Home to one of the best-connected train stations in London and within close reach of the West End and the City, King’s Cross is a hugely popular London location. From modern apartment blocks and converted period properties to charming terraced homes, the King’s Cross property market has something to offer domestic and international professionals and families looking to rent or buy.
We take a detailed view of the King’s Cross property sales and lettings market, backed by the following statistics:
- York Way, N7 recorded the most number of sales transactions.
- In King’s Cross, flats make up 84.2% of the property stock, while houses make up just 15.8%
- Between Aug’22 and Jul’23, 678 flats were let
- The highest property sale between Aug’22 and Jul‘23 was £3,800,000 for a flat and £4,550,000 for a house.
- The median sale price for property for the last 12 months was £665,353 (source: Dataloft), and the price per square foot for the last 12 months was £928 (source: Dataloft)
- The monthly median rental prices of houses between Mar'23 to Aug'23 was £4,763, and for apartments was £3,437
King’s Cross Sales Market Update
We delve into the data underpinning the King’s Cross property market, exploring the nature of demand, investment opportunities, international interest, and market conditions.
Additionally, we’ll discuss the future of King’s Cross real estate for buyers, renters, and investors based on the positive insights from the last year.
King’s Cross house prices on the rise
The median price for a property in King’s Cross is £665,353. To put the figure in perspective, in 2020, new builds in Monaco reached a median price of €13,700,000, while the most recent median property price for a 5-room house in Paris in 2023 is €1,350,000. This makes King’s Cross a reasonably priced location in one of the most desired cities.
Over the last 12 months (Aug‘22 to Jul‘23), there’s been a rise of 14.2% in rental values across the King’s Cross area. Across 315 annual sales in the area, the total value from 1 Aug’22 to 30 Jul’23 was £218,956,640. The Land Registry recorded the highest King’s Cross property sale during this time to be £3,800,000 for a flat and £4,550,000 for a house. The lowest sale price was £391,236 for a one-bed apartment.
King’s Cross property stock and international real estate
King’s cross properties range from converted flats to Georgian terraced houses and purpose built blocks. In this location, 84.2% of property stock are flats, and just 15.8% are houses. In the last 12 months, 94.1% of let properties were flats, and 5.9% were houses.
The reasonable property prices, coupled with the central London location, make for an ideal investment opportunity. With good exchange rates, international investors are benefiting from great deals here. Thanks to excellent transport links, the rental demand in King’s Cross is high, totalling 678 flats let in the last year.
King’s Cross property letting and demand
A hub of transport links, culture, universities and top schools, King’s Cross is a popular place for professionals and families looking to rent. In the last six months (Feb '23 to Jul '23), the median rental price of houses per month is £5,299, and £3,384 per month for apartments. Last year, the highest recorded rent price was £6,990 per month for a three-bed flat, and the lowest was £1,863 per month for a one-bed apartment.
Rental demand for one to three-bedroom flats in King’s Cross is strong, with 94.1% of homes let in the past 12 months being flats (Source: Dataloft). From 1 Aug '22 to 30 Jul ’23, 31.4% of the total properties let were one-bedroom flats, 30.8% were 2-bedroom flats, and 19.5% were 3-bedroom flats.
King’s Cross Lettings Market Update
An opportunity for investors
While overseas investors benefit from the excellent exchange rate, UK investors can also have their share of the King’s Cross property market. Demand for rental properties is high in London, and King’s Cross is no exception. With rising interest rates driving some landlords to sell up, demand outstrips supply.
The high demand has seen rental values change by 14.2% in the last 12 months, indicating the potential for an impressive yield. There is also a considerable student market to tap into in the area with its proximity to King’s College London.
A positive outlook
In the last 12 months, rents and property prices have risen. While it’s still not where it was five years ago, the King’s Cross house prices are moving in the right direction. Overseas and UK-based investors can find good deals here and expect to fetch generous yields with reduced void periods.
At our King’s Cross estate agents, we are optimistic about future price rises and see a strong property market in King’s Cross. Whether you’re an ambitious investor, a property seller, or a keen renter, the King’s Cross property market offers a sophisticated and vibrant lifestyle full of opportunities.
Contact your local branch.
Note: The following postcodes have been used to define King’s Cross - N1 9, N1C 4, NW1 1, NW1 2, N7 9, N1 0, WC1X 0, WC1X 9, WC1H 0, WC1H 8 and WC1H 9.
