In global property consultancy Knight Frank’s latest W2 report, the firm says this historically overlooked area, which runs along the northern most edge of Hyde Park, is set to be transformed over the next few years. The emergence of new landmark developments, as well as the wider regeneration of Queensway and the arrival of Crossrail at Paddington, is set to regenerate the area – welcoming new homes, hotels, restaurants, retail and public spaces.
According to Knight Frank’s latest analysis, London W2, the postcode with the longest park frontage, is currently undervalued relative to other neighbouring markets. The firm’s latest research shows that average sales prices in W2 stood at just over £1 million in 2020 – 22% lower than average values in Notting Hill, and more than 70% lower than other park-adjacent neighbourhoods such as Kensington and Knightsbridge.
Given buyers’ increased emphasis on access to gardens and green space post-pandemic, particularly those in urban settings, the firm says W2 is well positioned to benefit. Notting Hill and Bayswater have been among some of the strongest performing central London markets through the pandemic thanks to a combination of good local amenity, access to green space and walkability.
Alexander Lewis, partner in Knight Frank’s Residential Development Consultancy team, said: “For decades, those in the know have bought in Bayswater taking advantage of super-prime accommodation for prime prices. This was largely down to the proliferation of tourist hotels and the absence of any cohesive retail provision. Today, the budget hotels are all but gone, converted into luxury apartments, and the much talked of re-imagination of Queensway is underway led by the Queensway Joint Steering Committee.”