With an abundance of parks and open spaces including Parsons Green, Bishops Park, which boasts an urban beach, and Hurlingham Park, which hosts the annual Polo in the Park, the trendy area of Fulham has seen a dramatic shift in demographic over the last two years. Situated in the London Borough of Hammersmith & Fulham, this sought after area saw property prices rise by 16.4% annually according to the most recent Land Registry figures. Particular areas which have become gentrified include Munster Village, Sands End and West Brompton. The Alphabet streets, such as Hurlingham area, Moore Park Estate, Parsons Green and the Peterborough Estate have also seen huge changes recently. As a result the area has gradually seen a rise in the number of affluent professionals typically employed in the banking and hedge fund industries as well as the legal, accountancy and medical professions.
In comparison to the beginning of the year, where prices were rising at an exponential rate and supply was low, we’ve seen an increased number of properties coming back onto the market, thus slowing the market down to a more manageable pace. In addition, the imminent base rate rise, changes to CGT (Capital Gains Tax) for non-residents in April 2014 and the general election in May 2015, are also responsible for the change in the sales market. So what factors are contributing to this area’s popularity.
Thanks to the improving amenities and ideal locale situated along the River Thames, Fulham has attracted many new nationalities. While the majority of residents are British, with families enjoying the area’s excellent selection of schools including The London Oratory School, the Lady Margaret School and the Hurlingham and Chelsea School, Fulham also appeals to many French residents. SW6 has a number of French schools right on its door step, such as The Ecole Marie D’Oliac and The Lycee Francais Charles de Gaulle, while its proximity to the more expensive Royal Borough of Kensington and Chelsea, seems to be attracting many Italian buyers.
This year we have seen a rise in properties coming onto the market, ranging from Victorian and Edwardian houses to conversion flats and modern new build developments situated along the river. A two bedroom flat,without any outside space, can start from £550,000 rising to £1,250,000 when located in prime SW6 and offering outside space. A three bedroom house usually starts at around £1,250,000 rising to £2 million.
Fulham has a healthy mix of families and young professionals who are attracted to the area for its safe reputation, ideal location near to the River Thames and pretty parks, whilst still benefitting from being closely situated to Central London. The main transport links are Fulham Broadway, Parsons Green (both on the District Line) and Imperial Wharf (London Overground), and there are also numerous bus routes to and from central London.
In the lettings market, Claire Hughes, Lettings Manager at our Fulham branch, comments: “Fulham has become and continues to be increasingly popular. With the coming of the busy summer season where demand is usually very high amongst families, we’re starting to see more balanced levels of supply and demand. The most sought after properties at the moment are typically two bedroom flats with some outside space, which range in price from around £375 per week and £575 per week. Professional sharers and families wishing to reside in this area, desire well-presented three bedroom flats and houses which typically start in price £550 per week rising to £1,600 per week for a superbly finished and well located house with a large south facing garden. The diverse types of properties available in SW6 along with the excellent amenities it has to offer, continue to make Fulham one of the most desirable areas in which to live in London.”