_KF Insight: Activity rises in Notting Hill as price reductions take effect

A growing number of buyers have decided now is the moment to transact, as Caroline Foord tells Tom Bill

Tom Bill March 01, 2019

The Notting Hill market has experienced a revival in activity as needs-driven buyers respond to price reductions, according to Caroline Foord, head of Knight Frank’s Notting Hill office.

Prices in some sections of the Notting Hill market have fallen by more than 15% over the last five years, although annual price declines have moderated as demand stabilises.

“Sellers are being more realistic on pricing and perhaps there is a belief in some quarters that we are near the bottom,” says Caroline. “You get to that trigger point where you say ‘yes, I am ready to dive in’ and that is what is happening in W11.”

Transaction volumes and pricing have declined in prime central London in recent years in response to a series of tax changes and, more recently, political uncertainty. As buyers see greater evidence of value, those driven by needs such as schooling or downsizing have responded more quickly.

The average number of days between a property being listed and going under offer declined 42% in Notting Hill in the year to January 2019, which was the largest such reduction in prime central London. It suggests more appropriately-priced properties are coming onto the market and going under offer more quickly.

Caroline Foord, head of Knight Frank's Notting Hill office

Meanwhile, the number of transactions increased 5% in the year to January 2019 at Knight Frank’s Notting Hill office, which compared to an average decline of 9% across PCL. The number of new applicants in Notting Hill rose 32% in the year to January 2019, which compared to an average of 7% across prime central London and viewings rose 21% over the same period, compared to an average of 3% in PCL.

“Notting Hill has a home-grown heart with a good international mix, wide-open spaces and world-class schools. Following the price adjustment, you can see why some people have decided now is the time to get on with their lives,” said Caroline.

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