|South West House Prices Outperform Central London|
Prime properties have increased in value by 150% in 13 years
Property values in South West London have outperformed those in prime central London since 1997, according to new research by Douglas & Gordon.
Properties in central London have increased by approximately 130% between 1997 and the end of 2009, whereas properties in what the agent calls "Prime South West London" increased by 150% in the same period, though the gap is narrowing slightly in 2010.
Michael Hodgson, chief executive of Douglas & Gordon, says: " Prime central London, with its glitzy international image, tends to hog the limelight in commentaries about the London residential property market.
" Everyone knows that Chelsea, Kensington, Belgravia, Knightsbridge and Mayfair have become honey pots that attract the rich and famous from around the world. As a consequence, values in prime central London have grown impressively over the last ten to fifteen years.
" However, in the same period many domestic vendors have sold their properties in prime central London and have either downsized, or bought more property for their money in neighbouring areas.
" This has lifted the prestige of areas in South West London such as Fulham, Clapham, Battersea, Wandsworth and Putney, which are now the locations of choice for senior and middle management.
" The standard of accommodation required by these buyers is very high and as a result, considerable sums have been invested in improvements and increases in value have followed. This market is now the pinnacle of the UK housing market."
Adds Ed Douglas-Home of Douglas & Gordon’s Fulham office: " Before the recession, when house prices where increasing at a significant rate, we saw a marked increase in the number of would-be Chelsea buyers filter into Fulham. They realised they can get more bang for their buck, so they bought the shell of their dream home and have since renovated and refurbished over the years. As a result, properties in Fulham are bigger, cleaner, brighter and more stylish than ever.”
As an example, Ed point points to this four bedroom house in Radipole Road which is currently on the market with Douglas & Gordon. Spread over three floors, the house is beautifully presented with a double reception room with stripped wood floors leading onto a fully extended kitchen/breakfast room with two sets of French foors leading onto the patio.
On the first floor there is a double bedroom with separate cloakroom, while at the front of the house is the master bedroom with ensuite bathroom. One the second floor are two further double bedrooms and a family bathroom. The house also has a cellar and there could be the opportunity to extend it to another floor, subject to the usual planning consents.
Ed says that five years ago, this house would have been worth about £1.1 million. Today it is on the market for £1.625 million. For more information, call Douglas & Gordon in Fulham on 020 7731 4391.
August 5, 2010