Five Reasons To Buy A Property In Notting Hill, London
by Arina Smith Real Estate 01 June 2021
Notting Hill, the movie, was written by Richard Curtis, and the locality was chosen because he lived there and said, “Notting Hill is a melting pot and the perfect place to set a film”. Well, filming isn’t the only reason it is perfect. As Notting Hill Estate Agents will agree, it is also an excellent real estate and property setting. We explain why, giving below five advantages of buying a property in this prominent district of London.
Diversity:
The Notting Hill properties cover a wide range – studio apartments, mews cottages, regular apartments, cottages, and mansions. So there is a choice available, according to budget and priorities on the type of accommodation desired.
The lockdowns keeping people tucked away in their homes have caused many individuals and families to look for comfort in larger, more spacious accommodation with outdoor space for relaxation or a garden. Others may prefer the smaller apartment-style accommodation. Notting Hill is able to provide accommodation to suit specific requirements.
Location:
Despite being in the center of London, the green spaces and beautiful parks make it environmentally friendly. Notting Hill is famous for its private garden squares, which surround residential areas meant for the householders responsible for managing them.
Being able to live in a tranquil residential area and yet have the city and all its amenities just around the corner is a great advantage. With a hopeful return to near normalcy, the reopening of offices, businesses, shops, restaurants, and other entertainment centers is likely to happen. These benefits people are living in the vicinity of such areas as Notting Hill.
Benefits of culture:
There is a multicultural community in Notting Hill which offers a variety of cultural benefits. Mutual respect, a sense of belonging and socio-economic wellbeing are some of them.
The annual Notting Hill Carnival is a world-renowned street festival, usually held in late August. It celebrates the Afro-Caribbean culture and revolves around dancing, music, and food.
The famous Portobello road markets have now reopened. Usually, during the week, it is a farmer’s market, but on Saturdays, it also offers a variety of items from antiques, souvenirs, vintage clothing, fashionable wear, pre-loved hand items, and hot food! Talented street artists add to the fun. Some of the best bookstores are found in Notting Hill. It also offers great theatres and many exciting pubs and restaurants.
Timing:
At present, the government has some reasonable offers for prospective property buyers.
- The Stamp Duty Land Tax holiday has been extended until the end of June 2021, with a tapering period until September 2021.
- Mortgages are competitive, especially with the 95% LTV mortgage scheme, allowing a deposit of just 5% applicable to new buyers or home movers. It does not apply to second homes and buy-to-let properties. However, other attractive offers are available.
- Current interest rates are low, offering benefits both to new buyers to avail of reasonable mortgages and also to professional investors looking at new properties.
House prices:
The pandemic caused a fall in house prices, which is now gradually improving. However, sales of city properties were badly hit, and there was a slump in that market.
Although the future is still uncertain, it may be a wise idea to invest in city and suburb properties at present while the prices are still comparatively low. Areas like Notting Hill are expensive, and taking advantage of any lower price rates would be advisable. The value of such properties would only increase.
Also, some distressed properties may be available, where people are forced to sell at much lower rates than the market value.
The rental market has also become popular. With the Covid vaccine program ongoing and schools and universities reopening, not only will local student rents start rising, but overseas students also will return for studies. The rental market in areas like Notting Hill, close to many schools and universities, is likely to see a boom.
For prospective buy-to-let investors, this would prove to be beneficial. The Notting Hill letting agents will be able to provide details and clarification on such properties.
Conclusion:
The UK real estate market has been able to withstand the battering from the effects of the pandemic. Investing in property offers reduced risks. Though the future cannot be accurately predicted, property prices look to be on the rise, and the return on investment is likely to be good. Buying a property in Notting Hill could be the right decision. The expertise of a professional real estate agent, clarifying the pros and cons, will be invaluable in making that decision.
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