Is London’s Notting Hill Undervalued?
Notting Hill is a very popular area…
It offers potential flat buyers a genuine community, a sought-after village atmosphere as well as being unique…
It forms part of the Royal Borough of Kensington and Chelsea and is expensive, but it is not as expensive as some of it’s close neighbours.
It has five nearby underground stations, including: Notting Hill Gate, Holland Park, Shepherd’s Bush, Latimer Road and Ladbroke Grove.
At the time of writing this, the facts are:
34% of properties on the open market were priced at £1 million or more.
More than 26% of properties that are on the open market have been on the open market for six months or longer.
There is currently more than a 3% discount on the initial asking price for sold properties.
The average price per sq ft of the W11 area is £1,368.
This is expensive…
However, when compared to the average prices per sq ft of Kensington, W8 (£1,616), South Kensington, SW7 (£1,475), Chelsea, SW3 (£1,850) and Marylebone, W1 (£1,487), it is better value for money and offers something different to those areas.
Notting Hill used to be seen as the less popular relative to Chelsea, SW3 and SW10 and Kensington, W8.
However, it is now seen as one of the most arty and most fashionable areas of London and has a wide range of activities for locals.
“It has five nearby underground stations, including: Notting Hill Gate, Holland Park, Shepherd’s Bush, Latimer Road and Ladbroke Grove.”
These include:
Theatres such as The Gate Theatre, The Tabernacle and The Coronet.
Green space in the form of Hyde Park, Holland Park and Kensington Gardens.
Shopping on the Portobello Road.
Gyms such as The Harbour Club (www.harbourclub.com) and world-class personal training from Zana Morris (www.zanamorris.com) who formerly owned The Library and The Clock gyms.
The 5 most recent sales in Notting Hill include:
30/10/2020: 2 bed flat, Chepstow Villas - £1,100,000 (price/ sq ft= £1,340).
29/10/2020: 4 bed house, Colville Mews - £3,600,000 (price/ sq ft= £1,737).
29/10/2020: 1 bed flat, Arundel Gardens - £930,000 (price/ sq ft= £1,435).
29/10/2020: 1 bed flat, Westbourne Grove Mews - £1,450,000 (price/ sq ft= £1,495).
26/10/2020: 3 bed house, Penzance Place - £3,200,000 (price/ sq ft= £1,654)
The average of these properties, in terms of price/ sq ft, work out at £1,532/ sq ft.
Of course, looking at the five most recent is a tiny, tiny snapshot of what prices are in Notting Hill…
However, as it stands, the current average price/ sq ft of Notting Hill is £1,368…
Taking all of the above information into account, would you be prepared to pay this price/ sq ft to live in Notting Hill?
Do you, like me, feel that Notting Hill, W11 is underpriced for what it offers?