May 2013 Fulham Squared / Brikolage 95% / Buyerâ€™s Guide Pretty Little Things / Family Ties Shelved / Gallery
CONTENTS MAY 2013
05 FULHAM SQUARED
Do the math on Fulham property on a pounds per square foot basis and some interesting trends show up.
Find out what’s been keeping us interested, enthralled and entertained.
13 INSPIRATION TRANSMISSION
How are the design and function of housing changing?
Why encouraging the 95% loan to value mortgage could be the only way to get the market moving again.
18 PRETTY LITTLE THINGS The latest must haves for those that have (almost) everything.
21 FAMILY TIES
Looking for a four bedroom Victorian family house in Fulham? You’re not the only one...
26 NIMBLE MOVES
Letting your property for a top price will require you to be as flexible as possible.
Got enough? Not yet. Now find something designer to put it all on.
pg 18 Brik Magazine is published by Brik Property Ltd (Brik) and the opinions expressed in this magazine do not necessarily reflect those of Brik, the editor, publishers or their agents. Articles and other information in this magazine are as up-to-date and accurate as possible, at the time of publication, but no responsibility can be taken by Brik for any errors or omissions contained herein. Responsibility for any losses, damages or distress resulting from adherence to any information made available through this magazine is not the responsibility of Brik or their agents. All property descriptions and photographs contained within are for guidance only and are not necessarily accurate or comprehensive. All content Copyright © 2013 Brik Property Ltd. All rights reserved.
FULHAM SQUARED Do the math on Fulham property on a pounds per square foot basis and some interesting trends show up... You’ve probably heard it all before, estate agents barking on about what you’ll get for ‘X’ pounds per square foot or touting cielings on prices based upon what can and can’t be achieved... but what’s the real story, where’s the growth (or not) and where’s it all headed? We find out. Pounds Per What? Before we start, let’s talk about “pounds per square foot”, or “£/sqft”. You’ll often hear agents and anyone you know who’s looking to buy or sell talking about it. This is a convenient measure of the price of a property calculated by dividing the price by the gross internal area of the property measured in square feet. It’s a useful figure, as it allows more accurate comparisons between property of different sizes and prices on the market at the same time. I say more accurate, but in reality, these are often fairly inaccurate as the figure is skewed by the size of the property (smaller properties tend to have a higher £/sqft), position on the road, floor, finish, and any number of other variables, not least the floor planner (or unscrupulous estate agent’s) interpretation of the actual size of the property. That said, most estate agents’– and many buyers’ – valuations start from a £/sqft estimate of a property’s worth. For example, if the average £/sqft sold price on your road was £750 this year, and your property is 1000 sq ft in size, it’s probably worth about £750,000. If you plan to ask
for, or indeed pay, more than this, there needs to be justification in terms of better internal design, layout or finish, garden size, market conditions, position on the road, extension potential, etcetera. The Story So Far Since 2008, property prices in Fulham have gone one way... up. Looking at sold prices over the last few years reveals that the average flat on a good road in SW6 increases in value by about £750 a week, and that top end houses have gone up by as much as £750 a day, every day of the year, every year, over the last five years. To give you a handle on where prices have been moving, and by how much, we’ve illustrated the upward trend in £/sqft figures for a selection of roads across Fulham (see infographic overleaf).
FAR FEWER FULHAM BUYERS HAVE THE CASH AND INCOME COMBINATION REQUIRED TO EXTEND ABOVE £2M. What’s interesting is that in general, the more expensive the property, the faster prices have risen. For example houses on Chipstead Street have gone up by an average of £92 per square foot per year. That might not sound like a lot, but with average sizes being 2,500 sq ft on the road, that’s £230,000 per year for the average house. 05
What’s Been Driving It? Considering the spectacular growth of house prices here, you might be forgiven for wondering what’s behind it, and whether it’ll continue. Here’s our synopsis of the most important factors. Credit Fuelled Growth The credit crunch in 2008 didn’t put an end to the mechanics behind ballooning mortgage credit, at least not as far as the Fulham market and its individual participants are concerned. There’s still a credit fuelled chain reaction going on that’s helping to drive up prices. brik.co.uk
TOP END HOUSES HAVE GONE UP BY AS MUCH AS £750 A DAY, EVERY DAY OF THE YEAR, EVERY YEAR, OVER THE LAST FIVE YEARS. Here’s how it works. Mr & Mrs A saved up £100k cash and bought a flat for £400k in 2008, the most they could afford at the time as their lender would only lend three times their deposit, or 75% loan-to-value (LTV). In 2010 they decide to sell. As prices have risen 25% their flat is now worth £500k, giving them £200k cash from the sale. At their lenders 75% loan-to-value they can now afford to buy a property up to £800k, 100% more than what they could afford back in 2008, even though the market has only risen by 25%.
The bank is happy with a £600k loan because Mr & Mrs A’s income – both being employed in the City – has been rather good over the last year or two, and hey, that means the bank gets more income from interest on the bigger loan. So they buy a small house. In 2012 they decide to sell again. Again, the market has risen by 25% over the two years since 2010, which means, you guessed it, they can now afford to by a house up to £1.6m with their £400k cash deposit. So what’s happening is the participants in the market (property owners) are constantly being pushed up the ladder to higher and higher price points, increasing demand at higher prices, and thereby increasing prices.
SHOPS PARK ELLERBY ST, BI
ABTREE ESTATE SILVERTON RD, CR
DS END HAM RD, SAN RTH FUL Y R U B E Y RD, NO A N R HAZL U O T
£200 20 10
GREEN SONS R A P , RD VILLE ALDER
This effect gets stronger the higher up the price ladder you go, to a point. With lenders applying an income multiple cap, this force only pushes so far. For example, regardless of the deposit put down, Mr & Mrs A might only ever get a loan of £1.2m from their bank. If we pick up their story where we left off, that means the absolute maximum they could afford in 2010 was £1.6m. Any further increases in budget would need to be funded by cash alone, removing the gearing of credit and slowing their upward progress beyond £1.6m. For example, two years later in 2014, if prices have gone up 25% again, they could have £800k cash and a maximum £1.2m
loan, meaning they could afford up to £2m. But because £800k of this is cash, their LTV ratio has dropped to 60%, Now they’re perceived as a better buyer than they used to be at 75% LTV. That’s good news, but they’re not alone. Many others have had a similar journey. This is one of the main factors behind the ever increasing number of buyers with large cash deposits in the £1m to £2m price bracket, a market that has been red hot over the last four years. It’s also one of the reasons why property over £3m has been cooler. Far fewer Fulham buyers have the cash and income combination required to extend above £2m.
M RLINGHA ENUE, HU V A R IE P NA
STATE OUGH E R O B R E ET , THE P EAD ST CHIPST LES’ HE VIL ‘T , D R VILLE ROAD BROOK ULHAM F , D R ENDON WINCH
TER VILLAGE’ WARDO AVENUE, ‘MUNS ST BROMPTON SEDLESCOMBE RD, WE
£1,060 £1,014 £925 £914 £958
£750 £690 £688 £620 £603
PILING ON THE POUNDS
This infographic shows the increasing price, on a £’s per square foot basis, of sales occuring on a selection of roads across Fulham over the last five years. The line is the least square’s trend line through all sales for which price and sq ft data could be obtained. The figure at the right hand side is the average £/ sqft for each road projected for 1st May 2013.
FASTEST GROWERS OVER 5 YEARS
£0 £ per sqft per year
Price Differential Another important driver of increasing property prices in Fulham is their relative affordability over homes in neighbouring Chelsea. £/sqft values for a good family home in Fulham are currently around £800 to £1000 per square foot, whereas in Chelsea they are double that. With Fulham’s increasing credibility as a ‘prime’ area, we’ve found many buyers take the decision to sell a smaller property in Chelsea to buy a bigger house in Fulham. The slowly improving supply of restaurants and cafes (remember when Le Pain Quotidien wasn’t there?) also drives, and is driven by, this migration. 08
Property Improvement Try driving down any one of the streets on the Peterborough Estate during the day, and there’s a more than evens chance you’ll be faced with a truck parked in the middle of the road outside yet another property development. So it probably won’t come as a surprise that Fulham is absolutely crawling with developers looking for tired property to update, and of course owner occupiers doing the same. This continuous extension and improvement of the property in the area accounts for a significant part of the overall upward movement in prices year on year.
Type of Buyer Over the last ten years we’ve seen a change in the types of buyer looking in Fulham. Back in the 90’s and early 00’s, those buying in Fulham typically had an association with the area already, or were parents looking for a good value starter home in a safe area for their children. Now buyers are typically wealthy European families moving here for the schools, green spaces and access to City jobs, or residents of Chelsea and Kensington upsizing to a larger home. The resultant increase in affluence of the average Fulham resident is driving another, social reaction that supports increasing prices.
CONSIDERING THE SPECTACULAR GROWTH OF HOUSE PRICES HERE, YOU MIGHT BE FORGIVEN FOR WONDERING WHAT’S BEHIND IT Where’s It Heading? So, here we are in 2013. Fulham’s prices, and indeed residents, aren’t what they used to be. Will the market continue upwards, or is there a loud ‘pop’ coming as the bubble bursts? Our opinion is that, provided the City remains the economic powerhouse that it is, and Fulham’s supply of designer shops and eateries continues to improve, prices will continue to rise – albeit more sedately – toward those in Chelsea. After all, the Fulham (and Parsons Green) brand is only at the beginning of its journey into the limelight. When awareness reaches a tipping point, and wealthy buyers around the World, not just around London and Paris, can readily point to Fulham on the map, we may see another surge upward. That time has to be close. Just look at ‘Made in Chelsea’, which is often filmed in Fulham locations. How long will it be before ‘Made in Fulham’ doesn’t sound as improbable as it does now, or before we get our own ‘Notting Hill’, with or without Hugh Grant?
BRIKOLAGE THE NEWS & INTERESTS OF BRIK
ON THE EDGE
This awe inspiring book features extracts from twenty eight first-hand accounts of extreme mountaineering adventure, including Heinrich Harrer’s legendary first ascent of the North face of the Eiger, Rene Desmaison’s epic fourteen day battle of endurance on the Grand Jorasses in Chamonix, and the first ascent of Europe’s tallest rock face, aptly named the Troll Wall, in Norway. Hope, endurance, perseverance, comradeship, grief, humility, strength, humour – these stories, lense-like, beautifully focus on what it means to be human. Peter Boardman explains how to answer the call of nature on Changabang’s West Wall in winter: “There, leaning out on the rope, I wrestled with the specially-designed zips of the oversuit, down suit and polar fibre undersuit. As soon as they were undone, my trousers started flapping agitatedly upwards, like medieval streamers in the bitter wind that was rolling up the Wall. Occasionally, my face or backside was lashed by a volley of spindrift or a flailing zip. The whole bizarre procedure took half an hour and, at the end of it, the word “masochism” had taken on a new meaning.” Worth a read for it’s grit and entertaiment even if mountaineering isn’t your cup of tea.
ANONYMOUS FUTURE POWER?
Like them or loathe them the ‘hacktivist’ group Anonymous has grown up with us alongside a new world where computer networks, the internet and our lives have become as intertwined and connected as a friendship bracelet. But what happens when people can change the thread, splice one for another and alter our world as we know it before our eyes? The new battlefields of the globe may very well lie within the silicon of our very own computers, on which we have come to rely. For example Stuxnet, a computer worm, believed to be created by an Isaraeli/US collaboration, brought down an Iranian nuclear plant on its own accord, and more recently North Korean Flickr and Twitter ‘propogandist’ accounts were hacked and re-written, some say by the ‘Anonymous’ hacker group. Whoever the culprits are, and whether we support the results or not, is irrelevant. We are almost powerless to control them. One thing is for certain, with more devices connecting to the internet we are headed towards a data boom that will feed the mouths of those with the power to use it. Will it be for good, and to support whose ideals? An interesting thought that perhaps on closer inspection has a less gloomy outlook than we give it credit for.
“The media wants overnight successes (so they have someone to tear down). Ignore them. Ignore the early adopter critics that never have enough to play with. Ignore your investors that want proven tactics and predictable instant results. Listen instead to your real customers, to your vision and make something for the long haul. Because that's how long it's going to take, guys.” SETH GODIN (AUTHOR) brik.co.uk
Twenty years ago Design Hotels™ was born. In celebration of this anniversary, The Design Hotels™ Book 2013 showcases a curated portfolio of 244 of the world’s most expressive hotels and introduces the driving forces and creative spirits that dreamed them into reality. Introduced by publishing guru Angelika Taschen, who takes a sweeping look back at the movement that Design Hotels™ helped to propel, the book combines striking images and captivating in-depth features, narrated by international journalists and illustrated by renowned photographers. designhotels.com /book
‘SCHOOLS KILL CREATIVITY’ KEN ROBINSON
“All kids have tremendous talents — and we squander them pretty ruthlessly.” In this enlightening talk Sir Ken Robinson talks openly about how all the education systems in the world were built and designed to feed industrialism (circa 1900), the outcome of which is that the sciences and mathematics are universally put on a pedastal. As the world changes dramatically he believes so too should our education system. It should be designed to allow children to get the absolute most from themselves in allowing self discovery of talents that are usually snuffed out at a young age. “The educational system is now out of date”, getting a degree in traditional subjects no
COVER The Fab lolly, launched in 1963 is an enduring icon of recent times. Although new lollys have subsequently outpaced this original bestseller (such as the Twister) the design and shape is one which will remain a steadfast symbol for all things light hearted, pure and free for years to come, even if it does eventually become resigned to the history books. Although there’s no sign of that just yet!
longer guarantees a job. Although difficult to adjust to at first, perhaps because of our own upbringings, he does make a compelling argument. Imagine a world where children were encouraged and their talents were nurtured rather than one in which all were suppressed except in one direction? What would schools look like in the future, how would they work? It’s hard to imagine much dynamism in a structure that is now so ingrained into our society and value systems. “Creativity now is as important in education as literacy, and we should treat it with the same status.” He believes passionately “that we don’t grow into creativity, we grow out of it”. In an ever changing world that operates in
erratic terms, can we afford to cast off swathes of young minds to a sea of uncertainty. It’s not that any merit should be eroded from those talented in traditional subjects, rather that the stigmatism of seeing all else as below them in terms of intellect and plausability should be removed to allow for the development of the strongest collection of minds, best placed to face the kaliedoscope of challenges that lie ahead. Watch the full talk on TED.com and form your own opinion.
THE KNOWN UNIVERSE AMNH (YOUTUBE)
It’s easy to continue with our day to day lives without a second thought about what else nature holds in store for us. This brilliant 3D computer generation goes someway to show how small and insignificant our planet is compared to the scale of the known universe. For example our galaxy ‘The Milky Way’ is appoximately 100,000 light years across (a light year is the distance light travels in one year) and typical galaxies have between 10 million to 1 trillion stars (such as our sun) in
them. When you multiply that figure by the approximate number of galaxies we know about, around 100 billion, you get into the realm of the infinite or 300 sextillion (3x1023) stars to be in the ball park. A grounding, inspiring and motivating thought. Find the video on YouTube. Worth watching. brik.co.uk
“When it comes to getting the best sound…” Loewe AirSpeaker.
“When it comes to getting the best sound from an AirPlay dock at this price point – and even above, to some extent – you’re unlikely to get better than the AirSpeaker” 5/5 Stars What Hi-Fi? Sound & Vision, March 2013
“The AirSpeaker is a lovely sounding piece of kit, delivering your iThing’s tunes in tight, detailed style” 5/5 Stars Stuff, April 2013
“Unabashedly premium, with a timeless, minimal design and audio quality that justifies its price tag” Finalist T3 Design Award T3, April 2013
INSPIRATION TRANSMISSION CASA SERRANO
SANTIAGO, CHILE FELIPE ASSADI
TASMANIA, AUSTRALIA TERROIR
STUTTGART, GERMANY ALEXANDER BRENNER
Lodged into the hillside like a giant piece of shimmering quartz this architecural behemoth overlooks the city of Santiago in Chile. With an almost ariel view reflected in its glazing you would be forgiven for thinking that it was way out on its own, but not so. Although it sits on an impressive plot it has (like all of us) neighbours, that helped create the architectural conundrum of utilising the epic panoramas without creating its own internal view. The solution was to dig down as well as build up, to create a sanctuary space, surrounded by earth but without compromising on the view.
This home, built into the hill side and embedded in the wilderness of Hobart has been designed like a house inside out with clean walls and lines, almost exterior in dimension, running vertically towards glazed glass narrow cielings. The lateral living space opens up to absorbing views over Hobart, meanwhile inside there’s a central ‘core’ of more private rooms that have been coloured as if honed from the very cliff face itself. This inside/outside style for public spaces in the home is not only a new direction for Terroir but also for architecture as a whole.
In keeping with the theme this month, this home, like Casa Serrano and Liverpool Crescent, has been designed ‘defensively’ by creating large full height walls that block wandering eyes from the street on one side, whilst on the other, large single paned glass sections span the three floors from the pool to the roof allowing natural light to flood in. This type of arrangement is almost opposite to what we find in Victorian houses, where the largest windows traditionally look directly out onto the street as if to show off and impress wealth to the public.
0800 111 4844
95% VIEW FROM THE MORTGAGE MARKET
As the latest scheme designed to motivate first time buyers is offered up, is it really good enough and should property owners even care? In the UK we are obsessed with property; the middle class dinner party with the ‘property porn’ discussion is such an old cliché – although one with more than a nugget of truth. Even post credit crunch and recession we are still unhealthily interested in property, be it our own, the neighbours’ or him off of the telly. But then again so much of our economy is bound up with building houses, buying and selling houses and financing houses. In the boom years our ever increasing home values funded a credit bubble; in the down years the collapse in values changed our economy fundamentally, and the mortgage market was turned on its head, the repercussions of which are still being picked over. Every time the budget rolls round we get another initiative to get an area of the mortgage market moving again, usually aimed at first time buyers or those at 95% loan to value. In the last 10 years we’ve seen shared equity, shared ownership, HomeBuy, First Buy, NewBuy and now Help to Buy. Essentially all of the above are trying to do the same thing, but in slightly different ways – allow first time buyers or next time buyers with small deposits access a mortgage and get on the housing ladder. In all honesty none of the above
has made a lasting impact on the market; the fact that the same scheme is relaunched under a different name year after year bears testament to this. Doing the same thing and expecting different results is clearly not a successful, long term strategy. And yet this is what has happened. The bottom line is that there is a great swathe of people out there, all over the country, who cannot access mortgage lending due to their lack of deposit. This has been the case for over a decade now – an entire generation is at risk of being frozen out of the property market. The more people who can buy a home then the more the housing market will pick up; obviously this does not apply to those who live in London and the Southeast – especially the residents of Fulham and Parson’s Green. But outside London whole areas are stagnating and dying, and although a buoyant housing market will not solve everything, it’s a good start. If there is greater demand for homes then the argument to build more grows stronger. The construction industry is still one that is labour intensive, and employs about 1.3m people. From an investment point of view, it has been estimated that for every pound invested into residential housing, four pounds comes back into
IN THE LAST 10 YEARS WE‘VE SEEN SHARED EQUITY, SHARED OWNERSHIP, HOMEBUY, FIRST BUY, NEWBUY AND NOW HELP TO BUY...
the economy; through the construction industry, selling the house, arranging finance, and running the house. So if the industry is so important to the economy as a whole, why is more not being done to get mortgages moving? Well, it is – it just needs tweaking. Funding for Lending, the Government backed scheme, run via the Bank of England has helped to drive down mortgage rates all across the brik.co.uk
board. Rates at 60% and at 90% loan to value are as low as they have ever been , and this has certainly made a difference. To recap how it works, the Government forwards funds to a number of lenders, who have to loan out the monies as soon as they can. The more that is lent out, then the more they can borrow, at a lower rate. When the scheme was first brought out I was very sceptical – it just seemed to be a way for the banks to lend out at 65% with even less risk, and make even more profit. However as the money has trickled down rates have fallen across the board. Except at 95%loan to value.
First time buyers Cheaper properties Less income Less capital gain Higher finance cost
60% AS prices increase, deposits required increase. Coupled with a reduction of lending at higher ltv and with no capital to extract, a stranded and ballooning generation of first time buyers can only watch as the PROSPECT OF owning a property BECOMES MORE AND MORE UNLIKELY.
AN ENTIRE GENERATION IS AT RISK OF BEING FROZEN OUT OF THE PROPERTY MARKET Lenders clearly are still hurting for their experiences with negative equity and so you can count the number of 95% deals on the market with one hand. However, using Funding for Lending could work; the Government needs to ring fence a percentage of the funds lent out to the banks to go towards the 95% market. Part of this would be the actual funding that the lenders need to make the loans; part would go towards paying the insurance policies. Any mortgage lending above 85% loan to value attracts a Mortgage Indemnity Guarantee (MIG) or High Lender Charge (HLC). Its a policy that a lender can claim on if they need to reposes that property, and there is not enough equity in the house to pay for the mortgage. Therefore the lender is fully covered. But what about the client, I hear you ask? Well, unfortunately no such insurance is available to them (although at least now that do not have to pay for it – back in 2007 a client would need to pay the HLC as a one off premium at the start of their mortgage). But now with all mortgages above 75% being fully on repayment at least the loan is being reduced year on year, hopefully mitigating against negative equity. Clearly this is not perfect, but I cannot see another way of getting things
LOCKED OUT OF THE PROPERTY MARKET
Seasoned owners High value properties More income More capital gain Lower finance cost
Mortgage Demand Mortgage Availability
moving consistently at 95% loan to value, which will need to happen if the market is to have any sort of significant shift. If you’re a home owner in Fulham, all this talk of trying to facilitate those without the means or cash to get on to the housing ladder outside of London may seem odd. After all how does this affect you? Well, the stronger the national market becomes then the stronger the London market becomes – it is an upward trend across the industry and can only helps those clichéd discussions about property at your next dinner party. Alistair Hargreaves Mortgage Consultant 020 7384 6790 Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Rates correct at time of print.
PRETTY LITTLE THINGS BBQ COVERS Bbq Canvas
Tis’ the season for grilling! We all know that English summers aren’t what they used to be. So if you’re heading out to buy yourself a new barbecue don’t forget the cover!
This is a product that will appeal to any top floor flat owner in Fulham. It’s also good looking enough to get consent from downstairs to use in the communal hall. Potentially.
Simple and stylish these sunglass by Oliver Peoples are going to be a big hit this summer. Although expect to shell out a little more for them than the standard wayfarers.
JEEVES AND WOOSTER
Melrose and Mutt
Impressed with Braun’s kitchen products? Well now you can wear this minimalist watch of their design to show your admiration. Surely a conversation starter?
Upgrade your pooch to this hand made, beaded collar. They’ve all been tested to survive your mutts busy lifestyle and are still made in Kenya and South Africa.
These original pendant lights have a light hearted and joyful feel to them. And they should do too as they’re named after the British comedy Jeeves and Wooster. Try them in formation.
CUBE 7 SIDE TABLE
With so many lamps on the market these days it’s often difficult to find something original. This tooth lamp from Beezer should do the trick. Place it on the floor or on shelving and tell your dentist about it.
Rockman & Rockman
Designed by Rockman & Rockman in their East London studio this really is a remarkable side table. Each piece is hand made and finished with Oak legs and a mind bending geometric design.
Graham and Green
Another Country This stylish and comfortable sofa would be perfect for either the home or office. With the sides and the base made from solid oak and hand finished in the UK. It can also be used as a single bed, should you so desire.
CLASSIC BONZINI B90
Named after a nuclear bomb this is perhaps the most well loved and certainly the best looking football table on the market. Get one to spice up your living space. Use it to inspire creativity at work or just to compete on. Timeless.
Inspired by a V12 engine this coffee machine looks like a powerhouse for making coffee, and is definitely a much cooler design than the new espresso machines. With its large grunt, if the coffee doesnt wake you up the engine certainly will.
His name is Pete the Penguin and he’s made from stainless steel and loves to come into his own at a party. Whithout a doubt Pete has to be to coolest, if not most original cocktail shaker on the market at present. He drinks like a fish too.
FAMILY TIES BUYER’S GUIDE: FOUR BEDROOM HOUSE
If you’re buying in Fulham, chances are you’re looking for a four bedroom family home. But what’s the difference between a stinker and a winner? The 4-bed family house market is arguably the most sought after property type we deal with here in Fulham. By far the majority are Victorian terrace houses, built during the successive housing booms of the 1850s and 1870s. Sparked by population growth and the Industrial Revolution, these houses were originally intended for workers migrating from the countryside to the cities. Not much has changed, these days these purpose built family homes are filling up with the latest generation of buyers with jobs, or seeking jobs in the financial powerhouse of the city of London. Competition is stiff, especially with the influx of buyers from abroad and a good house on a good road is arguably more desirable now than it ever was. The Victorians would have been proud. Even though there’s a real abundance of four bedroom Victorian buildings right across Fulham, they’ve not been easy to acquire due to a shortage of supply and cripplingly high demand. The result has been that prices have been, and still are, ballooning, which only convinces owners to sit tight for a bit longer, reducing supply and hence increasing prices further still. In our opinion this system of positive feedback isn’t going to change in the short term, thus making it a very sensible place
to park your hard earned cash, if you can find somewhere to park it that is. Anyone who knows Fulham property, knows that these modest Victorian terrace houses can very often be doubled in size with Tardis-like extensions into lofts, basements, side returns and pod rooms. Indeed, many owners will stay and extend their current home rather than move to a bigger house which has further contributed to price increases and a slower turnover. This strategy clearly makes better financial sense than a big move with all the associated costs of moving and you only have to take a tour around Fulham to see the amount of building work going on to see a lot of people agree. What’s interesting however is that this process started some time ago as prices rose and the work became financially tenable. These days there are streets and streets of fully developed and expanded homes, with un-extended homes in original condition being certainly in the minority across the ‘better’ areas.
IT’S EASY TO FALL FOR AN OVERPRICED, SITTING TURKEY IF YOU’RE NEW TO THE MARKET, AND THAT’S JUST WHAT THE UNSCRUPULOUS ESTATE AGENT IS WAITING FOR. 21
The average house price in Fulham, or more accurately the London Borough of Hammersmith & Fulham, is now about £1.2m, making it the third most expensive place in Britain, beaten only by Kensington & Chelsea and Westminster. Pretty impresive when you consider that this average is somewhat skewed by the less expensive and desirable Hammersmith portion. Yet not so very many years ago, Fulham was a solidly workingclass suburb. These days it’s firmly part of the “banker belt”, an area defined by the waves of buyers with well-paid City jobs that have flooded brik.co.uk
the market over the past decade, increasing prices and gentrifing the area in their wake. Why Fulham? So what’s the attraction? Why is it that we’ve seen such rocketing prices and why buy here? There really are a collection of reasons that together have created a near perfect storm, ratcheting prices up in the borough. Price: Fulham is still ‘cheap’ in comparison to its peers, being about half the price of Chelsea per square foot. Property: despite short supply, Fulham is home to thousands of well maintained, extended and excellently refurbished family homes. It’s pretty too with rows of classic Victorian freehold homes side by side, which have largely remained intact. Location: on the borders of Chelsea, within easy reach of the West End and City. Also being nestled in the bend of the Thames has, and will, in our opinion only add to its desirability as few areas can bleed into it which will only intesify prices and exclusivity. Green space: you’re never far from one of Fulham’s five large parks or the Thames path and all within the SW6 postcode itself.
Schools: some of London’s best fee paying and state funded schools are located here, including several popular foreign language schools which encourages money from abroad. Eateries: an increasing number of good quality cafes, gastro pubs and restaurants call Fulham home. Not yet up to Chelsea standards, but much better than a decade ago. This really is an important factor that affects prices exponentially. As the high streets improve ‘richer’ people want to live close by which in turn improves the high streets. Look no further than the King’s Road for the evidence.
What To Buy? So you know you want a four bedroom Victorian family house in Fulham, now what and where should you buy? Well, inevitably the question ends up being a trade off between location (read proximity to Parsons Green - see infographic), size and of course price. Here’s our thoughts in four price brackets.
LOWER: £800,000 to £1,200,000 Mendora Road You get more space for your money in the triangular patch of roads between Dawes Road and Lillie Road than pretty much anywhere else in Fulham. Mendora is arguably the best of the bunch, but all are affected by the towering presence of Clem Atlee Court, a large council estate built in 1957, which is a bit of an eyesore. Most recent sale: August 2012 £910,000 | 1,567 square feet | £580 per sq ft Pretty good condition. Currently worth closer to £995,000. Broughton Road Located in Sands End, the area to the East of Wandsworth Bridge Road, Broughton Road is home to some of the best value houses in Fulham in terms of space, location and price. Most recent sale: March 2013 £975,000 | 1,399 sq ft | £697 per sq ft Finished to a high standard Horder Road Horder Road offers a much better location than Broughton or Mendora in terms of local amenities, being part of the mofe well-to-do ‘Munster Village’ and only a short walk from Fulham Road. However you’ll get less for your money here. Most recent sale: September 2012 £1,066,000| £1,400 sq ft | 758 per sq ft
Rumbold Road Mar 2013 1,167 Mendora Road Aug 2012 580
Felden Street Jan 2013 838
Musgrave Crescent Nov 2012 1,040
Elthiron Road Aug 2012 1,020
Horder Road Sep 2012 758
Favart Road Jan 2013 1,125 45 2,7
2, 36 8
1,862 Ellerby Street Oct 2012 908
4, 00 0
Doria Road Oct 2011 912
Alderville Road Aug 2012 936
Broughton Road Mar 2013 697 Chipstead Street Mar 2013 1,090
Napier Avenue Jul 2010 1,125
1600m Road Date Sold £’s/per sq ft
ft) (sq e Siz
£800k to £1.2m £1.8m to £2.2m £2.8m to £3.2m £3.8 to £4.2m
BUY RIGHT This infographic shows the location (in relation to Parsons Green), size and £/sqft price of a collection of recently sold four bedroom terrace houses in what we consider ‘good areas of Fulham’. They’re broken into four different price ranges (see left).
MIDDLE: £1,800,000 - £2,200,000 Felden Street This tree-lined street is home to some substantial family houses and a rather relaxing atmosphere, due to very low traffic volume. This area (running from Felden Street East to Clonmel Road) normally comes either first or second on the wish list of most Fulham buyers, after Parsons Green, and in our opinion, Felden Street is one of the “Top 10” best roads in Fulham. Prices have risen sharply over the past few years, so don’t be surprised if you see smaller houses priced over £1000 per square foot.
Most recent sale: January 2013 £1,840,000 | 1,636 sq ft | £1,125 per sq ft
Favart Road Favart Road is a truly fantastic street. Overlooking Eel Brook Common and only two or three minutes’ walk from Parsons Green and Fulham Broadway, it’s hard to beat. If you can afford it and a property comes available, our advice is buy. However here’s the rub – only about one property a year comes up for sale. Be prepared!
There aren’t many four bedroom houses available under £1m these days. Most now trade at £1.5m upwards. The graph shows the number of 4+ bedroom houses currently available in SW6 on Zoopla.co.uk.
Most recent sale: January 2013 £2,000,000 | 2,386 sq ft | £838 per sq ft
sq ft for a well-finished house here now. Most recent sale: October 2011 £1,700,000 | 1,862 sq ft | £912 per sq ft
UPPER: £2,800,000 - £3,200,000
Alderville Road Running between New Kings Road and Hurlingham Park, Alderville Road is a popular street right in the heart of Parsons Green. Yes, there are a lot of cars cutting through here, as well as down parallel Linver Road, but the greater availability of houses – by that we mean on average three sales per year – along with the fantastic location, means this should be on your hit list.
Elthiron Road Located “between the commons” – referring to the roads between Parsons Green and Eel Brook Common – this road and those around it are very highly sought after. Despite its size property here rarely comes available, only two or three sales a year, so if you’re looking to buy make sure you’re on the ball and move quickly.
Most recently sale: August 2012 £2,200,000 | 2,350 sq ft | £936 per sq ft
Most recent sale: August 2012 £2,800,000 | 2,745 sq ft | £1,020 per sq ft
Doria Road If you’re lucky enough to find a house up for sale on this road, don’t hesitate, snap it up immediately! Doria Road is quite possibly the best street in Parsons Green, as by virtue of its doglegged shape, there’s virtually no cut through traffic. It’s also right next to the green itself. Expect to pay over £1000 per
Musgrave Crescent Overlooking Eel Brook Common – on the other side to Favart Road, see above – is this secluded crescent of Victorian houses. Although the properties here is variable – not all the same as on most other roads, and some with very small gardens – it’d be hard to find a better spot
if proximity to the park, transport links and the amenities of Fulham Broadway are important to you. Most recent sale: November 2012 £2,950,000 | 2,837 sq ft | £1,040 per sq ft Ellerby Street On the other side of Fulham, Ellerby Street is one of the top three streets in the ‘Alphabet Streets’ area - so named because the grid of roads here flow in alphabetical order from South to North – Ellerby Street is home to larger than average Victorian semi-detached houses and a very peaceful atmosphere. Transport links here aren’t so good, but that’s more than made up for by the proximity of Bishops Park, the River, massive gardens, easy parking and a zen feeling of space you just don’t get elsewhere in Fulham. Most recent sale: October 2012 £2,150,000 | 2,368 sq ft | £908 per sq ft
TOP END: £3,800,000 to £4,200,000 If you’ve got more cash to invest, then you’ll likely get an extra bedroom or two for your money, as most of the houses in this range will have been fully extended into the basement and loft to justify the price. Napier Avenue Backing onto the famous Hurlingham Club, this street is home to some of the largest houses in Fulham. Semi-detached, with off-street parking to the front and large gardens at the rear, many believe this is the best street in Fulham, it’s certainly the most expensive. As always, supply is short and prices are high, but if you’re persistent and have a budget to match, you might be lucky enough to snap up one of these venerable mansions. Most recent sale: July 2010 £4,500,000 | 4,000 sq ft | £1,125 per sq ft Chipstead Street Located in the famous “Peterborough Estate”, arguably the most sought after and desirable area of Fulham, right by Parsons Green, minutes from
ANYONE WHO KNOWS FULHAM, KNOWS THAT THESE MODEST VICTORIAN TERRACE HOUSES CAN VERY OFTEN BE DOUBLED IN SIZE WITH TARDIS-LIKE EXTENSIONS the underground and just off New Kings Road, Chipstead Street should surely be on your hit list if you’re looking in the £3m to £4m range. At that level you could afford one of the larger houses on the street, which go up to about 4,000 sq ft. Indeed, Brik have just set the record price here of £3,950,000 for a 3,600 sq ft house. The houses here – Called ‘Lion’ houses after the Lion figurines that grace their parapets – are wider than the average Victorian terraces, and very often will be on the market fully extended. Gardens are reasonable, as is availability, with around five sales a year. Most recent sale: March 2013 £3,925,000 | 3,600 sq ft | £1,090 per sq ft Rumbold Road Part of the “Moore Park Estate” – the area bounded by Fulham Road, Kings Road and Harwood Road – Rumbold Road is a great street with tall, flat fronted houses, good sized gardens and a quiet environment only a stone’s throw from both Chelsea and Fulham Broadway. Prices are now well above of £1100 per sq ft for the best property. Brik have also recently set the record price here of £3,605,000 for a 3,089 sq ft newly refurbished house. Most recent sale: March 2013 £3,605,000 | 3,089 sq ft | £1,167 per sq ft
Of course with well over three hundred streets across SW6 to choose from, there are plenty more options available. The roads listed above are just a cross section of what we consider to be the very best, but are by no means the only places you should be looking. It’s easy to fall for an overpriced, sitting turkey if you’re new to the market, but with a bit of looking around and advice from a good agent or two, you’ll quickly get up to speed. Happy hunting! brik.co.uk
NIMBLE MOVES LANDLORD’S GUIDE: LETTING ISSUES ANSWERED
WHEN DECIDING WHETHER OR NOT TO FURNISH YOUR PROPERTY, BARE IN MIND FLEXIBILITY IS KING
Here are some common questions we get asked by people considering letting out their property...
How do I achieve the maximum rent? To achieve the highest possible rent you need to consider a number of factors. Firstly, which agent you use. Make sure you choose one who can demonstrate good knowledge of the market for your property, as well as a thorough understanding of the process involved. Secondly, set a realistic asking price. To high, and your property could quickly slip down the listings as it’s passed over in favour of more affordable alternatives. This is even more important for vacant property, as even a short void period can dilute your effective rental income over the year. Next, ensure photographs and floor plans are professionally taken so that your property is presented in its best possible light. Too many agents take photos themselves and omit floor plans altogether, which has a negative effect on your property’s chances. Finally, being flexible on furniture and undertaking minor improvements (e.g. re-carpeting, installing a shower screen, etc) will widen your property’s appeal, making it more likely you’ll have several tenants competing to give you a top price. When should I put my property up for rent? If possible, always try to market at least two months in advance of the date on which your property is available, as this is typically the notice period that tenants will have to serve when they begin to look for a new property. Obviously if your property is vacant, marketing should begin straight away. The busiest time of year in Fulham, and in many ways the best time to be hitting the market, are the summer months from June through to the end of September.
Should I furnish my property? When deciding whether or not to furnish your property, bare in mind flexibility is king. If you have an unfurnished property it’s normally best to keep it unfurnished, unless a tenant places an agreeable offer conditional on extra furnishing. This avoids the possibility of purchasing new furniture that then has to be removed. Of course, property can photograph and present better when furnished, and if the asking rent justifies the expense, we would recommend staging with rented furniture that can either remain or be removed once a suitable tenant is found, keeping that essential element of flexibility. The general rule is sharers and young professionals searching for flats tend to want furnishing included, whereas families looking for larger houses almost always want unfurnished. What documents do I need to rent my property? To market your property you must have permission from your mortgage provider (if you have a mortgage) and an Energy Performance Certificate (EPC). Your letting agent should be able to arrange an EPC for you, or book your own from one of the many online providers. Prior to tenants moving in, and at all times during their tenancy, you will also need to ensure you have a valid Gas Safety Certificate. This is a legal requirement. Gas Safety Certificates need to be renewed every year and can be obtained either via your letting agent or direct from a Gas Safe registered plumber. A Portable Electrical Appliance Test (or PAT) is not legally required, but considered good practice.
£4800 | drewpritchard.co.uk
£500 | habitat.co.uk
£695 | conranshop.co.uk
This is a one-off piece with cast iron legs and a blue slate base to which the ebonised pine body is fitted. The adjustable shelves come with dust covers.
Multi-functional and versatile Magna tall shelving unit on castors with a robust high gloss finish. The shelving unit could look great as an architectural screen/room divider.
Designed by the Japanese label Nendo, the Randomito wall shelves allow you to create a contemporary display case tailored to your needs.
£601 | madeindesign.com
£129 | made.com
£10247 | chaplins.com
Stunning unusual wave bookshelf created by Vidame Creation. Made from powder coated aluminium in an array of colours each bookcase can be stacked vertically.
Transform your living room or bedroom into a contemporary space with this stylish geometric shelving unit. Also in walnut, oak and white.
A magnificent collection from Cappellini of wooden and aluminium honeycomb open cabinets with a matt lacquer finish. You can stack open boxes inside.
THE BALANCE UNIT
£599 | conranshop.com
£4666 | b&bitalia.com
£20 per unit | Cubit-shop.com
The distinctive Balance shelving unit was designed by Terence Conran for the Content by Conran range. It is available in two widths, in solid and veneered oak or walnut finish.
This bookcase can be placed along a wall or as a room divider. With a strong graphic impact the bookcase gives the impression of having been carved out of one single block.
This modular shelving system consists of 25 different formats in 8 depths and various colours and can be designed to suit any space. It can be used as a room divider or design your own library.
TOLIX PIGEON HOLES
£748 | anthropologie.eu
£P.O.A | joelescalona.com
1375 Euros | tolix.fr
The oak shelves of this sleek shelving unit are buckled and clasped with studded leather straps. By Philadelphia-based designers Lostine. A rather original bookcase.
Mydna is a chic and contemporary storage system inspired by the DNA concept – the double helix. Various colours and sizes are available to suit any space.
An interesting shelving solution by French design company Tolix. The shelving is removeable and is made from raw steel with a glossy varnish finish.
compiled by MAGENTA PINK interiors | www.magentapink.co.uk
Located in the historic Royal Borough of Kensington and Chelsea, within close proximity of Londonâ€™s most renowned restaurants, delis and coffee shops this de facto London townhouse is in a prime spot.
The full potential of this Victorian terraced house has been achieved with a refreshing, open plan design implemented across the ground floor.
DESIGN DESTINY An achingly cool house that has been completely reconfigured by one of the latest generation of design concious developers. Step one was to maximise space by extending into the basement and open out the volume. Step two involved carefully planning the internal materials, finishes and layout, followed by construction to exacting standards.
For Sale Fulham Road 4 Bedroom House ÂŁ2,750,000
GREAT DANE Scandinavian in style, with simple white walls and wide plank oak flooring running throughout gives this flat on Danehurst Street an honest and minimalist feel thatâ€™s hard to ignore. The style is becoming an increasingly popular direction for those looking to modernise their home, particularly flats.
Danehurst Street has become a destination for those looking for big apartments in Victorian buildings with their own front door. Its location in peaceful â€˜Munster Villageâ€™ also makes it a sound investment.
By limiting the walls and flooring to a duotone of wood and white or light grey, this property creates an almost galleresque ambience, directing attention to the furniture and objects within, and giving a sense of space and unity that is often difficult to achieve in a flat.
Under Offer Danehurst Street 3 Bedroom Flat ÂŁ875,000
This traditional family home, built circa 1900, is part of one of the prettiest Victorian terraces in Parsons Green
The full potential of this Victorian terraced house has been achieved with a refreshing, open plan design implemented across the ground floor.
LOCATION LOCATION They say location is king and they aren’t wrong. This house on Epple Road is located slap bang between the popular Parsons Green and lively Fulham Road, both of which are practically at the end of the road depending on if you head north or south. There’s also a southwest facing rear garden providing you every opportunity to make the absolute most of our Great British Summer.
For Sale Epple Road 4 Bedroom House £1,999,950
SILVERTON ROAD A stylish end of terrace family home on one of the most sought after roads in the Crabtree Conservation Area. Located close to the Thames Riverside Path and approximately only ten minutes walk from the transport hub of Hammersmith, this house has a lot going for it. There are also plenty of shops and restaurants close to hand, including the Michelin starred River CafĂŠ restaurant, where Jamie Oliver once trained as a chef. For Sale Silverton Road 4 Bedroom House ÂŁ1,200,000
EDDISCOMBE ROAD This wider than average Victorian family home is in a great location in the heart of Parsons Green, just off New Kingâ€™s Road. With a large master suite occupying the whole top floor (complete with air conditioning), three further good sized bedrooms and an extremely well designed and implemented garden to boot, it was no surprise it got snapped up quickly. Under Offer Eddiscombe Road 4 Bedroom House ÂŁ1,850,000
CHIPSTEAD STREET The large and majestic red brick Victorian houses of the Peterborough Estate, just off Parsons Green are perhaps some of the most in-demand of the larger properties in Fulham. They represent the top of the ladder here and we predict significant growth in this market as wealthier buyers, attracted by all that Fulham has to offer, go for the pick of the crop. This house was one of the best weâ€™ve seen in a while and achieved a record price. Record Price Chipstead Street 7 Bedroom House ÂŁ3,925,000
BISHOPS ROAD A fully extended five bedroom Victorian family home in a super location in one of the best areas of Fulham. Stretching to just over 1750 square feet and arranged over three floors this property feels more spacious than some of the other Victorian houses across Fulham, especially on the upper floors, because it maintains a natural third storey so thereâ€™s no compromise on ceiling height. Under Offer Bishops Road 5 Bedroom House ÂŁ1,550,000
Most families want to be in a good house and in a convenient location. This house has both, so it wonâ€™t be available for long.
The full potential of this Victorian terraced house has been achieved with a refreshing, open plan design implemented across the ground floor.
MARVELOUS MANSION A great example of a Victorian family home, for which Fulham is so well known. This house is located on Clonmel Road, an iconic tree-lined street in one of the best locations in Fulham, not far from the underground at Parsons Green and just off the Fulham Road itself. The road is popular with families and is perhaps one of prettiest streets in Fulham.
To Let Clonmel Road 3 Bedroom House ÂŁ975 per week
HORDER ROAD Those of you that know Fulham well will know that there are very few smaller Victorian houses available, in fact you could almost count all the roads that have them on one hand. Horder Road is one such road and is extremely popular because of its location only a short walk from Fulham Road, Munster Road and the Thames. This property is due to be completely repainted before new tenants take occupation. To Let Horder Road 4 Bedroom House ÂŁ750 per week
EPIRUS MEWS A stylish newly refurbished two bedroom, 1250 sq ft, ground and lower ground floor apartment. The property has just been completely refurbished throughout and is finished to a high standard with wooden floors and underfloor heating across the flat. The busy and central area of Fulham Broadway is also close to hand making this flat a catch for those looking for close proximity to the underground. To Let Epirus Road 2 Bedroom Flat ÂŁ595 per week
WOODLAWN ROAD A brilliantly finished, newly refurbished five bedroom Victorian family house with lots of storage space and a 43’ garden on this quiet tree-lined street close to the river and the green spaces of Bishops Park. Woodlawn Road is a quiet street running north to south through the BIshops Park area. Only a stone’s throw from the Thames river path, it’s also a short walk from the cafes and local supermarkets on Fulham Palace Road. To Let Woodlawn Road 5 Bedroom House £1,200 per week
GET IN TOUCH Fulham
Contact 020 7384 6790 email@example.com @briklondon brik brik.co.uk
71 Parsons Green Lane Fulham, SW6 4JA
11 Colville Mews, Notting Hill, W11 2DA
Near the White Horse pub
Next to the Brand Museum
WE BELIEVE Like many people we believe estate agency is in need of improvement. We started Brik to challenge the status quo and our reputation has grown by delivering record breaking prices and quick sales with minimum fuss. Our formula is simple, sound advice plus friendly approach equals good result. MEET BRIK Mike Horne Co-founder NFOPP qualified
Chris Littlewood Co-founder NFOPP qualified
Ben Littlewood Co-founder NFOPP qualified
James Sims Sales Manager NFOPP qualified
Isabel Montagu-Williams Sales Manager RICS
Emma Wrake Lettings Manager ARLA qualified
Alex Weldon Sales NFOPP qualified
Angus Ovens Sales
Call us for a free valuation: 020 7384 6790