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.

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