According to a recent report by Knight Frank, average prices in Notting Hill increased 2.2% in the year to May 2018. Annual growth turned positive at the start of the year following a 33-month period of declines as the market adapted to higher transaction costs.
This means that Notting Hill has come out on top of other Prime Central London neighbourhoods with the fastest growing property market.
Demand has risen as prices have rebased and Knight Frank Notting Hill carried out 24% more transactions in the year to April 2018 than the previous 12 months.
Don’t put all your eggs in the same basket just yet, however; Knight Frank anticipates prices will remain broadly flat in the short to medium-term due to a wider sense of economic and political uncertainty.
‘Sellers increasingly understand that we are in a new norm and correct pricing is fundamental to achieving a sale,’ says Caroline Foord, the Notting Hill Office Head.
‘Stamp duty changes and political uncertainty mean buyers are not rushing to make decisions and are thinking longer-term.
‘That said, Notting Hill retains its unique energy, great connectivity and wide-ranging appeal. Worldclass
schools ensure strong demand from families, a trend that has contributed to a resurgence of interest at the start of 2018.’
The average property price in Notting Hill for the year to April 2018 was £1.3m and maximum property price £25m, compared to £1.4m average and £30.2m maximum in the year to April 2017.
Read the full report here.
Lead image: fazon1 / Getty Images / iStockphoto
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