London property: Cash-rich Russian buyers widen their search from Kensington to Kensal Rise
Cash-rich Russian buyers widen their search for London homes
(Picture: Google Maps)
While much of prime central London has been snapped up by Russian buyers, agents report that traditionally less fashionable pockets of the capital are starting to appeal to this moneyed set.
London agent Greene & Co. has noticed a steady stream of Russian buyers, who would have traditionally invested in super prime Kensington, are now heading to the far edgier Kensal Rise.
Kensal Rise can’t compete with Kensington’s array of retail opportunities but it is increasingly being perceived as chic, thanks to it café culture, including the popular haunt Minkies Deli which serves traditional Russian food, prepared by a Russian chef.
And property prices in Kensal Rise are certainly more affordable than Kensington. Growing demand has resulted in price rises of 7 per cent in the area over the past year according to local agents and the average property is now £673,577, however, this is over £1.2m cheaper than the average property price in Kensington which currently stands at £1,937,338.
The leafy streets of Kensal Rise are good hunting grounds for a range of property styles including characteristic Victorian period conversions but also bespoke new build homes, which are particularly popular with Russians say Greene & Co., who recently launched The Coachworks, a new development in NW10. The six two-bedroom apartments start from £650,000 and have open-plan living spaces and two bathrooms.
Manager Paul Harris has experienced first-hand the Russian exodus from Kensington to Kensal Rise: ‘We have witnessed a surge in demand for characteristic Victorian period conversions and luxury new-build properties from young Russian professionals who are looking to leave their traditional haunt of Kensington.’
However, first time buyers or anyone seeking a more affordable home in NW10 may struggle to compete with the Russian influx. ‘The majority are cash buyers, keen to capitalise on Kensal Rise’s chic café culture, extensive transport connections and comparatively affordable property prices.’
The influx of Russians will inevitably boost prices in the area. ‘We anticipate house prices will rise by six per cent this year, buoyed by exceptionally high levels of demand and rising competition for a limited supply of properties,’ says Harris.