This and other interesting facts about prime London from estate agent Kay & Co.
Did you know this about Bayswater?
· Properties in Bayswater are 42% cheaper per square foot than in Mayfair
· The value of a square foot in Bayswater has grown 123% over the last 10 years
· Prices per square foot remain 15% lower than in neighbouring W11 (Notting Hill and Ladbroke Grove)
· 60% of Bayswater residents were born outside the UK
· 24% of Bayswater residents were born in mainland Europe
Over the past decade, Bayswater has seen significant growth in house prices with flats sold in 2014 averaging £1.28million and houses averaging in excess of £4.8million. Despite its growth, Bayswater is an affordable alternative to neighbouring Notting Hill (W11) with prices per square foot 15% lower, on average, than in W11 and 42% lower than in neighbouring Mayfair. The area is well connected; Heathrow is within easy reach from nearby Paddington Station and residents can walk to stations served by five different underground lines. On completion in 2018 of Crossrail, the travel time from Paddington to Canary Wharf will be cut to just 17 minutes.
Did you know this about Marylebone Village?
· Over the last 10 years there has been a growth of 196% in property values in Marylebone Village – the area between Portland Place and Marylebone High Street
· Prices are 68% higher in Marylebone Village than five years ago
· Price per square foot remains 45% lower than in neighbouring Mayfair
· Over the last 10 years, properties overlooking the north side of Hyde Park have increased in value by 211%
With a unique village atmosphere, Marylebone offers an impressive and eclectic individuality and character. Prices have kept pace with neighbouring Mayfair to the south. Mayfair still commands a premium per square foot over homes sold in Marylebone Village but this has narrowed slightly over the last decade. Ten years ago, prices in Mayfair were 50% higher but this year, the premium has fallen to 45%. The area is popular with overseas buyers and tenants. The area has seen almost no new development take place over the past decade. Just 13 units having been built for private sale in the last ten years which means existing homes remain in high demand. Marylebone Village is increasingly on the radar of those looking to purchase in prime London. We expect the area will continue to see strong demand from purchasers from both home and abroad, attracted to the fantastic local amenities, architecture and access to the West End.
Did you know this about Hyde Park?
· The difference in values between properties with a view on the north side of Hyde Park and those without is 33%
· Non new build properties with views to the north side sold since the beginning of 2013 have an average value of £1,864 per square foot and the average for new build is £2,775
· It is 479 years since the Royal family acquired Hyde Park
While price growth has been significant, properties to the north side of Hyde Park remain a more affordable option than those on the south, where average prices for park view properties regularly exceed £3,000 per square foot. Indeed, One Hyde Park on the opposite side of Hyde Park has achieved in excess of £6,000 per square foot. New developments with views over the north side of Hyde Park remain scarce. Schemes that reach the market are often conversions of former hotels. Scarcity of new homes means properties which do reach the market are highly sought after, often achieving premium prices. For new properties, the premium for those with park views is even higher than existing properties. With few new developments in the pipeline and the ongoing desire to own a home with park views, we expect the premium for park view properties to continue to increase in the coming years.
Kay & Co opened in 1982 and is focused on London’s W1 and W2 as well as the surrounding areas including Regent’s Park, Knightsbridge and Belgravia.
See www.onthemarket.com/newandexclusive. Agents specify exclusivity and are committed to accuracy under terms of use.
