Bayswater ‘well on the way’ to catching up with its prime London neighbours

Nowhere in prime London has been more widely tipped than Bayswater, but predictions of great things are finally coming good.

New stats suggest the traditionally underrated neighbourhood to the north of Hyde Park is making a play for elite status. Values are outperforming as a wave of “game-changing” schemes steal the limelight from the likes of Knightsbridge and Belgravia.

Bayswater has seen more historic and recent value growth compared to its Hyde Park neighbours *(Savills/Land Registry)*

One of seven neighbourhoods surrounding central London’s biggest park, W2 has historically seen precious little top-end development activity.

Super-prime new-builds have accounted for just 8% of all £5mn sales in the area since 2016, compared to an average of 28% for its six parkside neighbours.

Values in general have previously lagged those of other glitzier enclaves, but that’s now all changing.

Savills found the median £psf in Bayswater was just over £1,300 based on sales in 2022, compared with an average of almost £1,800 elsewhere around the park. That’s an increase of around a third over the past decade, however, with price growth accelerating more recently.

The district has seen the strongest £psf value increase since 2019 while the more traditional prime areas of Knightsbridge and Belgravia have seen values fall.

The agency points to key drivers including proximity to the new Elizabeth line at Paddington and, crucially, a £3bn private and public regeneration programme, “signalling a level of commitment and investment not previously seen”. A comparison is drawn with Marylebone, where investment into the public realm, retail offering and local community has turned the area into one of PCL’s top hotspots.

Bayswater has also benefitted from buyers looking for more space for their money during the pandemic and a desire for green space nearby.

Park Modern, The Whiteley and No. 18 Porchester Gardens are “game changers”, says Savills, offering aspirational living, revamped retail, and a world-class hotel and spa – and developers are eying up further opportunities.

There are 273 private new homes set to be delivered over the next five years, alongside a number of sites currently being considered for redevelopment.

“With improved public spaces, greater connectivity and new build development, Bayswater is well on the way to catching up with its prime London neighbours,” said the firm: “There are few pockets of prime central London with as much potential for change.”