Despite a housing market boom caused by the stamp duty holiday, Kensington and Chelsea has seen the second-lowest rate of growth of all London boroughs with the average house price in the borough falling by -10.8% in the last year, with just the City of London seeing a larger decline (-16.6%).ย
But new research by central London estate agency Bective has found that when scratching beneath the surface of top-line statistics, there are several wards within Kensington and Chelsea that have performed remarkably during the pandemic. So much so that the borough accounts for six of the 10 largest increases in house price, with Brent, Southwark, Haringey and Hammersmith and Fulham also featuring.ย ย ย
The Kensington ward of Norland has seen house prices climb by over ยฃ1m in a single year, with the wards of Notting Dale (ยฃ552,500), Royal Hospital (ยฃ446,000) and St Helenโs (ยฃ365,000) also seeing some of the largest cash increases in the average house price.ย
The wards of Dalgarno (ยฃ300,000) and Brompton and Hans Town (ยฃ287,500) also rank within the top 10 largest cash increases in property values at seventh and eighth respectively.
Brentโs Tokyngton ward has seen the fifth-largest increase of all London wards at ยฃ331,500, followed by Southwarkโs Dulwich Village (ยฃ309,000).ย
The Alexandra ward of Haringey (ยฃ274,075) and Hammersmith and Fulhamโs Fulham Reach (ยฃ273,050) complete the top 10 London wards to see the strongest property price increases during the pandemic.ย
Bective Revenues Director, Craig Tonkin, commented:
โIn a market as unique as prime central London, top-line statistics rarely tell the full story and on a more granular level, there will be a vast difference in demand and price growth between one neighbourhood and the next.
Market momentum is built very much on a quality over quantity basis and so while transaction levels will remain low even in the most buoyant of conditions, it only takes a few notable sales to bring about a real boost to values in a given area.ย
Kensington and Chelsea may have seen one of the largest declines of all boroughs in the last year, largely due to travel restrictions preventing foreign buyers from transacting. However, properties have continued to change hands and in some areas, they have done so at a considerably higher price despite the problems posed by the pandemic.โ
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