One leading online property specialist lists the average value of property in North Kensington, as of October 2017, to be £941,097 while the average price of property in the past 12 months stands at £1,051,720. In the past six months, the average price of property in the area is listed as £1,107,074 and in the past three months, the average price of North Kensington property is listed as £1,056,450. For some wider context, in the past five years, the average price of property in North Kensington stands at £854,646.
It is not always advisable to examine property prices for a small period of time because outliers can have a big impact on the price but there appears to be a good level of consistency in the North Kensington market in the past year.
With respect to the future of property prices in North Kensington, and perhaps this has also influenced the recent rises, the fact that there are strong moves to ensure that North Kensington features as part of the Crossrail project will impact on property prices. All across the capital, areas that are being linked by the new rail venture have seen their value rise and the price of property react accordingly. While there is a lot of criticism about London house prices, many of the areas that have seen prices rise have experienced genuine reasons and improvements that have led to this rise.
Reliable and dependable transport options will always have a positive impact on property prices in a local market and this has been a factor in the behaviour of prices in North Kensington. When you add in the fact that North Kensington is located in the Royal Borough of Kensington and Chelsea, which carries an average value of 2,119,663 and an average price of £2,264,982 over the past 12 months, this is an area that perhaps provides great value for money given its surroundings!
There is a great deal of focus on the London property market and of course, there are many external factors impacting on property prices in London, and in the UK as a whole. However, prices in North Kensington are holding up and there is enough to suggest that this will remain the case in the foreseeable future. If you would like guidance on the North Kensington property market, get in touch with Nathan Andrew Estates.