Hotspot Kensington offers good investment potential Property prices in Kensington, like much of prime London, are on the up. The foreign demand remains a key driver of price growth, favourable exchange rates mean overseas buyers are benefiting from significant price reductions (17 percent for US Dollar buyers and 16 per cent for Euro buyers) on 2007 precrash prices.
The past decade has seen countless wealthy Russians, Indians and Arabs flocking to buy up swathes of homes in London's most exclusive neighbourhoods. Now the Europeans are following suit. “While Asian buyers account for the majority of sales of newbuild properties in the capital (60% of zone 1 newbuild sales in the 6 months to April 2011), European buyers are among those at the forefront of the market for existing homes. In terms of nonUK buyers French buyers account for 6% of the market, Italians 4.5%, Greeks 3.1% and Swiss 2.5%,” said Liam Bailey, head of Knight Frank Residential Research. Whether it is property for sale in Kensington, property for sale in South Kensington or property for sale in North Kensington, homes in each of these affluent areas are in strong demand.
Packed full of different cultural attractions, these areas have a real cosmopolitan feel to them, making them some of the most exciting places to live and work. There is a delightful blend of people residing
Head Office: Hamlet House 77 Fulham Palace Road W6 8JA T: 020 8846 2320 F: 020 8846 2321
Page1
throughout Kensington, including many different international communities in North Kensington and South Kensington. These areas are home to some of the most expensive homes in Britain and feature a wide choice of beautiful homes on some of the most attractive residential streets and private roads in London. The majority of properties in South Kensington, for example, date back to the Victorian era, when there was a boom in new homes, along with the Georgian period. The area is dominated by striking period buildings, including town houses, detached houses, period conversions and mansion blocks. However, there are not many highrise residential property buildings.
The ever growing shortage of homes in Kensington and its surrounding areas in relation to demand suggests that there has never been a better time for investors looking to buy property in Kensington, North Kensington or South Kensington. Bailey continues: “Price growth in the prime central London market shows little sign of slowing at the current time. Aside from a brief stumble last autumn, prices have been rising strongly since April 2009.” The latest statistics released by Knight Frank show that average Prime London property prices have risen by 33 per cent since March 2009, Moving forward, London property prices are expected to continue rising at a relatively rapid rate, which should also benefit markets in other primary locations, including properties in Mayfair, Chelsea and Westminster, among others. Mark Harris, chief executive of wealth management firm SPF Private Clients, commented: “The forecasts suggest prime central London has still got some way to go with prices they're expected to rise 30 per cent in the next five years.” Source: Estate Agents Property for sale in London & Property for sale in Mayfair
Head Office: Hamlet House 77 Fulham Palace Road W6 8JA T: 020 8846 2320 F: 020 8846 2321
Page2