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London Property Market 24 June 2016

Inside Kew

Renowned for its botanical gardens, Kew has become popular with people looking for generously proportioned period properties in a relaxed family-friendly environment with upmarket restaurants and shops, plenty of open spaces, parks and excellent schools. There's a mix of Georgian, Victorian and Edwardian properties as well as 1920s and 30s-built homes. There are also flats dating from the 1960s onwards, though there has been relatively little development in the area in recent years and, at the time of writing, there were only 170 new homes under construction in two major developments.

Demand is predominantly from local people looking to up-size, though there has been a notable increase in buyers moving in from central and north London. International buyers are also prominent, as Kew offers good access to both central London and Heathrow Airport.

Average sold prices in 2015 were just over 20% higher than in 2014, but price growth slowed from mid-summer 2015 following broader London trends and sellers of properties above £1 million have often had to reduce their asking price to achieve a sale. However, those who have owned for longer than five years will have realised a healthy capital gain, as prices are now around 52.4% higher than in 2010.

House sales in Kew fell across 2015, as was the case for many parts of London – sales were 9.3% lower than in 2014*. As a substantial proportion of Kew's properties are valued at over £1m, this may in part have been down to changes to the stamp duty system introduced by the Chancellor in December 2014, which meant that it became progressively more expensive to buy properties above £1.125m.

The new 3% stamp duty surcharge on second homes and buy-to-let properties announced in the Chancellor's 2015 Autumn Statement was followed by a notable increase in buyers keen to beat the 1st April deadline for the introduction of these higher tax rates.