FULHAM LEADS CAPITAL PROPERTY SURGE

New figures published by researchers at Savills show that Fulham is leading an upward London surge in house prices that is outstripping every other area. Tim Harrison reports

It isn’t Kensington or Belgravia that is leading the charge when it comes to soaraway house prices… it’s Fulham.

Once snootily viewed as Chelsea’s poor relation, it is now seen as desirable, (relatively) affordable, leafy, characterful, family-friendly and fun, and no other part of London can keep pace.

It’s good news for those who already own Fulham property, but it’s also good news for those about to invest in the area as the trend seems set to continue.

The guru of Savills’ research wing, Lucian Cook, an impressive performer on Radio 4’s Today programme last week, says Fulham prices have risen 3.2% in the last quarter, with annual growth standing at 8.5% – in contrast to prime central London’s 4.4% figure.

So what’s suddenly right about Fulham?

Picture: Lindsay Cuthill at Savills

Lindsay Cuthill, Savills’ residential director in the Parsons Green office, thinks the reasons are more complex and subtle than a simple reaction to the crazy, foreign-fuelled price rises in the heart of the capital, where overseas investors have simply elbowed out the domestic buyers.

He believes that like attracts like, and that family life in Fulham is a huge appeal.

“People aren’t coming kicking and screaming to the area, shouting ‘I’d much rather be in the Chelsea’,” he told Move To. “People tell us that their friends moved to Fulham a couple of years ago, and love it.”

Schools are good, connections to the city and central London are good, and the ‘village’ feel of the shops and open spaces is vital.

“We like the comfort of like-minded people around us,” said Lindsay. “If you’re a family with one or two children, or are starting a family, what could be nicer than having a streetful of other children, to have social contact outside school. The parents enjoy it too, with great social life in the evening. It makes for a far nicer lifestyle. It also appeals to young people living in and off Fulham Road, with the entertainment hubs.”

Banks are also poised to post huge profits in the coming weeks, with bonuses being invested in property, pushing Fulham’s market even higher.

And the number of French accents is increasing. A kind of tribe mentality has kicked in around Fulham, with local primary schools reporting a huge growth in French pupils in the last couple of years.

“The best performing local market has been Fulham, which is increasingly seen as a hybrid between central London and south-west London by showing some of the attributes of both markets at a price point between the two,” says Savills’ research department. “This reflects the fact that it is undergoing a process of ultra-gentrification, attracting international and domestic buyers who, despite significant wealth, have been priced out of the central London market.”

Savills is at 191 New Kings Road, SW6. Call 020 7731 9400. Or for further details click here

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By Tim Harrison 02.08.13

Relative article: CHELSEA LOSES OUT TO FULHAM IN THE PROPERTY STAKES

Relative article: Fulham Market up 15%

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