London’s garden squares commanding huge market premiums
The latest research by London lettings and estate agent, Benham and Reeves, has revealed that homes surrounding some of Prime London’s most prestigious garden squares continue to command huge values even in cooler market conditions, with buyers paying property premiums as high as 175% compared to the wider borough. Wilton Crescent Garden, located on the border of Westminster and Kensington and Chelsea, tops the table for current values, with the average sold price of homes surrounding it sitting at an incredible £12.5m.
Benham and Reeves analysed the average sold price of the last five property transactions across some of Prime London’s most sought-after garden squares, before comparing it to the current average property price found across neighbouring boroughs to reveal the premiums being paid in the current market.*
What is a London garden square?
London’s garden squares are one of the capital’s most distinctive residential features, typically consisting of prestigious period properties arranged around a central green space, with many providing residents with exclusive access to private communal gardens. Particularly prominent across Prime Central London, they offer buyers a rare combination of green space, architectural character and tranquillity within some of the busiest parts of the capital, while their limited supply and prestigious addresses have long made them particularly sought after amongst high-end homebuyers.
Garden square premiums reach 175%
The research by Benham and Reeves shows that Wilton Crescent Garden commands the largest property premium of those analysed. The average sold price of £12.5m surrounding Wilton Crescent is 175% higher than the current Westminster average of £836,331 and 163% higher than the average of £1.26m across neighbouring Kensington and Chelsea.
Carlton House Terrace Gardens ranks second, with its average sold price of almost £8.9m representing a 166% premium compared to Westminster, while homes surrounding St James’s Gardens command a premium of 152% compared to neighbouring Hammersmith and Fulham, 146% compared to Westminster and 124% versus Kensington and Chelsea.
Kensington Square also commands a substantial premium at 133% compared to the wider Kensington and Chelsea market, while both Eaton Square and Park Crescent sit 127% above the average property price across Westminster.
Wilton Crescent tops the table for property values
When it comes to the actual prices being paid, Wilton Crescent Garden also ranks as the most expensive of the garden squares analysed, with the average sold price across the last five transactions coming in at £12.5m.
Carlton House Terrace Gardens ranks second at almost £8.9m, followed by Kensington Square at £6.3m and St James’s Gardens at £5.4m.
Markham Square has seen an average sold price of £4.4m across the last five transactions, while Eaton Square (£3.8m), Park Crescent (£3.7m) and Thurloe Square (£3.2m) also demonstrate the considerable sums buyers are willing to pay to secure a home surrounding one of London’s prestigious garden squares.
Marc von Grundherr, Director of Benham and Reeves, commented:
“London’s prime market has endured a more measured period in recent years, but the very best homes continue to command substantial sums and our historic garden squares are a perfect example of this.
Green space is incredibly valuable to London buyers, particularly when it comes with the exclusivity, architectural character and prestige associated with the capital’s garden squares. Their limited supply means that homes surrounding them remain incredibly sought after and this scarcity helps underpin values even when wider market conditions are cooler.
We see particularly strong interest from international buyers, many of whom want everything that comes with living in the heart of one of the world’s greatest cities, without sacrificing their connection to the outdoors.
For these buyers, a home overlooking one of London’s historic garden squares provides their own slice of England’s green and pleasant land right in the heart of the city and, as our research demonstrates, they’re willing to pay a very substantial premium for the privilege.”
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