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HNW buyers in search of large houses and gardens have been making their way to NW8, where the supply is plentiful.
St John’s Wood has emerged as one of London’s most active prime markets, according to boutique agency Aston Chase, which has chalked up £200m worth of deals in the area in recent months.
The firm has reported shifting some 30 properties in the neighbourhood in the year to May 2021, at an average price of £6.6m, and offers a number of reasons to explain why HNW buyers are picking NW8 over other PCL postcodes.
According to a 2008 survey by Westminster Council, the area has one of the lowest housing densities in the borough; the mix leans heavily towards larger houses with big gardens, which have of course been flavour of the month since the onset of the pandemic.
The average garden size in St John’s Wood of 116 square metres is nearly nine times larger than in nearby Mayfair (13 sq m), notes the agency, while the Conservation Area status of much of the area has maintained the leafy vibe and kept out high-density development.
Norfolk Road (Aston Chase) Other driving factors have included the American School in London and the boutiques and restaurants of St John’s Wood High Street, says Aston Chase, whose recent deals have included a five-bed on Acacia Road (sold for £9.75m) and a six-bed on Norfolk Road (which achieved close to the £8.75m asking).
The garden at a £16.95m instruction on Cavendish Road
Mark Pollack, Co-Founding Director at Aston Chase: “St John’s Wood is one of the most buoyant local housing markets in London at present. The large low built family homes with outside space have always been in demand in St John’s Wood but the COVID-19 pandemic has shifted buyer priorities and more than ever buyers want substantial outside space with St John’s Wood providing this and more. We consider ourselves fortunate to be able to offer buyers properties that meet their demands in a post-pandemic world. Whilst there has been a significant flight from the city to the country many people value the ability to have more space internally and externally yet remain within close proximity of the metropolis.”
Cavendish Avenue frontage (Aston Chase)