IT MAY be a small area, but Ladbroke Grove in west London is making a big impact on the property market. The area just north of Kensington and south of Paddington is a bustling collection of tree-lined streets packed with boutique shops, independent restaurants and Portobello Road Market.
“It’s set itself apart from nearby areas like Kensington and Chelsea by being eclectic, diverse and arty. Unlike a lot of gentrified areas, it’s maintained its character and soul,” says Arthur Lintell, from Knight Frank’s Notting Hill office.
“People who grow up in Notting Hill don’t want to leave the area but, with house prices being what they are, they can’t afford to buy there so they’re looking to Ladbroke Grove. A lot of City money has flooded into Notting Hill and that’s now spreading to outlying areas.”
The area has also proven popular with international buyers, particularly from Italy (20 per cent of sales) and South East Asia (16 per cent). The Scandinavians and the French are also snapping up nearly one in 10 properties in the area.
The most noticeable trend over the past three months, according to Simon Corringham, Kinleigh Folkard and Hayward’s sales manager at their Holland Park branch, is a huge increase in the number of cash rich buyers from the local area looking for traditional period or 1930s housing.
“With its lovely Victorian and Edwardian terraced houses, charming tree lined streets and well-regarded schools, Ladbroke Grove appeals to a wide range of buyers – and in particular UK buyers looking for unmodernised properties.” This sudden upsurge as led KFH to conservatively anticipate another 15 per cent rise in house prices this year.
The housing stock is a mixture of Victorian conversions and townhouses ranging from around 4,000sqft to 5,000sqft, which is proving attractive to younger buyers looking to get more space for their money around the Notting Hill area. They tend to go for between £8m to £12m, according to Knight Frank, while the smaller Edwardian terraces are better value for money at around £2m.
5 REASONS TO MOVE TO THE AREA
1 Ladbroke Grove is the nearest station to Portobello Road Market, the largest antiques market in the UK. The main market on Saturdays has over 2,000 stalls, but fruit, veg and street food is sold during the week.
2 It might get a Crossrail station called Kensal, which is situated just off Ladbroke Grove and Canal Way. The council has gathered local support and Transport for London is conducting a feasibility study.
3 You’re within walking distance of four Tube stations; Ladbroke Grove, Latimer Road, Notting Hill Gate and Holland Park, on the District, Circle, Central and Hammersmith & City Line, collectively.
4 The Notting Hill Carnival processes down Ladbroke Grove every August bank holiday, meaning you simply have to sit in your front garden and wait for the party to come to you.
5 Film fans will love living so close to The Electric Cinema which is 100-years-old. Seating comprises of leather armchairs with footstools, three sofas, and six double beds lined up in the front row.