"Purchasing a property within arm’s reach of the event itself is likely to require a significant premium, even when compared to the already high average cost of a home in Kensington and Chelsea"
- Jean Jameson - Foxtons
New analysis by estate agency Foxtons shows that properties near the Chelsea Flower Show cost 70% more than the wider average across Kensington and Chelsea. However, a number of London’s other historic gardens are located in postcodes where buyers can find relative affordability compared to their surrounding boroughs.
As the city welcomes the return of the annual Chelsea Flower Show, the SW3 postcode is once again in focus. The event, which has taken place almost every year since 1913, is held in the grounds of the Royal Hospital Chelsea. Local businesses are also marking the occasion, with floral displays appearing throughout the area.
Properties in SW3 command a significant premium, with average prices reaching £2.073m. This is 70% higher than the broader borough average of £1.218m, placing it among the most expensive postcodes in the capital.
Foxtons analysed house prices near 13 other prominent London gardens. Across these postcodes, the average property price is £1.020m, which is 84% above the citywide average. Even so, several postcodes offer homes at a lower average price than their respective boroughs.
In Richmond, the KT8 postcode, which includes Hampton Court, is the most affordable of those examined. The average property price is £597,818, 26% below the borough’s average of £812,034.
In central London, the NW1 postcode includes Regent’s Park and Queen Mary’s Rose Gardens. Although average prices there are £848,433, they still fall 11% below the City of Westminster’s average.
Homes near Kew Gardens in the TW9 postcode are also priced below the Richmond borough average. The £749,146 average is 8% lower than the wider borough figure. In W11, the location of Kyoto Gardens in Holland Park, homes are priced just 0.3% below the average across Kensington and Chelsea.
Some garden locations command premiums instead. Property near Victoria Embankment Gardens is priced 66% above the borough average. Homes close to St James’s Park Gardens are 65% higher, and Hampstead’s Hill Gardens carry a 60% premium. Six other gardens in the study also sit above their respective borough averages.
“The Chelsea Flower Show is a fantastic time of year when a small part of the capital bursts into bloom, signalling that summer is well and truly on the way," comments Foxtons' chief sales officer Jean Jameson.
However, she added, "Purchasing a property within arm’s reach of the event itself is likely to require a significant premium, even when compared to the already high average cost of a home in Kensington and Chelsea,"
“The good news is that the capital boasts a wide variety of historic gardens and, whilst living within close proximity to a great outdoor space is always likely to require a bigger budget, some of these fantastic green spaces are actually home to an average house price below that of their wider respective boroughs.”
