Tue 29 Apr 2014
Gareth Kelly of Marsh & Parsons talks Notting Hill.
Gareth Kelly, associate director at Marsh & Parsons has worked in property for ten years. He moved from Dublin to London in 2007 and originally joined Marsh & Parsons Notting Hill Gate office as a negotiator. He was made associate director in 2012. Hes a fan of both the areas atmosphere and its style of property, especially that of Pembridge Square and Kensington Park Gardens.
Why is Notting Hill so popular?
Its got great transport links: its on the Central Line, and enjoys easy access to the West End and Mayfair, Hyde Park is on the doorstep. There are lots of boutiques, coffee shops and restaurants along Kensington Park Road, and the grand Victorian properties here are very popular with all sorts of buyers.
Whats the supply and demand like?
There are defiantly more buys than property in this part of London. We do our own in-house research and last time we checked, there were ten buyers for every property. So theres a huge shortage in supply, but compared to our offices in Fulham, Brook Green and south of the river, theres more availability.
Who lives here?
Its quite diverse: 50 per cent international to 50 per cent domestic. International buyers are mostly French, Italian and American. Russian buys gravitate towards Kensington, Chelsea and Knightsbridge, while Chinese buyers tend to prefer new-builds and purpose-builds, and there arent many of those.
Is it a sales or rental market?
Its defiantly a sales market; sales prices are at an all-time high. Rental prices have been hit. As a result of that, Notting Hill doesnt offer particularly good yields. The buyers we attract are either owners occupiers or people making long term investments. The era of buying to let, purely to get a good yield, has gone.
What are the prices like?
It depends on the square footage of the property. The cheapest one-bedroom flat youre likely to find is going to be around 600,000. A three-bedroom house could go up to 3m. Its all about space, rather than the number of bedrooms.