Who’s buying in Kensington BuYer nationalitY
2010, 2011, 2012
and Notting Hill?
Two thirds of sales from Savills Kensington and Notting Hill
offices are of properties in the £2 million plus brackets, and
44%
United Kingdom
a quarter involve properties above £5 million.
In prime central London as a whole,
international buyers become more
sAlEs prevalent in the higher price bands.
fORECAsT Indeed, almost two thirds of properties
at £5 million plus are sold to non-UK
44% United Kingdom
18% Western Europe
10% Eastern Europe
4% North america
3% Pacific asia
3% China
buyers (compared with around half of 8% North africa & 3% africa
It’s likely to be a fairly those priced below £2 million). Another Middle East 1% Latin america
6% South asia
steady market in 2013, in notable trend is the predominance of
terms of both activity and investment buyers in the sub £2 million
price bands. Across all price bands
prices achieved. (in common with most of prime marKet coverage data
London), the majority of buyers are
Prices are likely to be supported by employed in the financial and business
the fact that supply of properties services sectors.
is relatively limited. In part that’s
because many vendors who don’t
21.8%
have to sell are not inclined to do Over the past five years,
so at present: they are reluctant to
release money that then has to be
house prices in prime
central London have risen 25%
by 21.8% of sales above £5m
put either on deposit or into the stock
market, so property seems a sound
96.9%
alternative. But pent-up demand is The average sale price in
prime central London over
likely to kick in among buyers and the third quarter of 2012 was
sellers who have postponed their 96.9% of the asking price
moves for the past couple of years,
and from the second quarter of
£1,649
The average property sold 10% of sales under £1m
2013 there’s a good chance of an in prime central London 23% of sales £1m – £2m
upturn in activity. per SQ ft between 2010 and 2012 21% of sales £2m – £3m
achieved £1,649 per 21% of sales £3m – £5m
square foot 25% of sales above £5m
6 | savills track record