TUESDAY, 14 NOVEMBER 2023
Exploring Prospects and Demands in the South Kensington Real Estate Sales and Rental Market
Located just west of Central London, South Kensington is a distinguished neighborhood that boasts world-class museums such as the Natural History Museum and the Victoria and Albert Museum. This affluent area is renowned for its stunning architecture and attractive real estate options, making it a prime destination for both residents and investors alike.
We take a closer look into South Kensington’s selling and letting market, backed by the following statistics:
– This year, the total of transactions was 209, with the most transactions taking place in Cornwall Gardens, SW7.
– The highest value recorded by the Land Registry over the past 12 months (1 Oct’22 to 30 Sep’23) was £8,500,000 for a flat and £14,000,000 for a house. (Source: Dataloft)
– There were 399 flats let in the past 12 months (Source: Dataloft)
– 81% of homes let in South Kensington in the past 12 months were flats (Source: Dataloft)
The Allure of South Kensington Real Estate
Museums, galleries and high-end shops line the streets of this prestigious neighborhood, making South Kensington international real estate highly desirable. Luxury townhouses, apartments and maisonettes comprise most of the area’s properties, from newly renovated buildings to traditional Georgian and Victorian properties. It’s no surprise that the median home price is £1,687,440.
South Kensington, a coveted gem in international real estate, is the epitome of luxury and culture. With its streets adorned by world-class museums, elite galleries, and upscale boutiques, it represents the pinnacle of sophistication. The area boasts an exquisite array of properties for sale, ranging from state-of-the-art renovated structures to timeless Georgian and Victorian masterpieces, as well as a selection of high-end properties to rent, catering to those looking for temporary stays without compromising on opulence. With an impressive median home price of £1,687,440, it’s evident that South Kensington is an address of distinction and allure for those seeking to invest or nestle in an area that resonates with grandeur.
South Kensington Sales Market Update
The median sale price for property in the last 12 months was £1,687,440. (Source: Dataloft)
– The median sale price per square foot in the last 12 months was £1,523. (Source: Dataloft)
– The total value of sales for the past 12 months (1 Oct’ 22 to 30 Sep’ 23) was £435,735,086. (Source: Dataloft)
In the last year, 209 properties sold in South Kensington, with houses making up 18.2%. This prestigious area of London has a long-established national market, making it popular for overseas buys.
The highest value recorded by the Land Registry from October 22 to September 23 was £8,500,000 for a flat and £14,000,000 for a house. These rising South Kensington house prices show real promise when purchasing, especially for overseas buyers who can take advantage of great deals through exchange rates.
It is evident Cornwall Gardens topped the figures for the most homes sold in South Kensington. Nestled in the heart of the borough, this verdant square, framed by majestic trees and striking Victoria edifices, unmistakably underscores its appeal as a sought-after locale.
South Kensington Lettings Market Update
The South Kensington property letting market has been steadily climbing over the last year. The recent figures show this area’s rental market is impressive, especially when letting out apartments. Over the 12 months, the area saw 399 homes let, 92% of which were apartments, and 34.9% had three bedrooms.
On average, the price of houses per month in the last six months was £13,521, and the average rental price of apartments per month over the previous six months was £8,173. Rental values increased 4.9% last year, indicating South Kensington is a good investment.
Future of South Kensington Real Estate (sales and lettings)
Over the last year, South Kensington’s property market performance has been extremely positive. Landlords can feel confident in the area’s potential when it comes to both buying and selling property. Due to the centrality of South Kensington, the excellent transport links, popular shopping spots, and famous attractions, it is an ideal spot to live or invest in.
Already proven to be a hotspot for potential buyers and investors, we predict the thriving market will continue on the same trajectory.
Book a valuation or contact our Knightsbridge estate agents to find out how much your property is worth.
Note: The following postcodes have been used to define South Kensington – SW7 2 SW7 3 SW7 4 SW7 5.