buyers. An area with an international name like Covent Garden will always have an appeal to foreign investors but this is also a part of London that is conveniently located for many of the finest Universities in the capital. With the London School of Economics (LSE), University College London (UCL) and King’s College London all within walking distance of Covent Garden, this is an area that parents are happy to buy property for their children to use as a base during their studies in the UK.
These educational institutions have a fine reputation in Asia, and this has led to many investors from this part of the world buying property in Covent Garden. Yes, some of these purchased properties are probably lying dormant, some are probably being used with their stated intent but there are also buyers snapping up these properties now with the intention of their children using them in the future. Many of these savvy investors realise they can make money now by letting out property and this means that there is a range of rental options in Covent Garden, even if you think the higher property prices would see many investors and landlord ruled out of the market.
There has also been an uptake in elderly people moving into the area. The transport options and local facilities ensure that Covent Garden is a highly convenient location for many people looking to enjoy their golden years in great style. With more than 40 theatres in the local area, anyone who is keen to have the finest entertainment on their doorstep will appreciate what this part of London can provide. There is also the fact Charing Cross and Leicester Square Underground stations are located within a few minutes’ walk from Covent Garden, with 7 tube stations in total, and Crossrail will have a stop close by, at Tottenham Court Road, so getting around London will be even easier from this base soon enough.
The price of property in Covent Garden is obviously going to impact on who can afford to live in the area but the rental prices are suitable for a wide range of people. This is a central London location with a great deal to offer, and this is why you are likely to find tenants of all ages and from all backgrounds in Covent Garden.