Flats in Kensington & Chelsea in high demand

New research has helped to uncover some of the most popular areas in London. Notting Hill, Kensington & Chelsea, and Holland were named as the three most desirable places to live in the capital.

Over the last three months, the number of properties sold in these areas increased by 17 per cent on figures from the same period a year ago.

In fact, the overall amount spent on properties in prime London rose significantly this year, according to property firm Crayson.

Apartments are the most popular form of accommodation, with the number sold rising by 32 per cent compared to the figures recorded during the same period in 2013.

In contrast, home sales have decreased by 21 per cent.

Commenting on the findings, Nick Crayson, managing director of the property company that carried out the research, said: "Put simply, vendors who achieve the best price for their property do so by bringing their home to market at the right price, creating early interest amongst buyers.

"Properties that are launched at an unrealistically high price are missing out on crucial selling opportunities in the early stages of marketing. The average amount of time before a property is first reduced is currently 70 days."

According to the findings, in the Royal Borough of Kensington, nearly a quarter (24 per cent) of properties currently on the market have been reduced in price since they were first marketed. 

Properties over £10 million had the most significant drops in price, with 31 per cent now reduced.

Houses remained less expensive than flats, although they will still be subject to respectable increases of 10.6 per cent.

Flat prices on the other hand achieved prices per square foot that were 13.6 per cent higher than the same period in 2013.

Published 2nd July, 2014

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