NOTTING-HILL-TOPS-THE-CHARTS-FOR-LONDON-RESIDENTIAL-PRICE-GROWTH

NOTTING HILL TOPS THE CHARTS FOR LONDON RESIDENTIAL PRICE GROWTH

16.07.18

Notting Hill is the fastest-growing area in prime central London, with a 2.1% annual price appreciation in the last 12 months, driven by need-based buyers.

While the prime central London residential market approaches price stabilization, Notting Hill has become the hottest neighborhood in the British capital according to the latest figures from Knight Frank.

By the end of June, the average price in prime central London fell 1.8% year-over-year, suggesting that the market continues to bottom out. “We don’t anticipate any meaningful price change—upwards or downwards—imminently, due to the dangling political uncertainty and the negative impacts of the last two stamp duty increases,” explains Tom Hill, head of London residential research at Knight Frank.

From the last peak in August 2015, prime central London prices have fallen 9%, but the rate of decline has been gradually slower. On a yearly basis, one-third of prime central London areas posted positive price growth, whereas two-thirds reported a decline.

Against this backdrop, Notting Hill became the fastest-growing area with an annual 2.1% price appreciation, benefitting from so-called need-based buyers.

“Notting Hill’s market has traditionally been driven by buyers looking for schools, looking to downsize or upgrade, not international pied-à-terre buyers,” Tom says. Overall, the number of sales in prime central London remained constrained in June, dropping 0.9% from the first quarter of this year.

As the prime central London sales market stabilized, more landlords put their properties on the market to sell instead of letting, causing rental supply to fall and average rents to go up. By June this year, the average rent in prime central London posted a 0.8% year-over-year increase, the first positive growth following a 28-month run of declines.

“The super-prime rental market continued to grow at the fastest rate, with the number of leases priced above £5,000 (US$6,609) per week increasing 29% year-over-year,” Tom adds.

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