Hugh Grant and Julia Roberts were onto something when they climbed over the railings of a private garden square in the hit film Notting Hill.
Houses with access to leafy communal garden squares in Notting Hill are bucking the prime London property market, and continue to hold their value, despite the rest of central London facing a “new reality”. according to leading estate agents Winkworth.
In the latest episode of Winkworth’s Property Exchange, which focuses on prime London, Charles Erwin, of Winkworth’s Notting Hill office, told the podcast: “The houses with communal garden squares in Notting Hill hold their value and aren’t affected by the wider market. These are once in a lifetime purchases. The most popular squares are Elgin Crescent, Lansdowne, Ladbroke Gardens, Clarendon, and Stanley. These houses buy you a size of garden you can’t get elsewhere in London. Notting Hill has the highest proportion of garden squares in the capital. Your house has a gate to the communal gardens, which tend to be run by a committee. Summer parties, live performances, fireworks are all regular events. When you own one of these houses, you become part of a very tight-knit community.”
Recent sales of homes with access to communal garden squares include a house on Elgin Crescent, sold for £7m, and a house in Lansdowne Walk which sold for over £32m. Away from the premium of the communal garden squares, Notting Hill is offering “exceptional value.” At the top end, 19% Stamp Duty has had a cooling effect on international demand.
Charles added: We are very lucky in Notting Hill. There is a great village atmosphere. You will get more space in Chiswick but it’s not Notting Hill. Now is the time to see exceptional value. 2,500 sq ft in Fulham or Notting Hill? I know where I would rather be.
“ We are also seeing an increased number of American buyers. Some are the Bank of Mum and Dad buying for children who want to settle in Notting Hill. Others are grandparents who want to be close to their grandchildren already living in the area. They often buy a pied a terre.”
Elsewhere in prime London, prices are down by 30 per cent in some areas, according to Winkworth’s Chief Executive Dominic Agace. He told the podcast: “Each central London areas has its own village and dynamics. It’s time to realise that if you want to move on. There are buyers out there. Two and three bedroom flats are doing well. There’s real value there and they are great lifestyle opportunities.
“We have seen the end of the safety deposit box approach to London property. We are seeing 60 per cent UK buyers now, as opposed to 60 per cent international buyers previously.”
Dominic Agace told the podcast that a more positive perspective on the capital was needed: “We need a change of direction of language. Look for the positives in London. The capital has become a global hub for AI. The tech bros are moving in, renting and buying. We are downbeat on ourselves which isn’t helpful. Brexit was damaging for central London if we look at where central London prices have gone, compared to other international cities. We need a different language. Prime London is waiting for its moment. It’s offering good value. There is a positive London story.”
