- Ahead of the much-anticipated release of psychological thriller ‘Last Night In Soho’, new data from Rightmove shows that buyer searches for Soho have doubled compared to last year, and rental searches have increased 56%
- The film is set in 1960’s London, where the average sold price of property was under £4,500 – over 100 times less than 2021
New data puts a spotlight on Soho as the much-anticipated psychological horror film ‘Last Night In Soho’ hits the silver screen.
In ‘Last Night In Soho’, the leading character is mysteriously able to transport back to 1960’s London.
In the week before the film’s release, buyer searches on Rightmove doubled (+100%) compared to the same week in October last year and rental searches increased 56%.
In the 1960’s, the average sold price for a London home was £4,418. In August 2021, the average sold price for a London home was £525,893 – over 100 times more than 60 years ago when the film takes place.
The current average asking price for Soho is £1,160,214. An average flat is 1,056,875, while an average house is £4,044,028.
Tim Bannister, Rightmove’s Property Expert, said: “It’s always really interesting to see spikes in searches around cultural moments like the release of ‘The Last Night In Soho’, as fans browse what’s available to rent or buy in the area shown on the silver screen. Although prices have changed, the draw of London and areas like Soho, with its varied culture, bars, clubs, pubs, theatres and much more quite literally on the doorstep, continues to entice many to browse available properties nearby.”
Carlos Riveros, Director of Chestertons’ Covent Garden branch, comments: “Soho is the busiest square mile in the Capital and its diverse and everchanging ambience attracts residents, investors and international purchasers who want to be part of a vibrant neighbourhood. Soho residences are being secured by young professionals wanting to be able to walk everywhere as well as City workers who appreciate the central location. Second home owners remain the most active demographic group; particularly the semi-retired and retirees wanting to enjoy Soho and all its entertainment, theatres, restaurants, shops and cocktail bars.
“The number of residential properties for sale in Soho is limited, which pushes property prices above those of neighbouring Covent Garden and Fitzrovia. A large lateral apartment in Soho Square or a Georgian townhouse; some of them amongst London’s oldest; can easily reach values in excess of £2k per square foot. A one-bed apartment won’t come cheaper than £650k whilst sellers of a 2-bed apartment can demand at least £1m. Buyers with deeper pockets might want to consider one of the freehold houses which start from around £3m or a swanky penthouse from £4m upwards.”
- Buyer and renter searches compares w/c 18th October 2021 with w/c 18th October 2020
- Average London sold prices are taken from Land Registry data, comparing April 1968 with August 2021