Wed 30 Apr 2014
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. He's a fan of both the area's atmosphere and its style of property, especially that of
Pembridge Square and Kensington Park Gardens.
Why is Notting Hill so popular?
"It's got great transport links: it's 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."
What's the supply and demand like?
"There are definitely more buyers 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 there's a shortage in supply, but compared to our
offices in Fulham, Brook Green and south of the river, there's more availability."
Who lives here?
"It's quite diverse: 50 per cent international to 50 per cent domestic. International buyers are mostly French,
Italian and American. Russian buyers gravitate towards Kensington, Chelsea and Knightsbridge, while Chinese
buyers tend to prefer new-builds and purpose -builds, and there aren't many of those."
What sort of property is available?
"Mainly stucco-fronted Victorian conversions. There are a few mansion blocks, but only two new builds in the
area: the Baynard Building in Hereford Road and 50 Kensington Gardens Square. There are also a few ex-local
authority properties, built in the 1950s and 1960s, but not many."
Is it a sales or rental market?
"It's definitely a sales market; sales prices are at an all-time high. Rental prices have been hit. As a result of that,
Notting Hill doesn't offer particularly good yields. The buyers we attract are either owner occupiers or people
making long-term investments. The era of buying to let, purely to get a good yield, has long gone."
What are the prices like?
"It depends on the square footage of the property. The cheapest one-bedroom flat you're likely to find is going to
be around 600,000. A three-bedroom house could go up to 3m. It's all about space, rather than the number of