There Is No Such Thing As ‘The Property Market’
By Tim Kane – Sales Director
Everyone keeps talking about ‘the property market’, like it’s a real thing. More specifically, the media bang on about their predictions for the ‘UK property market’.
Here are a few perfect examples:
‘UK property market prices predicted to fall 14% in 2021’
‘Fears of UK property market bust after summer boom’
‘Experts warn UK housing prices could fall by up to 3.7%’
Truth is, there’s no such thing as the ‘UK property market’.
Three Examples To Illustrate The Point
Let’s think about this logically. Here are three very similar sized properties currently on the market in the UK:
Immaculate three-bed, semi-detached house with fantastic open-plan living space in a great location with no forward chain. £135,000.
Superb three-bedroom, semi-detached house in the heart of the town centre, complete with off-road parking and rear garden. Immaculately presented throughout. £350,000.
A beautifully designed and presented three-bedroom house, ideally located for shops, restaurants and transport. The top floor features a vaulted ceiling and floor to ceiling window. £3,750,000.
Three properties of similar size; all well-presented and modernised to a high standard. The most expensive being a mere 28x the price of the cheapest. They’re all in the UK, but the first is in Blackpool, the second in Devizes and the third is in Kensington & Chelsea.
So much for the ‘UK property market’.
Even if you concentrate on London alone, ignoring the rest of the UK, the property price variation is enormous.
The average house price in Beckenham is around £340,000. In Tooting Broadway, you’re looking at £680,000. And if you take Kensington & Chelsea as a whole, the average house price currently stands at over £2,000,000.
So much for the ‘London property market’.
It doesn’t even make sense to make generalisations about London boroughs.
Variations Within Kensington & Chelsea
Kensington & Chelsea covers an area of 4.7 square miles. We have Brompton, Chelsea, Earl’s Court, Holland Park, Ladbroke Grove, Kensington, North Kensington, Notting Hill, South Kensington, Kensington High Street, West Brompton and World’s End.
Even these separate divisions of the Borough have their own distinct areas. Take Holland Park as an example. You could be living right on the park itself, next door to Kensington High Street, or rubbing shoulders with Shepherd’s Bush.
Ilchester Place in Holland Park has properties that go for £10,000,000; £20,000,000; even £30,000,000 and more. Yet you can buy a five-bed house for £3,000,000 just a 10-minute walk away.
It isn’t just dependent on the street you live in. The side of the street or the end of the street can make a difference. South facing garden, the view from the living room… a hop and a skip up the road could easily add £100,000 to the cost.
So much for the ‘Kensington & Chelsea property market’.
If you really want to find out what’s happening ‘on the street’ as it were, you need to talk to someone who knows the area like the back of their hand. For the latest (fact-based) news about property in and around Kensington and Chelsea, please call our team on 020 7937 9976 or contact us via email.
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