South Kensington boasts some of the best examples of Victorian architecture the capital has to offer, along with a rich selection of world-class museums. It has once been home to Sir J M Barrie, author of Peter Pan, Virginia Woolf, and artist Francis Bacon. Largely undeveloped until the mid 19th century, SW7 now features some of the most exclusive real estate in London.
Benefiting from having Chelsea as its neighbour, South Kensington is an ultra-fashionable area full of boutiques, chic bars and reputable restaurants. Attracting a large French community, there is an air of sophistication about the place, and one that continues throughout the day in to the night.
Without any firm boundaries, SW7 includes the area around South Kensington tube station, the adjacent garden squares and streets, as well as the smaller neighbourhood in the region of Gloucester Road tube. Whilst the postcode mainly covers South Kensington, some parts of Knightsbridge also fall in the region including the Royal Albert Hall and the Royal College of Music.
As far as the sales of lower ground floor flats across SW7 go, there has been a noticeable uplift in value in recent years. The average price for a lower ground floor flat in SW7 over the last 12 months was £1,030 per square foot. This represents a sharp increase of 13% on the previous year (June 2011 to June 2012), when the average price per square foot was just £896. Compared to 2 years ago, prices in the last year have risen by an incredible 20% for lower ground floor properties showing that the sales of basement flats really are booming.
SW7 Market Data - Lower ground floor properties with min 70+ year leases from June 2012 to June 2013 – Source Lonres
Number of lower ground floor flats sold – 34
Average price – £1,021,024
Average price per sq ft - £1,030
Average price per sq ft SW7 Kensington and Chelsea - £1,016
Average price per sq ft SW7 Westminster - £1,180
Most expensive price per sq ft – Queens Gate Gardens £1,397
Most expensive property – Roland Gardens £2,400,000
Number of lower ground floor flats withdrawn 43