Finance

How much does it cost to live near one of London's prime garden squares?

Warren Lewis
|
6th August 2019
Eaton Square 905

It might not be as hot as last year, but summer is definitely here and the longer evenings are a great excuse to get outside and enjoy our green spaces.

The capital's residents are no different and will be flocking to their gardens, parks or any piece of green space they can find.

With this is mind, prime and super-prime property portal Vyomm has looked at the cost of living by 10 of the capital’s most prestigious garden squares, revealing how they can cost as much as triple the price of a property around the corner.

Using data from Homesearch, Vyomm looked at the average property prices surrounding the 10 most sought after garden squares in prime central London, all of which are located within the City of Westminster and Kensington and Chelsea. The data shows that, on average, it will set you back a cool £5.1m to live within reach of these leafy hideaways, which averages out to £2.1m more than the average property costs in the surrounding roads – and this is within Kensington and Chelsea and Westminster we’re talking about, not comparing with the London average.

Carlton House Terrace Gardens (Westminster): £11,263,508

The most prestigious of all is Westminster’s Carlton House Terrace, with an average house price of not just seven, but eight figures! Within close proximity to Trafalgar Square and St James’s Park, it is London’s most expensive garden and when compared to the average cost of living in the immediate area, it commands a £5.2m price difference over the surrounding properties.

Wilton Crescent Garden (Westminster): £7,047,340

With property surrounding it commanding an average price of over £7m, Wilton Crescent Garden is London’s second most expensive garden and comes in £3.6m more expensive than the average property on the adjacent roads. This works out at more than twice the cost of those homes in the immediate area!

Eaton Square (Westminster): £6,126,777

Just a short walk from Sloane Square, Easton Square ranks as the third most prestigious and expensive garden in London with property reaching £6.1m, just shy of £3m more than the average cost of living on the neighbouring roads.

Markham Square (Kensington and Chelsea): £5,389,286

The first of London’s most expensive gardens to be located in the borough of Kensington and Chelsea, Markham Square is home to a property price of nearly £5.4m, making it the second entry on the list where the average property costs more than double the price of a home literally around the corner.

Other garden squares to feature in the most sought after for prime and super-prime London buyers are Thruloe Square (£4.4m), St James’s Gardens (£4.2m), Rosmead Garden (£3.9m) all in Kensington and Chelsea, Park Crescent (£3.3m) in Westminster, and Kensington Square (£3.3m) and Ladbroke Square (£2.5m), again in Kensington and Chelsea.

Among these, Park Crescent stands out as a garden with a property cost that is almost three times higher than that of the homes on the neighbouring roads.

Utsav Goenka, Founder of Vyomm, commented: “London is one of the greenest capital cities in the world so we are lucky to have so many parks and other places to spend the hot summer days.

In any large urban city, the mere presence of a park or other green area is a very sought after commodity and can carry a much higher property price tag for those looking to buy within close proximity to these spaces.

However, when we talk about prime central London and its garden squares we are talking about far more than green space. To live by and have access to these private pockets of tranquillity within the city is a huge status symbol for the high-end London homeowner and for those at the top end of the market, it’s as important as having the latest £1m supercar parked on the driveway.

But as with many desirable aspects of high-end London life, there is only a finite level of property stock that can present such opportunities. As a result, property prices around these garden squares carry a much higher price than the average prime London home, and that is really saying something.”

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