Planning to buy property in Paddington, W2? Whether you want to buy a primary residence or buy a property to let, find out more about Paddington and property through this buyer's guide to Paddington.
A programme of regeneration combined with the imminent arrival of Crossrail (otherwise known as the Elizabeth Line) have contributed to a change in Paddington's demeanour. As a residential neighbourhood, Paddington historically lost out to nearby Marylebone and Notting Hill and tended to be viewed as little more than a slightly-shabby-around-the-edges transport hub. In this respect, the opening of Paddington Station many moons ago has been both a blessing and a curse for the wider Paddington area.
However, while property values across much of prime London remain sluggish, there is still space for growth in Paddington. In recent years, luxury residential developments have sprung up from the ground, enriching the variety of property stock on offer, while the area's excellent transport connections are set to get even better once the Elizabeth Line gets going.
In assessing the possible impact of Crossrail, a 2012 report commissioned by Crossrail found that Crossrail would likely boost commercial and residential property values along the route between 2012 and 2021. The report predicted a rise in residential capital values around Crossrail stations in central London 'by 25% over the next decade'.
Many buyers and investors have already taken advantage of the Crossrail effect and bought property within easy reach of Crossrail stations. But for buyers, it's not too late to invest in an area like Paddington where it is predicted property values will receive a boost as consequence of Crossrail.
Where transport infrastructure improvements occur, regeneration usually follows, and this is true of Paddington. Paddington Central has been established, which plays host to new shops, bars, restaurants, residential apartments, and offices, while the ambitious Paddington Quarter project is in the works. The latter project will also involve improving access to Paddington Station, factoring in a new ticket hall and station which will be connected to the Bakerloo Line.
Through all this, regeneration is continuing. Paddington is surely going through its own mini Golden Age as chic new hotels, eateries, and bars sweep in.
Paddington's property scene
Period townhouses are in plentiful supply in Paddington, while many of the terraced properties have been converted into flats. Buyers may be able to snap up a one or two-bedroom period conversion flat for a comparatively good price, especially if it requires a little renovation work. Family-sized period homes do come onto the market occasionally, but these will prove costly, especially as you get nearer to Hyde Park.
If it is a new-build you're after, then look towards the Paddington Basin. This area is especially popular with overseas students and is a buzzing part of Paddington. Another modern development with a waterside location is No. 3 Canalside Walk.
Paddington's property market is largely focused on apartments, and the area is popular with overseas students, international investors, and young professionals.
Our advice? Paddington, W2, presents a good opportunity for buyers and property investors, and the general prediction is that its fortunes will continue to rise.
If you want to invest in property in Paddington, get in touch with our sales agents for advice or find out more about buying to let