A riverside location and more space for your money than neighbouring Chelsea – what’s not to love about Fulham
With Fulham’s location close to the river and central London, its pretty parks and good choice of accommodation from large Victorian homes to a big range of flats, it’s no surprise that it’s a popular spot. Over the past few years it has become increasingly sought-after with both families and young professionals, largely because it offers more space for less money than neighbouring Chelsea. However, rising popularity equals rising prices.
‘Last year was exceptional for Fulham, with outstanding price growth of 20%,’ confirms Emma Stead of Savills. ‘The area is increasingly seen as a hybrid between central and south-west London, reflecting the best attributes of both markets at a price point between the two. Throughout 2014 we expect the area will benefit from even further interest, as buyers make the most of more affordable prime property prices than those in central London.
‘Fulham’s ongoing ultra-gentrification is continuing to draw international interest, and we expect their already substantial share of the market to increase further,’ she adds.
Fulham managed to shake off the credit crunch very quickly, notes Jamie Lester of Haus Properties, ‘mainly because it attracts domestic as well as overseas buyers. Prices are now about 20-30% above pre credit crunch levels’.
He adds that there are several micro areas within Fulham. ‘Parsons Green and the Hurlingham Estate have always been popular, however, locations such as Sands End have increased in popularity over the years,’ he says. ‘Spacious Victorian properties are most desirable, offering families excellent living accommodation. If converted into flats, then these will be equally in demand.’
A rise in the number of properties coming onto the market has tempered the market slightly, although record prices are still being achieved for the best homes.
‘Whilst there is still an appetite to live in Fulham, we are seeing a number of buyers waiting for the right property,’ says Emma Stead of Douglas & Gordon. She adds that a number of landlords are cashing in on their buy-to-let investments: ‘Having gained substantial capital growth over the past five years, these properties tend to get snapped up quickly and are even being sold with tenants still in situ.’
‘Whilst the majority of residents are British, the area is also attractive to the French due to the proximity of the Ecole Marie D’Oliac and the Lycee Francais Charles de Gaulle,’ reports Anthony Bell of Kinleigh Folkard & Hayward.
’A two-bedroom flat, without any outside space, can start from £550,000 rising to £1,250,000 in prime SW6 and offering outside space, and a three-bedroom house usually starts at around £1,250,000 rising to £2m.’
On the lettings side, his colleague Claire Hughes reports that the most sought-after properties are ‘typically two-bedroom flats with some outside space, which range in price from around £375-£575pw, while professional sharers and families desire well-presented three-bedroom flats and houses which typically start at £550pw rising to £1,600pw.’
‘Recently refurbished properties are moving far more quickly than those in need of some TLC,’ says Stephanie Nash of Strutt & Parker. ‘Landlords are upgrading their properties to remain competitive, particularly if they have had increases to the rent year on year meaning when it comes back to be re-marketed, the rent they are achieving is often higher than current market value.’
Sophie Curtis of Savills explains that rising prices and an increase in international applicants has widened the typical profile of tenants, and as a result has increased demand for different types of property.