Embed Size (px)
Citation preview
Contains OS data © Crown Copyright and database right 2017
Camden Road
Camden Town
Mornington Crescent
Warren Street
London Euston
Angel
Central Saint Martins College
Google UK
Regent’s Canal
King's Cross station
Gray's Inn Road
St. Pancras International
University College London
Russell Square
Chancery Lane
KING’S CROSS MARKET INSIGHT 2018
FIGURE 1 Property prices in King’s Cross Achieved prices, 12 months to May 2018 Circles can denote multiple sales in the same postcode, in which case the highest value is displayed
Source: Knight Frank Research / LonRes / Land Registry
Up to £450,000
£450,000 to £650,000
£650,000 to £1m
£1m to £1.5m
£1.5m+
10+ sales
King’s Cross market update In a similar way to other central London areas, King’s Cross has undergone a substantial regeneration programme in recent years. The arrival of tech companies such as Google, combined with new retail and restaurants, has driven demand in a location that is also a major transport hub. Average achieved prices in the area have risen over the last three years (as figure 2 shows) and Knight Frank carried out 22% more transactions in the existing homes market in the year to May 2018 compared to the previous 12 months. Meanwhile, over the same period, the number of viewings rose 8%.
Keir Waddell, King’s Cross Office Head “Buyers are thinking longer-term and more strategically as a result of higher rates of stamp duty and political uncertainty. This can mean transactions take longer to complete. However, demand remains strong and as more retail, bars and restaurants open and more big-name commercial tenants arrive in King’s Cross, I would expect that to consolidate. For exisiting properties, there is a risk of over-pricing in an attempt to match the premiums achieved for the high-quality new-build stock appearing as the regeneration of the area gathers pace. However, direct comparisons are difficult because new developments typically have amenities like hydro pools, cinemas and private dining.”
FIGURE 2
King’s Cross fact sheet
Population: 66,243
AGE OF HOUSING STOCK
Pre-1900
1900-1939
1945-1972
1973-1999
2000-present
36%
13%
17%
16%
18%
STOCK BY PROPERTY TYPE
Flat
Terraced
Semi-detached
Source: Knight Frank Research
92%
8%
< 1%
Source: Knight Frank Research / Land Registry
AVERAGE PRICEYear to February 2018 £722,540Year to February 2017 £708,520Year to February 2016 £647,830
N1C AVERAGE PRICEYear to February 2018 £1,086,510Year to February 2017 £1,163,040Year to February 2016 £1,007,690 £1 MILLION-PLUS SALESYear to February 2018 141Year to February 2017 163Year to February 2016 134
BLUE PLAQUES Sir Nigel Gresley, Railway engineer Theodor Fontane, Writer, novelistPaul Nash, ArtistAmelia Edwards, Egyptologist and writer
KING’S CROSS MARKET INSIGHT 2018
RESIDENTIAL RESEARCH
Source: Knight Frank Research / LonRes / Land Registry
FIGURE 5 Transaction volumes and pricing data
0
50
100
150
200
250
Q1-
2014
Q2-
2014
Q3-
2014
Q4-
2014
Q1-
2015
Q2-
2015
Q3-
2015
Q4-
2015
Q1-
2016
Q2-
2016
Q3-
2016
Q4-
2016
Q1-
2017
Q2-
2017
Q3-
2017
Q4-
2017
Q1-
2018
Tota
l sal
es
Ave
rage
pric
e
£2.6m £2.8m £3.5m £2.9m £2.8m £3m £3m £3.8m £8.5m £3m £3m £3m £3.5m £2.7m £3.4m £3m £3.1m
£500,000
£600,000
£700,000
£800,000
Total sales Total sales (incomplete) Average price Maximum price
Contains OS data © Crown Copyright and database right 2017
Camden Road
Camden Town
Mornington Crescent
Warren Street
London Euston
Angel
Central Saint Martins College
Google UK
N1C 4Regent’s Canal
King's Cross station
Gray's Inn Road
St. Pancras International
University College London
Russell Square
Chancery Lane
N7
NW1 N1
EC1WC1
N1C 4
N7
NW1 N1
EC1WC1
FIGURE 3 Maximum £ per sq ft prices in King’s Cross Achieved prices, two years to May 2018
Circles can denote multiple transactions in the same postcode, in which case the highest value is displayed
Source: Knight Frank Research / LonRes / Land Registry
Year to February 2018 Year to February 2017 Year to February 2016
FIGURE 4 Sales volumes by neighbourhood
Source: Knight Frank Research / LonRes / Land Registry
Up to £800 £800 to £1,000 £1,000 to £1,200 £1,200 to £1,400 £1,400-plus
WC1N 1 WC1N 2 WC1H 9
WC1X 0 WC1X 9 EC1R 4
EC1N 7 EC1N 8 EC1M 3
N1C 4Declining sales volumes reflect a contraction in
new-build supply
N1 0 N1 9
NW1 0 NW1 9 N7 9
7256 27
153 161269
83 55 22 173 126
46 39 31
100108 294
£745,870 £628,930£561,010
£669,660 £793,280£757,120
£845,190 £799,350 £719,090
£1,086,510 £1,163,040 £1,007,690
£748,110 £710,260 £692,360
£633,740 £576,460 £536,530A
vera
ge
sale
pric
e
254
Important Notice © Knight Frank LLP 2018 - This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.
LONDON RESIDENTIAL
Keir Waddell King’s Cross Sales Manager
+44 20 3764 8914
RESIDENTIAL RESEARCH
Tom Bill Head of London Residential Research +44 20 7861 1492 [email protected]
PRESS OFFICE
Harry Turner +44 20 3861 6974 [email protected]
