select
|

Some of the most expensive residential property in the world surrounds London’s Hyde Park

Hyde Park’s 625 acres of green space is the epicentre of the prime central London residential market and properties close to the park can achieve large premiums.

Although many of London’s globally renowned addresses and developments, including Kensington Palace Gardens, One Hyde Park and The Lancasters are close to Hyde Park’s 7km perimeter, price growth in one area to the north-west corner of the park has not traditionally been as strong as its near neighbours.

This area of the W2 postcode, which includes the districts of Bayswater, Paddington and Queensway, has a less prestigious history than some of the world-renowned property markets further south, which has occasionally led to the informal label ‘the wrong side of the park’.

Residential prices in W2 grew by 27 percent less than other postcodes adjoining the park, including W8, SW7 and W1K, in the 10 years to June 2014.

However, what it lacks in history it more than makes up for in geography, according to Tom Bill, a consultant at Knight Frank.

It sits between the established prime residential markets of Notting Hill in the west and the Hyde Park Estate in the east. Growth in both areas has outperformed the prime central London average in the last two years as buyers seek more value away from markets further south like Kensington and Belgravia, which experienced strong growth during the financial crisis due to their ‘safe haven’ appeal.

In a reversal of what took place last century, Paddington station and the surrounding area are undergoing a significant revival, accelerated by the arrival of a Crossrail station in 2018.

“With the affluent Maida Vale residential district further north and south-facing views of Hyde Park in the opposite direction, the district has arguably the strongest development potential of any prime central London residential market, meaning that in the 21st century it sits firmly on the right side of the park.

The potential for the W2 residential market is strong, with average prices in areas to the north-west of Hyde Park considerably lower than areas further south, where values frequently exceed £5 million.

“Demand is likely to grow as new developments appear and prove that high-quality residential property and proximity to Hyde Park is a compelling combination,” says Bill.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    • 16 Jan 2018
      The start of the new year is symbolic of new beginnings. A good time to take stock of one’s possessions as well as how necessary they actually are. However, seeing as the process may appear daunting – a plan goes a long way.
    • 16 Jan 2018
      The Western Cape is still in the throes of a severe drought and many households have to adjust the way they use and save water. It is a little more complicated in sectional title schemes, however, as it is not that easy to implement grey water systems for multiple users and it is also difficult to monitor water usage accurately if there are no separate water meters
    • 15 Jan 2018
      In ideal rental situations, when a lease is signed the tenant will stay for the full duration of his lease without any complications and the landlord will uphold his obligations, creating a win-win situation for tenant and landlord.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK