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Kensington has always been among the most glamorous places to live in London, but with that has come a high cost that has put it out of the reach of most.
However, it appears the affordability of the area could be improving, with flats to rent in Kensington becoming more affordable as investors eye up an area on the other side of the river.
This shift has seen the Nine Elms area being highlighted as a major new property hotspot. This may comes as little surprise in some respects: This vast new mixed-use project stretching along the south bank from Vauxhall to Battersea has brought a plethora of new buildings including homes, commercial developments, art and culture and new transport links.
Key elements include the redeveloped Battersea Power Station and a new extension to the Northern line, providing two new Tube stations.
Property Investor Today has tipped this combination to be a winner with investors, predicting they will pile in to the area. Also on the up will be the adjacent Oval area, thanks to nearby Kennington Station being moved into Zone 1. It noted several experts believe this will be the place to come to in the next year or two.
All this may take the heat out of other central areas. The Daily Telegraph recently noted that estate agents have dropped rental prices in west central London areas by as much as 50 per cent in some cases. The paper cited the impact of the pandemic as a key factor, since living in any big city is less fun when the pubs and theatres are shut and more potentially infected people live nearby.
However, while many were fleeing for the suburbs, the paper noted others were taking advantage of lower rents to move inward. Indeed, if this is now the time when the market is at its bottom, some will consider such a move very timely indeed.
The key question will be whether the impact of the pandemic will be just a blip, or whether the Kensington market may stay relatively cool thanks to the heat rising from the upstart across the river.
