Welcome to our quarterly Kensington & Chelsea property market report, for Q1 2018. The report covers the residential sales market for Notting Hill, Holland Park, Kensington, North Kensington, Queens Park and Kensal Rise areas of London (W2, W8, W10, W11, W14, NW6 and NW10).
Headline figures compared to Q1 2017
- – 0.2% annual change in achieved price (compared with -5.3% last quarter)
- -18.5% annual change in transactions (compared with 1.6% change last quarter)
- 11.1 % average discount on initial asking price (compared with 9.4% last quarter)
- 5% annual change in the number of available properties (compared with 4.1% last quarter)
Key statistics in Kensington & Chelsea
- Average flat prices are now 9.7% higher than they were five years ago.
- Buyers are paying £100 more per square foot than five years ago.
- 12.1% of properties were sold within three months, compared with 14.3% for the whole central London.
- Properties sold in the last three months achieved an average price of £1,147,166 for flats and £3,970, 563 for houses
Current availability in Kensington & Chelsea
- 64% of property has been on the market for over three months (down from 71% last quarter)
- 45.1% of property has been on the market for more than six months (down from 46.2% last quarter)
- 44.3% of properties on the market have been reduced in price (compared with 46.1% last quarter)
- 26.7% of properties on the market are priced at £2 million or higher (down from 28.1% last quarter)
The Kensington & Chelsea property market seems to be ‘bumping along the bottom’ whilst the buying public continues to consider how life might look, and feel, post Brexit.
As you would expect, opinions are polarised and the market remains segmented, with certain price points and postcodes outperforming others. The weakened Pound continues to attract foreign investors. We don’t expect any meaningful movement in prices throughout 2018 and it remains a matter of when, not if, the market starts to bounce back.
If you’re looking to buy, there are several factors working in your favour; prices are subdued, there is a decent level of stock on the market and if you need finance, there are also some great mortgage deals to be secured.
If you’re thinking of buying or selling property in Notting Hill, Kensington, North Kensington and the surrounding areas, ensure you get expert advice. Contact our Sales Directors today to book your free consultation.
All data from LonRes.