Kensington tops list of prime London oversupply, but gardens still drive buyer demand
The latest research from Jefferies London has found that Kensington is currently the most oversupplied area of the prime London property market, giving buyers the best chance of negotiating a deal, with more than 2,200 homes listed for sale, accounting for 20% of all prime central stock.
Jefferies London analysed current market listings across each area of the prime central London market, revealing that there are currently over 11,000 homes for sale at the very top end of the London market.
Kensington leads the way for available stock, with some 2,230 homes currently on the market, accounting for a significant one in five of all prime properties listed for sale.
Chelsea follows with 12% of stock, while both Marylebone and Notting Hill each account for 10%.
By contrast, the most exclusive enclaves remain highly restricted, with Regent’s Park representing just 2% of all listings, while Fitzrovia, Victoria, and Mayfair each account for only 3%.
Holland Park also remains in short supply, with just 5% of current stock, underscoring the limited opportunities for buyers targeting these tightly held neighbourhoods.
This comes against a backdrop of sluggish performance across the prime London market in recent times. Despite wider improvements in the UK housing market, prime central house price growth has remained subdued and transaction levels have been slow, reflecting both affordability pressures and a more cautious pool of international buyers.
Further analysis by Jefferies London has shown that when it comes to the prime property features most likely to attract buyers, a garden remains the most desirable.
Homes with gardens remain the most in-demand feature across prime central locations. Demand for homes with gardens sits at 12.5%, notably higher than the 10.1% recorded for those with balconies and the 9.6% seen for homes with private parking.
In Kensington, where stock levels are highest, demand for homes with gardens is also stronger than for other features, with 12.6% of listed properties attracting buyers compared to 11.5% for balconies and 11.2% for parking. This suggests that while buyers may have more choice in the current market, outdoor space remains the defining factor in where demand is directed.
Damien Jefferies, Founder of Jefferies London, commented:
“The prime London market has undoubtedly been slower to recover compared to the wider capital, and we’re now seeing an oversupply of stock in key neighbourhoods such as Kensington and Chelsea, as returning buyer demand levels simply haven’t matched that of those looking to sell.
For buyers, this represents an opportunity to secure a better price in areas that usually come with far less choice and higher asking prices.
At the same time, our analysis highlights that homes with gardens continue to command stronger levels of demand than those with balconies or parking, which is a clear indication of buyer priorities within prime postcodes.
In a market that remains selective and price sensitive, these lifestyle-led features are often what determines whether a property sells or sits on the shelf.”
You May Also Enjoy
Seven things to do if a tree damages your property
Leasing demand rises across all sectors
Don’t Put The Property Market On Pause
Before You Sign: 10 Things Home Movers Wish They Knew
Property expert warns homeowners to lock in amid mortgage rates uncertainty
