Sign up now to receive free updates on prime properties in the UK. Every morning, you’ll receive a myFT Daily Digest email with the latest news in the UK prime property market. St. John’s Wood in northwest London has become a desirable neighborhood for many reasons, including its proximity to Lord’s Cricket Ground. Surath Chatterjee, a company adviser, was particularly drawn to the area because of his love for cricket and the opportunity to live so close to such an iconic venue. Chatterjee and his wife recently purchased a spacious six-bedroom house with a large garden in St. John’s Wood, citing the area’s leafy surroundings and convenient connections as additional reasons for their choice.
In recent years, the popularity of St. John’s Wood has driven up house prices significantly. Between 2015 and 2019, approximately one in fifteen houses in the NW8 postcode sold for over £2,000 per sq ft. However, in 2022 and this year, that number has risen to one in four, indicating a substantial increase in property prices. Nick Gregori of LonRes states that this increase is the largest in London and has positioned St. John’s Wood among the ranks of prestigious areas such as Kensington and Notting Hill.
Despite the area’s popularity, the market has experienced a slowdown due to rising interest rates. In the first five months of this year, the number of home sales decreased by 37% compared to the same period in 2022. Additionally, prices dropped by 4.5% to approximately £1,260 per sq ft. Coutts bank also reports that 39% of properties priced between £1mn and £10mn that were sold in the first quarter of this year had price reductions. Stephen Lindsay of Savills estate agency believes that the market for properties between £1mn and £15mn has been significantly affected. He mentions that there is a lack of available properties and serious buyers are cautious about overpaying due to fluctuations in mortgage rates. Additionally, he notes that sellers’ expectations are often unrealistically high.
St. John’s Wood has been a popular choice for homebuyers looking for more space, especially during the Covid-19 pandemic. Families, including many Americans attracted by the nearby American School, have been drawn to the area for its larger homes and gardens compared to more central locations. The presence of excellent schools also influenced the decision of Priscilla Kandasamy, an American interior designer, to move to St. John’s Wood. The Kandasamys purchased a four-bedroom house near St. John’s Wood High Street, valuing access to great schools for their elder daughter who is about to take the 11-plus exams. Kandasamy appreciates the feeling of space in St. John’s Wood, particularly as she and her husband were accustomed to living in large homes in Greenwich, Connecticut.
St. John’s Wood has long been attractive to international buyers, with a significant portion of homes priced between £4.5mn and £10mn being purchased by overseas buyers. Neir Gigi of Knight Frank estate agency estimates that around 60% of homes in this price range are bought by international purchasers. For properties priced higher than £10mn, it rises to approximately 80%. The area is renowned for its Regency white stucco villas and red-brick Victorian and Edwardian mansions. In 1968, a large part of the district became London’s first conservation area, which has helped maintain its character. The St. John’s Wood Society actively works to protect and preserve the neighborhood’s charm.
The most prestigious part of St. John’s Wood is the east side, close to the High Street, Regent’s Park, and Primrose Hill. Marc Schneiderman of Arlington Residential highlights Norfolk Road, Acacia Road, Queen’s Grove, Woronzow Road, and Ordnance Hill as the premier streets where house values are generally 20% higher than other parts of NW8. Family houses in this area typically range from £3mn to over £20mn. Avenue Road, a busier road, attracts wealthy international buyers, with mansions on this street often having asking prices between £50mn and £100mn.
There are a few new-build apartment developments in St. John’s Wood, including One St. John’s Wood, 4-6 St. Edmunds Terrace, and 1A St. John’s Wood Park. The recently launched 1A St. John’s Wood Park offers a boutique collection of nine apartments, with prices starting at £1.65mn. Additionally, the St. John’s Wood Barracks is undergoing a £400mn regeneration project, planned by architects Squire & Partners, which will create a new community with 179 homes.
Some critics argue that St. John’s Wood feels too suburban and has been overshadowed by its trendy southern neighbor, Marylebone. However, long-time resident Peta Churchman disagrees and believes there is nowhere else she would rather live. Churchman and her husband, who have lived in the area since 1979, appreciate the vibrant community and the efforts made by residents to maintain the area’s beauty and green spaces. Churchman emphasizes that St. John’s Wood appeals to people of all ages.
However, living in St. John’s Wood does require a significant amount of wealth. The market in the area has experienced challenges due to rising interest rates. In June, only 17% of homes for sale in NW8 were under offer, compared to 19% in June 2022. Meanwhile, house sellers have been accepting offers that are, on average, 7.4% lower than the initial asking price this year. Flats have seen an even higher average discount of 9.3%.
If you’re interested in buying property in St. John’s Wood, here are a few options available on the market: a two-bedroom top-floor flat on Carlton Hill for £1.05mn, a Grade II-listed four-bedroom house on Abbey Gardens for £4.495mn, and a grand eight-bedroom house on Hamilton Terrace for £27.25mn.
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