Home Sweet Home: Soho and its ever changing property market

Many of the thousands of people that pass through Soho on a

daily basis, come to Soho for work or to socialise, but a small handful of us

actually call Soho home. When thinking of Soho, the first thing to come to mind

is the nightlife, rarely the actuality that it is home to around 5000 people!

But from the multi-million pound, 4-story, Georgian Townhouses on Meard Street to

the social housing flats on Berwick Street, Soho is certainly a place to call

home for many different people from all backgrounds.

It has to be said however,

that the provision of social housing does not seem too high up on the list for

Westminster Council in Soho, as land and property prices are high and many new

builds are at the higher end of the quality spectrum, with penthouse apartments

being the abode of choice it seems.

So what is the average cost for a one bedroom apartment in Soho nowadays? Well,

according to home.co.uk, the average cost is a

staggering £813,207 and just under £6million for a five bed property!! For residential

developers and commercial property buyers, Soho is still a treasure trove of opportunities,

with chances to snap up former brothels and establishments of ‘ill-repute’ for

a song, but as with any inner city area, such bargains are increasingly hard to

come by.

Even companies seeking office space in the capital may have been experiencing a

shortage of according to recent reports from EA Shaw in a poll for Property

Week, which found that available space in Soho is down 11 per cent for the

third consecutive quarter.

It seems that everyone wants a piece of Soho! And

you can hardly blame them since Soho is such a vibrant, diverse place, right in

the heart of London and with the arrival of the Crossrail, due to open in 2017,

linking Maidenhead in Berkshire to Shenfield in Essex, via Heathrow airport and

central London, slashing journey times across the capital, the commutability of

the area has increased dramatically. It is interesting to note however, that

property sales directly around the Crossrail development site have suffered

somewhat according to Rob Hill, Director of Estate Agents, Greater London Properties, as the noise and general disruption is deterring buyers.

Renting in Soho is equally expensive, with the average rental cost for a one

bed property at around £2000 per calendar month according to home.co.uk, rising to £18,000 for a five bed! So

it would seem that for the vast majority of us with bank balances that sadly don’t

reach six figures sums, flat sharing is perhaps the most cost effective way of

living in Soho. Outlet estate agents on Old Compton Street came up with a novel

way for people seeking flatmates to find one another in the form of ‘Flat

Dating’. Hosted roughly every month at Soho's Profile, Outlet offer people the

chance to meet potential tenants, landlords and sharers in a sociable setting - all

the better for determining suitability.

Hannah, 32 from Soho, used this way of

finding her current flat share in the area and says she would use Flat dating

at every opportunity; “it really beat that awkward first meeting, perched on a

stranger’s sofa with a cup of tea, answering questions and making small talk.

This way you can really get a better idea of who you might come to live with as

well as presenting yourself in a much more natural way, because you feel so

much more comfortable this way”

However, if sharing is just not for you, then here are some of the top picks of

properties to rent and buy, from some of the best estate agents in Soho.

From Hallmark Properties

on Falconberg Court, there is a fantastic 1 bed, modern property near Carnaby

Street to rent for £330pw which is small but perfectly formed!

If its period features you want then this wonderful little 1

bed apartment on one of my favourite streets in Soho has it in spades; contact Greater London Properties on Broadwick Street for further details.

If you’re looking to buy, then this 2 bed flat on Marshall Street, right near

the newly renovated Marshall Street Baths, is ideal at £459,995 also from Greater London Properties.

How about this lovely 2 bed apartment on Old Compton? Offered by Outlet, this £600pw is a contemporary apartment, right in the heart

of Soho. 

EA Shaw in nearby Covent Garden has some great Soho properties

on their books,

not least this suprisingly spacious, 1 bed apartment on Green’s Court, right

near my favourite Soho deli, Lina's and priced at £340pw. Or how about this 2 bed apartment above the old Intrepid Fox

for a whopping £575,000?

As you can probably tell, it’s incredibly difficult to find a sizable, family

property in Soho, let alone an affordable, reasonably priced one. However, if

you do find yourself with close to £3 million sitting in your bank account,

then a wonderful, Georgian Townhouse on Meard Street could be just for you!

Check this covetable example from Savills.

Six reception rooms anyone?