Buyers are willing to pay well above local prices in and around central London’s garden squares, according to new research by Hamptons International.
Its analysis of 64 squares in the capital shows that homes in a garden square setting are worth an average of £5,454,782, compared to £3,075,011 for property 200m away.
Around 90 per cent of the most expensive garden squares are situated in the London borough’s of the City of Westminster and Kensington & Chelsea. Since 2009, both boroughs have seen property prices on garden squares reach above 30 per cent of comparable properties nearby.
"Those purchasing property within London’s garden squares are enticed not only for the shared amenity, but for the kudos that is associated with such a historic and coveted residential oasis in the heart of the capital," said Johnny Morris, Head of Research at Hamptons International.
"The prestige that comes with a home within a communal garden square setting attracts both domestic and international buyers, with many squares being internationally-recognised as the finest and most sought after examples of British architecture."
Open Garden Squares Weekend runs today and tomorrow around London. More details at www.opensquares.org
Average prices of most expensive squares
Wilton Crescent - £14,848,415
Chester Square - £13,977,750
Collingham Gardens - £13,877,805
Kensington Square - £11,055,919
Gainsborough Gardens - £8,351,380
Thurloe Square - £7,950,022
Earls Court Square - £7,832,753
Hereford Square - £7,596,023
Norland Square - £6,371,704