London Property Area Guide: Chelsea
Monday, 28 November 2011 4:17 PM
All the latest housing forecasts scream "invest in London". House prices are steadily up and London is looking increasingly like a safe haven, not just for overseas investment, but also for homeowners here in the UK.
Over the coming months we plan to provide you with some helpful guides, based upon our network of local estate agents, who will help you decide where might be the best place to invest.
Probably best to start these area guides at the top. The top of the London property market that is. Or rather, as the Pet Shop Boys once told us, go west.
Hugo, Spencer and Caggie. You won't necessarily run into them if you move to Chelsea, but there is a fair chance.
Channel Four's hit series Made in Chelsea gave us a window into the lives of a group of London's perpetually bed-hopping rich kids.
Whilst to some extent the show is nothing but a whimsical parody of these people's existence (we hope so anyway) there is certainly more than a grain of truth in there.
Kensington & Chelsea is London's most expensive borough, with the latest Land Registry index placing the average house price at a whisker under £1m. You'd barely have enough change to buy all the champers and canapés for your housewarming.
We'll take a look at some 'typical' properties in the area and the key stats you need to know, but first here is our interview with Howard Elston associate director of Aylesford International, a top end estate agency based in Chelsea:
Is Chelsea really like 'Made in Chelsea'?
Chelsea never used to be like 'Made in Chelsea' but I suppose it has become more like it over recent years.
Who lives/buys in the area?
It's become much more 'international' over the last few years and far less 'bohemian'. The artist's studios of old are now inhabited by investment bankers and a new range of international buyers have spread down the King's Road all the way to SW10 and beyond.
What do you get for your money?
Prices have risen accordingly. A few years ago you would have been paying £1,500 per sq ft for a prime Chelsea freehold – now that price has risen to well in excess of £2,000 per sq ft and there are instances of figures nearer £3,000 per sq ft being achieved. Translating this means that a good sized family house of 4,000 sq ft will now cost you in excess of £8m and possibly nearer £10m. These prices are way beyond the reach of the majority of domestic buyers but vacuum is filled by the never ending supply of super wealthy foreigners anxious to snap up a piece of prime London property.
What can you get on a smaller budget?
On a smaller budget, the entry level for a house on the Chelsea / Fulham border is circa £1.5m. It is obviously possible to get a flat at less than this with one bedroom flats costing a minimum of £500,000, and the cheapest areas tend to be along the border with Fulham, and those close to council estates.
What's the architecture like?
The majority of Chelsea was built in Victorian times extending the 'old Chelsea Village' that lay on the bank of the Thames into a suburb of the City. Old Chelsea was centred around the original Chelsea Old Church at the bottom of Old Church Street. This was the Parish Church, but was later dwarfed by St Lukes in Sydney Street built to accommodate the growing population as Chelsea expanded. There are thus examples of Georgian architecture and indeed earlier to be found, but the majority of the area is Victorian.
What does the area have to offer in terms of eateries/schools/shopping etc?
The area is well served by local schools and restaurants. A lot of the shops are less idiosyncratic than they may have been decades ago as the major 'chains' have moved in to colonise the King's Road and the streets around.
A few typical properties in Chelsea – all provided by Aylesford International:
Family house: Shalcomb Street - £3.95m.
Five bedrooms, three terraces, landscaped garden with built in BBQ area.
2. Apartments: King's Road - £1.75m.
Two bedroom apartment on second floor of period building. Soundproofing to floor and ceiling along with proximity to local shops, bars and restaurants.
3. Top-end homes: Glebe Place - £12m.
Five double bedrooms, indoor swimming pool, large decked roof terrace along with three small decked balconies. Yes, that's an indoor swimming pool in Chelsea:
Not bad eh?
4. New development: Henry Moore Court - Between £5.5m and £12m.
Exclusive collection of 15 luxury apartments and two villa houses - due for completion in August 2012.
Louise Hewlett , director at Aylesford International, said: “This is a very significant development as it is the first brand new construction in Chelsea and prime Central London since pre-Lehmans. When complete, it will provide much sought after secure lateral living, designed and built to the highest standard.”
Average house price in borough (Kensington & Chelsea) – £958,739 – according to latest Land Registry stats (October 2011).
Look out for our next London area guide!
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