Brik magazine nov 2013

November 2013 Crunch Time / Brikolage Bright Shiny Things / London’s Still Calling Up And Running / Pretty Little Things Welcome To The Jungle / Property Gallery

CONTENTS 05

PROPERTY MARKET CRUNCH TIME

09

NEWS & INTERESTS BRIKOLAGE

ISSUE 15 BRIK MAGAZINE NOVEMBER 2013

19

MORTGAGE MARKET UP AND RUNNING

by Alistair Hargreaves (John Charcol)

22

KNOW MORE LENGTHENING THE LEASE

by David Goldstone (Capital Leasehold)

35

SELLER’S GUIDE GOING, GOING, GONE

37

LANDLORD GUIDE WELCOME TO THE JUNGLE

16

24

42

by Matt Hill (T3 Magazine)

by Matt Hambly (Esquire Weekly)

by Magenta Pink Interiors

INTERIORS & DESIGN BRIGHT SHINY THINGS

INTERIORS & DESIGN INTERIOR MONOLOGUE

INTERIORS LIGHT UP

03

17

WORLD ECONOMICS LONDON’S STILL CALLING

by Justin Quirke (Soho House Mag.)

12 INSPIRATION TRANSMISSION

29

BUYER’S GUIDE FROM TOP TO BOTTOM

26 PRETTY LITTLE THINGS

40 PROPERTY GALLERY

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.

Property Market

CRUNCH TIME? We live in exciting times, and even a cursory look at the news will tell you that it’s only going to get more so. The London Borough of Hammersmith and Fulham has seen a whopping rise in house prices of 9.5% over the last year according to the Land Registry, with that figure rising to 20% on some streets. Is this trend going to continue or are we watching the formation of another property bubble like the one we saw in 2007?

So what’s selling? Fulham properties on or below the £2 million mark have seen a spike in sales in the last quarter; this could be down to buyer’s reluctance to pay the additional stamp duties that are enforced on properties above £2 million. That said, there are still opportunities for buyers to land that rarest of fish – a large family home with potential for serious renovation both above and below ground.

Well, the good news is that there’s no need to start stockpiling tinned goods just yet. Between April and June this year, the average overall house price in Hammersmith and Fulham was £753,952, with semi-detached at £1,351,818, terraces at £1,303,149 and flat’s at £503,867.

Bubble Trouble Consumer confidence, the government’s Help to Buy Scheme (more on that in our Mortgage Comment), last year’s Olympics and even the fact we had a decent summer…all these are contributing factors – of varying degrees – in the recent, and fairly startling, rise in house prices. A recent survey from Nationwide revealed that across the country, the average UK home is increasing in value by £50 a day, with that figure rising considerably depending on the value of the property. This puts the annual rate of growth at 5% nationally and 10% in London – in both cases the strongest figures since 2010.

So the market’s healthy in many ways, but there are also plenty of hurdles for today’s house hunters.

In Fulham (SW6) there are still many, many more buyers than there are sellers in the market, or at least there have been recently. And this chronic under supply of property means that the market remains extremely competitive.

UBER PRIME

Average property values and change since last year Property prices increased the fastest in the uber prime areas of London, except (interestingly) Notting Hill

CHELSEA & KENSINGTON NOTTING HILL

-0.2% £1,356,731

FULHAM PRIME

+11.8% £1,835,815

LONDON UK

+9.8% £753,952 +6.0% £495,813 +6.8% £242,415

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Property Market

These figures came to light as the Treasury announced that the Bank of England would have greater involvement in monitoring the Help to Buy scheme, which the government hopes will kickstart the market, but others fear will be the catalyst for another bubble.

The Bank’s financial policy committee (FPC) will now make annual reviews much earlier than originally planned and could recommend that the starting cap of £600,000 for the mortgage guarantee is reduced. The committee was originally due to assess the scheme three-years after the January start date, but the fact this has been brought forwards is yet another sign that Help to Buy – while excellent news for many lower income families – carries a great deal of risk.

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A Treasury spokesman said recently: “The FPC’s assessment is that recent developments in the housing market represent a broadening recovery from low levels of activity, but that we must remain vigilant as that recovery progresses. The chancellor has asked the FPC to work with him every September, starting next year, to assess the ongoing impact of the Help to Buy scheme.

Following that annual assessment he has proposed that the FPC advise him on whether the key parameters of the scheme – the price cap and the fees charged to lenders – remain appropriate.”

This is arguably a way for the government to secure a way out, should the scheme fail, with the Treasury spokesmen adding: “At the end of the scheme’s three-year life, if a future government proposes to extend the scheme, the FPC will have to give its agreement.”

Money talks If you choose to live in London, you choose to live in one of the world’s financial hubs. This means that the capital’s increased salaries and living costs magnify any economic ripples. However, this hasn’t deterred the number of foreign investors who’re still snapping up property in the capital at an extraordinary rate. Many of the property sales in

Fulham are to people from mainland Europe, this means that many homeowners are at the mercy of the increasingly unstable Euro market. So what would it mean to London if the Euro collapsed?

Tom Becket, chief investment officer of PSigma Investment Management, told the Telegraph, using Greece as an example: “If or when Greece does leave the Euro, it will cause a flood of capital leaving the peripheral nations, some of which will inevitably end up in London property, meaning that London house prices might continue to defy gravity for some time.”

“DURING THE HEIGHT OF THE FINANCIAL CRISIS, THE WEALTHY CITIZENS OF TWO COUNTRIES AT THE EPICENTRE OF THE DISASTER – GREECE AND ITALY – BOUGHT £400M OF LONDON PROPERTY.”

When laid out, the figures are quite remarkable.

During the height of the financial crisis, the wealthy citizens of two countries at the epicentre of the disaster – Greece and Italy – bought £400m of London property. Fearing the single currency would collapse, Europe’s wealthiest and most at risk got their money out of the Euro and parked it where the government was relatively stable and the tax regime was friendly.

The force behind the prime London property International Buyers in London

CHELSEA & KENSINGTON

63%

NOTTING HILL

46%

FULHAM

32%

LONDON

28%

UK

16%

Property Market

Long Term Planning For the time being, it’s business as usual. Those with the money to invest in the right house in the right area are making very sound investments.

London shows no sign of becoming any less desirable. A recent survey from commercial property consultancy Cushman & Wakefield put London in second place behind New York as the best place in the world for property investment, The Big Apple attracted the most commercial property investment during the last year, with volumes increasing by 39% to US$49.2bn. London wasn’t far behind with volumes increasing by six per cent to $32.3bn (£20bn) in the year to the end of June 2013.

There is another contributing factor to the resilience to market fluctuation of prime London postcodes such as SW6. Between 2007 and 2009, the major effect on the property market in Fulham was a drop in turnover as people stayed put and waited for the market to settle and the prices to rise back up again. Secure in fortress Fulham, residents were able to weather the storm thanks to low interest rates, meaning very few people were forced to sell up.

Safe Haven The ultra-gentrification of Fulham over the past year has put it at the top of foreign investors wish lists, too. This has meant house prices have soared in the past year, with the Evening Standard reporting that £1million invested in a Fulham property would have gained £2500 a week over the first three quarters of 2013. Fulham and the surrounding SW post code area is scooping up those buyers who, despite considerable incomes, have been priced out of the central London market.

No longer the understudy to Kensington and Chelsea’s starring roles, Fulham is now very much becoming part of the club (but without the full price tag – yet). There’s plenty of quality education options too, from Pippa Pop-ins nursery, to private prep schools such as Hill House not far off and closer to home Fulham Prep. You’re also in close proximity to Westminster and St Paul’s, as well

as top-flight state schools including The London Oratory School and Lady Margaret School on Parsons Green. Then there are the shops, bars, boutiques, organic delis, independent coffee shops and excellent transport links.

Purchasing power Historically equity price busts occur on average every 13 years and last for only 2.5 years although with the invention of the internet, shifting economic powers and an increasingly more global world, this may no longer be the norm.

“A BUBBLE OCCURS WHEN PRICES

REACH UNSUSTAINABLE LEVELS AND THEN ‘BURST’ AND SINK.” A bubble occurs when prices reach unsustainable levels and then ‘burst’ and sink. In short buyers can’t or won’t buy at the levels sellers are asking.

These days London is one of the key players, a global hub in a smaller world that attracts buyers from further afield than ever. London property is always going to be desirable (at least for the foreseeable future) and perhaps the truth is that instead of a bubble we will see certain areas in London continue to outstrip other areas funded by a minority of people with considerably more disposable income than the majority. Indeed according to the Telegraph, half of all purchases over £1m in London are now to international buyers.

Heading South People are beginning to realise that for the price of their two-bed flat in Kensington, they can buy a freehold house on a leafy tree-lined street in SW6.

This, for obvious reasons, is very appealing to them.

So short of a natural disaster or an even bigger financial collapse, Fulham looks set to remain a secure investment for some time to come. And of course, it’s not a bad place to live either.

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News & Interests

BRIKOLAGE 3D printing VIDEO

APPLE CAMPUS II COMING 2016

For those of you who have read Steve Jobs’ autobiography (by Walter Isaacson) you might remember a brief mentioning of Jobs’ plans for an epic circular Apple Campus he had developed in his final years. This October, exactly two years after his passing Jobs’ brainchild is on the way to becoming reality, for the perfectly round Apple Campus II has been granted planning permission by the Cupertino City Council.

QUOTE

Designed by architects Foster + Partners’ the 5 billion dollar project will take form of a gigantic glass-and-steel hoop, surrounded by green and its hollow center filled with parkland. Located a few blocks from the Apple Campus I, the 260,000 square feet will accommodate 13,000 employees (who will be ready to move in by 2016), it has a fitness center, a 1,000 seat auditorium and a private park for its staff to dream up new ideas in.

The integration of 3D scanning / printing in daily life seems to be developing at remarkable speed. As of last October, the ASDA supermarket in York offers a 3D printing service on trial, with future plans to offer the service in every ASDA store across the UK. The service allows costumers to scan anything up to the size of a car, to be reproduced as a 20-centimetre model, though the brand expects people will mostly order little figurines of themselves. Scanning will take up to two minutes with a handheld scanner, and the model will be ready for collection, in white, bronze or painted full-colour one week after, starting from as little as £40. Search for “Asda 3D” on youtube.

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BRIK BRANCH V2 NEWS

After some delay (involving heated design debates) we are very proud to be opening our new shop opposite the White Horse Pub in the very near future. Our ambition with the new shop is to break the boundary between ‘estate agency’ and you.

We’ve created an open platform for easy browsing with take-away details, even if you’re not yet serious enough, or just don’t feel like talking to an ‘agent’.

Feel free to drop by to check it out.

“ IF YOU USE YOUR MONEY TO CREATE EXCEPTIONAL PRODUCTS AND SERVICES, YOU WON’T NEED TO SPEND IT ON ADVERTISING.” Seth Godin (author & motivational speaker)

News & Interests

BORIS BIKES IN FULHAM

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This Autumn saw the Nasa spacecraft enter ‘interstellar space’, a place where no human or man made object has ever been and approximately 19 billion kilometers from our sun. The record breaking event received less coverage than your average B list celebrity in the media and yet was received with jubilant success and achievement by scientists world wide. It creates an interesting debate on why and what we have grown to hold dear and our introspective stance on world affairs. Perhaps as the world

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As of October 2013, there have been 25 million journeys made on Barclays Bikes, better known as ‘Boris Bikes’, since they’re launch in 2010. You might have seen them pop-up in your neighborhood, because Fulham is next on the agenda, with four docking stations so far, and plans for at least another 63. As part of the South West Expansion, Fulham, Hammersmith and Wandsworth will be provided with 2,000 bicycles divided over 250 docking stations by spring 2014 (100 locations have been approved, and another 150 are under negotiation). With Oxford Circus only a 25 minute (4.5 mile) bike ride away from Parsons Green, we might all ride into the City one day (of course, weather permitting).

THE THAMES

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WEST KENSINGTON

shrinks and becomes loud with the static of everyday life, we are losing touch with our spirit of exploration and ultimately like Voyager’s batteries (which will run out around 2025), our curiosity to push into the boundaries of nature - not just on our planet but into space and beyond. Of course Voyager will continue on its uncharted path into the unknown and perhaps one day, like an interstellar message in a bottle, will be discovered by someone... or something... billions of years from now. Only space and time will, ultimately, tell.

News & Interests

BEFORE THEY PASS AWAY ART: JIMMY NELSON

British Photographer Jimmy Nelson traveled to five continents to document the lives and customs of 35 different tribes.

The journey took three years, and was motivated by his aim to immortalise the purity of humanity before the tribes are consumed by the modern world. “I wanted to create an ambitious photographic document that would stand the test of time.” Purchase the book of the photo-collection online at the project’s website beforethey.com.

IRRATIONAL BEHAVIOR DAN ARIELY

Are we in control of our own decisions, or are we influenced by the way the choice is presented to us? ‘Behavioral Economist’ Dan Ariely breaks down the concept of responding conscious or subconsciously to a form or an advert for example. “If we understood cognitive limitations as well as our physical limitations, we would behave more rationally”.

This explains why we can so easily fool our minds with visual illusions.

Another great example Ariely explains is the form at the DMV (US motor vehicle department) which says something in the line of: ‘Check the box, if you would like to be an organ-donor’. A simple question, but it didn’t result in many organ-donors. However simply rephrasing the question to: ‘Check the box, if you don’t want to be an organ-donor’ yielded a much

more positive response. In both cases the majority didn’t check the box, because they subconsciously felt the question was not simple, but difficult and complex and thus discarded the allocation of any more thinking on the subject.

“ THE QUESTION IS SO

COMPLEX, WE DON’T KNOW WHAT TO DO, AND BECAUSE WE DON’T KNOW WHAT TO DO, WE JUST PICK WHATEVER WAS CHOSEN FOR US.”

But what about professionals, who are experts in these kind of decisions? In a case-study, a patient has hip-problems and none of the medications seem to work. The physician recommends hip replacement. The day after, the physician realises he has forgotten to try one medication.

It this case, most physicians

TALK 11

would call the patient back from the hip-replacement. But if the hypothetical claims the physician has forgotten to try two different medications, most physicians wouldn’t call off the hip-replacement. Because the choice became more complex, the majority of the physicians chose the option which was already chosen.

A fascinating, and yet perhaps a little worrying talk that is certainly worth watching. For more information on this weird concept it’s further explained in his book “Predictable Irrational”.

Architecture

INSPIRATION TRANSMISSION ESPACE ST-DENIS MONTREAL, CANADA

By Canadian Designer Anne Sophie Goneau, this combination of raw brick and steel I-beams with stylish white geometric walls creates a contemporary feel with authentic character. Not only the architecture plays this role, but the interior as well, a meeting of contemporary design and vintage feel in a minimalist environment.

SINGLE HOUSE ATHENS, GREECE

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This spectacular interior design

by Minas Kosmidis cleverly uses the lack of natural light to its advantage. The detached house has been fitted with moveable wooden panels in place of doors and walls, that can be configured to maximise the available rays.

Throughout, natural earth and sand colours echo the monumental Acropolis.

WROCĹ AW VILLA WROCLAW, POLAND

Designed by KMA architects, this stranger to the suburbs of Wrocław compliments the horizon with its extraordinary, simplistic contours. The edges of the roof were as three parts displaced along the ground plane and positioned one against another to appear connected. The geometry and pure white form is a refreshing contrast with the landscape.

Architecture

MUSEUM OF MODERN ART TEL AVIV, ISRAEL

This major new addition (the Herta and Paul Amir building) to the Tel Aviv museum of art was designed

by Preston Scott Cohen Inc and is testament to what is possible when architectural vision and limitless pockets meet (the museum cost approximately $45 million to construct). Perhaps it’s standing proof that allocating enough money to public spaces is money wisely invested in the long run?

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Interiors & Design

BRIGHT SHINY THINGS

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Words Matt Hill, Deputy Editor of T3

While sofas, colour schemes and appropriately out-ofsight media storage may be high on most people’s lists when turning a new house into a suitably stylish home, the inescapable technology that powers our lives can often become an interior afterthought, an aesthetic compromise to be made once the carpet’s down and the paint has dried.

Yet the proliferation of design tech in high streets and online stores now means that a bit of upfront consideration – and, of course, refined taste – can see cutting-edge gadgetry not only add to your interior, but form a fundamental part of your home’s identity.

“THE ECO-FRIENDLY,

Connecting to an app on your smartphone and tablet or through your computer’s browser via Wi-Fi, Nest is the slickest way of monitoring your energy use on the market. From nudging the radiators up to a near-balmy 26 degrees as you leave the office, to monitoring the weather with its multiple sensors and adjusting it all for you, the eco-friendly, always-learning sidekick’s skills are as invaluable as they are strangely addictive.

ALWAYS-LEARNING SIDEKICK’S SKILLS ARE AS INVALUABLE AS THEY ARE STRANGELY ADDICTIVE.”

In fact, the tech can even start with that most mundane of household tasks: the utilities. When you’re faced with the ever-glamorous task of setting up your energy suppliers, why not invest in Nest, the acclaimed high-tech thermostat that, having wowed the US for a while now, finally heads UK-wards this autumn? While the masses tech up their household temperatures with British Gas’s ideologically similar Hive, you will have the original and best, created by former Apple designers no less, hanging on your wall.

Of course, when you’re done spicing up the mundane, you’re sure to want some statement tech pieces that define spaces rather than simply manage them. Whether it’s an all-action mixer on your cooktop, such as KitchenAid’s powerful yet easy-to-clean Artisan Stand range, an eye-catching music player in the bedroom, like the strikingly retro, Brit Design Award-

Interiors & Design Loewe Reference ID

winning Magno Wooden Radio, or a few of Erik Magnussen’s sand-blown glass Oil Lamps for Stelton placed carefully around the garden, a wellused gadget doesn’t have to reek of utility.

This is no truer than in the living room, where high-end German audiovisual specialist Loewe has made a name for itself integrating impressive technology into interiors. Having previously made colour-matching furniture for their televisions, Loewe’s latest big screen, the Reference ID, goes a step further by offering customisable materials and motifs, for a fully bespoke set.

Of course, the Reference ID would quickly become a nice-looking but untouched work of minimalist experimental art if it was so busy looking the part that it couldn’t punch its weight in the specs department. Thankfully, its FullHD 400Hz display (in 40”, 46” and 55” flavours), 160 watts of Dolby Digital sound, built-in 1TB recorder and extensive smart TV services tick all the necessarily techy boxes.

“A NICE-LOOKING BUT UNTOUCHED

WORK OF MINIMALIST EXPERIMENTAL ART” For true lounge luxury, try partnering it with Loewe’s 3D Orchestra IS surround sound setup, which allows multiple speakers to be placed rather cleverly at different heights and angles within the room, unlike most systems that require them in perfect alignment. This not only gets rid of the need for laborious ‘sweet spot’ tests, it also lets you plan speaker placement around the room’s fixtures, rather than knocking down walls and pulling out shelves in the name of audio clarity.

As all the sound processing happens in the TV itself, the signal can be beamed, losslessly and wirelessly, around your living room without a cable in sight. Rather than any kind of compromise, it actually acts as the best-of-both worlds, the technical and aesthetic working in harmony, form and function. It’s a mantra we intend to embrace further next issue as we take our quest for uncompromisingly great tech to the bathroom.

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World Economics

LONDON’S STILL CALLING Words Justin Quirke, Editor Soho House Magazine For most people, leaving London is a thought that rarely occurs. For those born and bred here, anywhere else can often just seem too small, too quiet.

While for those who moved into London as adults, the factors that attracted them originally often remain strong as they get older. Unless a major life change necessitates a move from the city, it’s traditionally a step that few of us would choose.

However, the latest research suggests that this attitude may be changing – and particularly among those who leave the country altogether.

A survey from August by the deVere Group (a financial advisory organisation) found huge levels of life satisfaction among British expatriates. 77% said that they would only even consider a return to their home country if forced to by finances, health problems or family concerns. The poll also recorded that improved lifestyle and job prospects were the primary factors driving people to leave the country. ‘The findings highlight that the dream of living and/or working overseas is alive and well,’ said Nigel Green, deVere’s chief executive.

Certainly, a major lure of relocating is that of lower cost housing – and with the Centre For Economics and Business Research this month estimating steady house price rises in the forthcoming year, should you be looking at investing elsewhere?

On the face of it, buying in a market where your budget buys you more seems attractive. But as with anything involving property or economic

trends, it’s advisable to look at the long game for an idea of the situation you may end up in. The 2010-2011 International Passenger Survey from the Office of National Statistics showed that of the top five destinations for relocating Britons, two were Spain and Ireland. Both seemed like sensible property destinations at the time, but have since been gripped by severe economic problems.

Recently, the Irish government was warned by the International Monetary Fund that the country’s ongoing austerity programme must not be eased, while in Spain the building-fuelled boom is long gone and unemployment overall is hovering around the 26% mark. Clearly, the economic state of a country can change very suddenly – a decision to relocate there cannot be reversed so quickly.

And while signs suggest that we may be edging out of the worst of the recession, mainland Europe and developing economies are more exposed to unexpected market shocks (i.e. further problems from Greece, Syria impacting on the oil markets, etc, etc).

None of these things on their own are hard and fast reasons for writing off a relocation. But certainly at the current time, the biggest threat facing property owners is economic and market instability.

And as much as one can predict these things, London appears to be as stable as it could possibly be. While economic growth of 0.3% may not be enormous, it is encouraging; population growth is still outstripping the building of new housing, and the same CEBR report predicts that by 2018, average house prices will have risen by 20.4% on this year. It’s easy to see how, with the government’s Help to Buy scheme having been rolled out to older houses rather than just new builds, further boosting the lower end of the market (but having a knock-on effect further up the chain), and with construction rates – which always lag behind economic growth – picking up. So the conclusion seems to be that while London is never going to be the cheapest place to buy, it’s still a very secure place to stay.

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Mortgage Market

UP AND RUNNING Words Alistair Hargreaves, Mortgage Consultant - 020 7384 6790

Brace yourselves, things are about to get interesting. The Government recently moved the second phase of Help to Buy forward, meaning the question on everyone’s lips is now: what difference is this going to make? Well, at the moment, I’m afraid it’s all a bit ‘wait and see’.

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Let’s recap: earlier this year the Government introduced Help to Buy One, where they provide an equity loan to buyers looking to purchase a new build house. This loan was up to 20% loan to value, so effectively, you could buy a new home with a 5% personal cash deposit, and a 20% loan from the Government, and end up with a 75% LTV mortgage. So, not only were the rates better than at 95%, but the repayments would be lower and potentially more affordable.

The equity loan is interest free for five years, so after 60 months you would be charged interest (although the rate is currently unknown). In practice, clients would then be encouraged to pay off the loan by re-mortgaging or selling and moving up the property ladder.

So with Help to Buy One the Government is attempting to stoke the housing market, and provide an incentive for house builders. The plan is open to both first time and next time buyers, up to a house value of £600,000, as long as the client will only own that house going forward (buy to let landlords need not apply please). My concern is about what happens in five years

time if a client cannot afford a 95% mortgage (if their house has not increased in value); or, even worse, if the property has decreased in value and they are now in negative equity? How do they re-mortgage then? Clearly this is not an issue for people living in Fulham, but for the wider country it’s a very real danger. And then there’s Help to Buy Two, which is a mortgage guarantee scheme, rather than an equity loan.

In phase two, the client borrows 95% from the lender, but the Government will guarantee the top 15%, mitigating some of the risk for a lender.

If the house needs to be repossessed then it doesn’t matter to the lender if the property is now in negative equity, as an insurer will pay out to cover the lender’s loss.

“THE CLIENT BORROWS 95% FROM THE LENDER, BUT THE GOVERNMENT WILL GUARANTEE THE TOP 15%, MITIGATING A GOOD PROPORTION OF RISK FOR THE MORTGAGE COMPANIES.”

So how does this help the person on the street with a 5% deposit burning a hole in their pocket?

Well, in theory, lenders should offer slightly better rates with more achievable criteria and credit scoring.

Help to Buy Two is generally a better idea than the first phase, as the Government does not have to put money in straight away, while clients

Mortgage Market

THE EQUITY LOAN SCHEME Buyer Finance

Help to Buy 1 | Example

Government Finance Mortgage Finance

£800,000

Capital Gain £160k Deposit £30k

£600,000 Deposit £30k HTB Loan £120k

Mortgage £450k

5%

HTB Loan £160k

20%

You take a 20% equity loan to buy a property worth £600k, or £120k.

When you sell the property, it’s worth £800k. In this case you’d repay £160k - this is 20% of the new value of your home, not the amount you borrowed.

Consequently if the property had dropped in value to £500k, you’d still repay 20% or £100k, £20k less than you originally borrowed.

4%

20%

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£500,000

20%

75%

Mortgage £450k

56%

HTB Loan £100k

20%

Mortgage £400k

80%

Negative Equity -£50k PURCHASE

SCENARIO 1 VALUE RISES

10%

SCENARIO 2 VALUE DECREASES

Mortgage Market

THE HELP TO BUY SCHEME EXPLAINED There are two parts to the scheme, Help to Buy 1 (Equity Loans) and Help to Buy 2 (Mortgage Guarantees).

How do I qualify?

- You must have a deposit of at least 5%; - Be looking to buy a home worth £600,000 or less; - You must live in the home you purchase

HELP TO BUY 1 The Equity Loans Scheme (New Builds) This is only available on New Build properties.

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How it works - You’ll need a deposit of at least 5%; - The government lends you up to 20% of the property’s value as an equity loan - You’ll need to get a mortgage of up to 75% of the property’s value What do I have to pay back?

- Interest free for the first five years - From sixth year onwards you will pay an admin fee - The admin fee will start at 1.75% of the loan - The admin fee will increase every year by any increase in the Retail Prices Index plus 1%.

- You can choose to repay part of the loan early in chunks of either 10% or 20% of the total value.

- You’ll pay back the percentage you borrowed from the government of the value of your home when you sell it:

HELP TO BUY 2 The Mortgage Guarantee Scheme This is essentially government supported mortgages so lenders are more comfortable lending up to 95%.

How it works - You put down a deposit of 5%.

- You borrow 95% of the property’s price from a lender who has signed up to the scheme.

- The Government guarantees the top 15% of the mortgage, in theory making borrowing cheaper.

“SO HOW DOES THIS HELP THE PERSON ON THE STREET WITH A 5% DEPOSIT BURNING A HOLE IN THEIR POCKET?” are assessed on affordability for a 95% deal now, and not a 75% one with the risk of problems mounting in five years time.

But are we really going to see a reduction in rates and looser criteria? Well it is an encouraging start, even with just two lenders offering rates (at time of writing). Both NatWest and Halifax have committed to the scheme, and their products are certainly better value compared to current options at 95%. NatWest offer a two year fixed at 4.99% at 95% LTV, with no product fee, while Hanley Economic, for example, have a two year deal at a higher rate of 5.89%, with a £350 product fee.

However, my advice is that if you’re buying, buy now, because prices are moving up and Help to Buy Two is only going to push them higher.

Before long, even 5% might be out of reach for potential buyers. But I suspect that will be a problem for the next Government, so not one the incumbent is that concerned about.

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.



                                                     

       

        

        

Know More

LENGTHENING THE LEASE Words David Goldstone, Capital Leasehold LLP So you’ve bought a flat, but that doesn’t necessarily mean you own it forever in the same way you would if you’d have bought freehold house. So what’s the scoop on extending your lease?

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The majority of flats for sale these days are leasehold, however if you’ve bought a flat with the ‘share of freehold’ (meaning you share the freehold with other parties) then that will eliminate most of the problems we are going to discuss in this article if not read on! The majority of flats being bought are on a leasehold basis with a given number of years remaining on the lease, for example most new flats are sold with 125 years remaining with an annual ground rent payable to the Freeholder, as they own the land and the building on which your flat is situated. You’ll also pay an annual service charge for the repair and maintenance of the building. Anyone can be the Freeholder, but often it’s the local council that ultimately owns the property.

At the end of the 125 years lease, ownership of the flat (in law) is transferred back to the Freeholder.

No problem right? The oldest person that ever lived hit the grand old age of 122 so it’s unlikely you’ll get booted out in your life time. However all is not quite as simple as it appears. You are going to have a potential problem to deal with if you have bought a flat with say less than 100 years remaining and you’re not planning to sell the flat within the next fifteen or twenty years.

Yes, you have the right as a Leaseholder to extend your lease by an extra 90 years at ‘a fair market price’ and to convert your annual ground rent to zero (under The Leasehold Reform, Housing and Urban Development Act 1993), however this piece of

legislation also dictates that if you apply for this lease extension when your lease has dropped below 80 years remaining (even by a single day) then the same lease extension will cost considerably more, as you’ll then have to stump up an additional cost known as “marriage value”, than if you bought the lease extension at a point when you had more than 80 years remaining on your current lease. Consequently you may run into problems selling your flat with even, say, 85 years remaining on the lease, as any knowledgeable buyer - and certainly their solicitor - will point out that the buyer will have to deal with the issue of the lease extension before it drops below 80 years remaining. Of course there’s also an additional problem that many mortgage lenders may not lend to your buyer with a lease below 80 years remaining which will limit the appeal to any buyer needing a mortgage, which let’s face it, is most people these days.

“MORTGAGE LENDERS MAY NOT LEND TO YOUR BUYER WITH A LEASE BELOW 80 YEARS REMAINING”

Even if you have say 96 years remaining today and you plan to keep the flat for at least the next ten years then it would be wise to extend the lease immediately to 186 years remaining with a zero ground rent, as even without the problem of the lease extension cost rising considerably at the point of 80 years remaining, the cost of the lease extension will also increase considerably with every passing year. Over the next five or ten years if local property values continue to increase, as they almost certainly will in London, it’s highly likely you will pay more than you may have needed to as the calculation of how much you need pay (a complex calculation at best) takes property values into account.

Talking to a specialist chartered surveyor who specialises in advising upon the fair cost of buying the lease extension and who handles the subsequent negotiations is really worth it to reach a fair price with the other side. In short - the sooner you extend your lease, the cheaper it will be.

Interiors & Design

INTERIOR MONOLOGUE Words Matt Hambly, Deputy Editor, Esquire Weekly Updating your home’s aesthetic gives you the opportunity to reflect any changes in your taste and lifestyle. It’s also a chance to take some time and really think about what’s going to work in your home for years to come. The last thing you want to do is commit to a rococo themed front room only to find that, three months in, it’s bringing on panic attacks.

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This may sound like an extreme case, but striking a balance between creating something new, something innovative, and something that will stand the test of time is a delicate one. However, as with most things, simplicity, or at least the implication of it, might be the answer.

Raw materials - exposed stone, simply crafted wood finishes - along with smart, regimented whites, monochromes and, as always, vintage furniture, are all proving popular at the moment.

The benefits of each being that they’re easily adaptable, create a sleek, stylish look and, especially in the case of vintage furniture, will only get better with age. With all of that in mind, let’s be more specific. If you’re looking to redesign a room but are not sure where to start, it’s often an idea to begin with a piece of ‘hero’ furniture that will inform the rest of the space. Contemporary and 20th century design specialists Decoratum, whose store is closer to a beautifully curated museum than a retail space, is a great place to start. One recent example is an Italian leather sofa designed during the 50’s for the Italian hotel Principe. Brilliant, understated design, in colours that are easy to match and compliment, it

Embracing the monochromatic White, black and exposed materials is the latest interior swatch set

can be used as a reference point on which to base your whole room.

Bringing things a little more up to date, plenty of current interiors are taking their cues from the catwalks, and one of the biggest trends at the moment is white. In the wrong place, an all white interior could be overpowering, but in the kitchen, for instance, it’s ideal for providing a bright setting that will amplify any natural light. It’s important to bear in mind that there are warm and cool whites, with red/ brown and blue/ black base colours respectively. For a kitchen, the latter, cool white, will provide a sleek finish, but beware mixing white shades, as the two will clash.

“FOR A KITCHEN, THE LATTER, COOL WHITE, WILL PROVIDE A SLEEK FINISH”

Designer’s Guild offers an off white, at £32 for 2.5l, and this is a good place to start.

If an all white kitchen seems like a bit of a bold statement, consider toning it down with natural materials like stone, wood, and exposed metals.

During Helsinki’s design week, held in September of this year, a number of designers returned to sustainable materials particularly for light fittings and furniture. The result of employing such designs, especially against a white backdrop, is a finish approaching monochrome. Some of these designs, from the likes of Jouko Jarvisalo and Matti Syrjälän might be a little hard to source so for something closer to home, Tom Dixon’s beaten brass light fittings will do the job brilliantly.

Put into practice, alone or together, these simple flourishes can work to update any room in a way that will turn your new house into a sleek, stylish home.

Inspiration

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Inspiration

PRETTY LITTLE THINGS WATCHCLOCK

1955 PHILIPS IPOD DOCK

ENLIGHTENMENT BOOK

£95 | andrewneyer.com

£169.95 | store.apple.com/uk

£70 | lightupyourworld.nl

This modern wall-clock is designed by Andrew Neyer and adds a contemporary feel, humour and joy to every living or office space. Dimensions: w23 x h137cm.

This original radio contains iconic elements of the legendary 1955 Philips radio, also known as Philetta 254. Simple design, big sound and crystal-clear reception.

There are a lot of books about The Enlightenment, but none of them actually provide light.

Studiomeiboom interpreted this idea into a lamp in the shape of a book.

HEAVY DESK LIGHT

DESKBOX

MY FASHION TRIBU

£515 | benjaminhubert.co.uk/shop

£825 | arco.nl

£52 | myfashiontribu.com

Developed by London based designer Benjamin Hubert, this contemporary desk lamp has a heavy cast-concrete base and shade, joined by a wooden stand through which a red flex is threaded.

A practical little desk hanging from the wall by Dutch designers collective Arco. With the front panel sliding in, it transforms to a narrow bookshelf. An elegant little work-space, perfect for living areas with less space.

Fulham based company My Fashion Tribu do footwear for families, with matching shoes for mothers and children. Choose for yourself or coordinate, match, contrast colours and styles with your daughters and sons.

CIRCLE CROSS SHELF

HOLD CAMERA HANDLE

SEXY WALNUT FACE

£120 | urbanoutfitters.co.uk

£58 | hardgraft.com

£50 | cdock.myshopify.com

Add a pop of colour to your walls with this retro-style shelving unit; inspired by the ‘70s, the circular shelf features clever space partitions and powder-coated steel. w60 x h60 x d20cm.

Sometimes you might not need a full shoulder strap so this handle lets you grab your camera and shoot. It has a patented 360º steel hook with a connection width of just 5mm.

A walnut iPhone dock in a classic alarm-clock design. A combination of vintage and modern design to style up your night stand and to get you out of bed.

FLOOR GLOBE

PANTONE FOLDING CHAIR

BOLD FONT CUP

£370 | 1worldglobes.com

£42.45 | amazon.co.uk

£16 each | vooberlin.com

Danish modern design meets state-of-the-art digital cartography in this contemporary, white ocean world globe. The Stem Reflection is a very stylish floor globe with its tapered chromed steel stand and simple minimalistic map design.

Proprietary colour spacing company Pantone surprises with a new way to brighten up your home with this stylish, space-saving folding chair. With a distinctive Pantone block colour design and padded seat. What next?

Minimalist shaped ceramic cups with simple prints. Available with more than thirty different characters, these hand glazed tea/ coffee cups with printed glyphs will give a contemporary design feel to every coffee table.

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The STory of a MoveMenT and a CoMMuniTy We at design hotels™ are celebrating our 20th year of curating the most expressive and unique hotels worldwide. This special anniversary edition of our annual book looks back on the last two decades of innovative hotel design and forward to the future of cutting edge hospitality. The publication is available as a coffee-table book and a Limited Collector’s edition that includes two timeless design pieces by artek, the pioneering finnish design company. Together, design hotels ™ and artek have created a peerless objet d’art for design addicts around the world. Get your copy here: designhotels.com / book

Buyer’s Guide

FROM TOP TO BOTTOM Words Josh Woodfin Buyers Guide (James Sims / MIke Horne) Fulham is on the up, again. Over the next decade, new riverside developments will bring 13,000 new homes to the area. A junior school outpost of the prestigious Lycée Français Charles de Gaulle legitimises a move for those looking to raise children in the best that London has to offer. A new station in Imperial Wharf and the regeneration of Fulham Broadway, high-end shops and cafes; all of these are contributing factors to Fulham’s rise from its position as Chelsea’s suburb to major London player.

The riverside developments in Sands End and Fulham’s 460-apartment Riverside build between Chelsea Harbour and Hurlingham Park offer options for all price ranges, with one-bed apartments from £510,000, rising to £1.45m for a three bed, and £5m plus for a penthouse.

“HOMEOWNERS ARE

OFTEN SURPRISED AT THE GROWTH IN FULHAM, IF YOU SAW 10 - 15% INCREASES ON YOUR PROPERTY OVER 18 MONTHS, YOU’D ALSO THINK TWICE ABOUT SELLING”

But these new builds will likely attract a largely foreign market, with investors from China and the Middle East leading the pack. As an example of this trend 75% of the units in the Battersea Power Station development were reserved by Asian investors in the first week.

For many London residents, however, it’s Fulham’s Victorian terraces that still have the most appeal.

From the famous Peterborough Estate, to one and two-bed garden flats in Sands End across the road from the new development, and ‘The Villes’ off Homestead Road, these are the properties that are beloved by the families who are flocking to Fulham, Parsons Green and the surrounding areas.

Demand, as ever, remains significantly higher than supply across all price brackets. But there are still plenty of excellent properties available for those who want to upgrade, or for newcomers who want to make SW6 their new home. So whatever your price range, how much bang will you get for your buck? Let’s find out.

What can I do with £500,000?

As amazing as it sounds, if you’re in the market for a one-bed first time buy around this price, get ready for a fight, or be willing to compromise. As with any property, when you’re on a budget, it will come down to location vs. space, and to get something really nice, we would suggest moving a little further out from the Parsons Green area (the epicenter of price hikes). A good-sized one-bed flat – around 550-600 sq ft – in the right mansion block will be £60-70 thousand less than a similar property in a more central location. If you’re willing to buy off the Fulham Road, you’ll get a lot more in terms of space, and still be in a great period build, in a safe area with transport links just 10 minutes away.

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Buyer’s Guide

A two-bed on Stephendale Road, for example, would be around £550,000, and there’s also scope on streets coming off the north end of Munster Road such as Bronsart, Rowallan and Allestree.

However, as we’ve said previously, these are rare and incredibly desirable, so get ready for a scrap.

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What is my £750,000 worth?

That extra £250,000 buys you a great deal of breathing room when buying in SW6. With this kind of money you can start looking in the increasingly popular Sands End area, and more specifically, the ‘Bury triangle’ (where all roads end in ‘bury’), including Hazlebury, Cranbury and Rosebury roads, all of which are the places to buy in Fulham at the moment. The combination of size, aesthetics, location and atmosphere make them seriously desirable for young families - a decent two-three bed (depending on layout) will be spot on budget between £650,000 and £800,000. Depending on location, in these price ranges you’ll be buying a property at anything between 600 and 1,100 sq ft.

Your £750k still won’t buy you a place in the coveted

Parsons Green, sadly, but the flats on Felden Street and Clonmel Road are very appealing and at a squeeze one could argue that they’re Parsons Green territory. Fancy a gamble? Queens Club Gardens, an idyllic Victorian mansion block (with private gardens) in Barons Court or West Brompton are both on their way up.

And a budget of £1,000,000?

The range of properties in Fulham available at this budget is wide and varied. From a split level flat on Crookham road (yes a £1m flat), to that rarest of breeds – a (small) three-bedroom freehold house – there are plenty of strong choices in this bracket although a Victorian terrace house will be beyond reach. You’ll be buying around 1,300 sq ft and you’ll be looking at properties in the always-desirable heart of Parson Green, with it’s leafy streets and well stocked delis. Or a river view in the Imperial Wharf developments could be yours for this price, unless you plump for something in the Moore Park estate, which will put you within spitting distance of Chelsea, not that that kind of behavior would be tolerated.

The Fulham Gravy Train (Property Ladder) From a studio flat on the Fulham Road to a five bedroom plus mansion in Bishops Park. Buy well, with the right financial products and a bit of capital growth behind you and you too could be on track to a small fortune.

£500k 1 BED FLAT UP TO 500 SQ FT FULHAM ROAD SANDS END WEST BROMPTON

£1m

£750k 2 BED FLAT (UNEXTENDED) 500 - 800 SQ FT SANDS END BURY TRIANGLE

2 BED FLAT (EXTENDED) 950 - 1100 SQ FT SANDS END BURY TRIANGLE

2 BED MAISONNETTE (UNEXTENDED) 700 - 900 SQ FT MUNSTER VILLAGE

2 BED MAISONETTE (EXTENDED) 1000 - 1300 SQ FT MUNSTER VILLAGE

SMALL HOUSE 1100 - 1400 SQ FT MUNSTER VILLAGE

Buyer’s Guide

“ WHICH WILL PUT YOU WITHIN SPITTING DISTANCE OF CHELSEA, NOT THAT THAT KIND OF BEHAVIOR WOULD BE TOLERATED.”

If you want a bit more space, however, start looking at the split-level maisonettes around Wardo Avenue and Danehurst Street. And if you want something a little more modern, there was a recent sale on Elbe Street of a modern three bed, with 1200 sq ft of space and underground parking. It’s a little further from the action, but you still have Imperial Wharf station at your doorstep, and you’ll be buying in an area that in our opinion, is about to rocket.

How about £1.5 million?

Not so long ago you’d have had your pick of Victorian terraced houses on all but some roads across Fulham, however with the recent price hikes, incredibly, we’re going to be back in the ‘Bury Triangle’. This is where you’ll get a really good sized – 2000 sq ft – well appointed and pretty house. Expect a fluctuation in this price range –

£1.5m 3-4 BED HOUSE (UNEXTENDED) 1200 - 1800 SQ FT CENTRAL FULHAM

£2.5m 4 BED HOUSE (EXTENDED) 1800 - 2200 SQ FT PARSONS GREEN

similar properties off the Munster Road on Gowan Avenue have seen prices increase to £1.6m to £1.7m over the last six months – but on the whole, there is a large range of excellent properties in this bracket and although £1.5m should still have the clout you would expect, you’ll need to be faster and more open to risk to pick up a real bargain. These properties will be well finished, but if you’re looking for a challenge, with this kind of money you could even look off the King’s Road. One recently listed property in that area had a price of £1.75m, but due to the work required, will likely fetch around £1.5m.

A much needed loft and side extension would set you back around £200,000 for a quality job. And throw another £300,000 on top of that if you start thinking about basements. A good investment, but a costly one, in the short term anyway.

Or £2m to £2.5m?

It’s time to start asking yourself some serious questions when you get to this end of the market. If you have, say, £1.7 million to spend on a property, should you be looking at houses up to £2 million?

£3.5m 5+ BED HOUSE (EXTENDED) 1500 - 3500 SQ FT PARSONS GREEN PETERBOROUGH ESTATE

£4m + 5+ BED HOUSE (EXTENDED) 4000+ SQ FT BISHOPS PARK PETERBOROUGH ESTATE HURLINGHAM

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Buyer’s Guide

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Perhaps, but people only do this under the proviso that their agents will be able to negotiate down to £1.8m or £1.9m - not a common practice for sellers in this market in this price bracket. This is also, strangely, where you need to start thinking about size vs location again. When spending £2m, you can easily lose 1000sq ft by moving closer to Parsons Green, so it’s really in your interest to start looking ever so slightly further afield. There’s a selection of roads between Clonmel Road and Felden Street (mentioned earlier), for example, that run north of the Fulham Road and south of the Bishops Road, all of them lined with excellent houses. If you have the money, and your skates on, in our opinion there are few addresses more desirable than Clonmel Road at the moment with its good balance between size and location. Generally these houses are extended to the side and the loft but not into the basement (yet). Before development, expect around 13001500 sq ft of space, but once they’ve been extended, they’re anything from 1800 to 2200 sq ft. Adding a basement extension as well will add approximately another 800 sq ft or so... and another million to the budget, of course.

And £3m to £4m?

Remarkably, at this price, you’re still going to have to make some tough decisions along the way. Of course you’ll be buying a spectacular property at the top of the Fulham ladder, but there are some variations in what you’ll get, mostly due to the comparatively small number of houses that warrant this kind of price tag. The legendary Peterborough Estate is home to many of the largest houses in SW6, with an average of 1,300-2000 sq ft before renovation. However, you will pay the price for the combination of size, location (being right by Parsons Green itself) and reputation, with a price guide of between £3.0m and £4.5m being the norm. With an increasing number of these properties featuring fully extended basements that run the length of the garden and include airy 3m ceiling heights, the prices in this area are unlikely to fall. Outside of the Peterborough Estate, there are around 30-40 houses in the SW6 area that are the same or larger than those we’ve just spoken about, and there are

always a selection on the market – usually around 15 or 20 at any one time. However provided they’re priced correctly they either fly or sit ashamedly on the market with only a small number of buyers looking in the price bracket at any one time. Be ready to act quickly and do that impromptu viewing at the inconvenient time for property fresh to the market.

Buyers Beware Whatever your price-range, do your research thoroughly. Buy on a road with a good reputation, solid prices and of course,

“THAT GUT FEELING THAT LETS YOU

KNOW THIS CAN BE YOUR NEW HOME – IT’S RARELY WRONG.” Fulham property is in a state of flux at the moment, with some people staying put and others cashing out. One thing’s for sure though, there are a lot of great, great opportunities at the moment and we suspect this will continue for the next five to ten years as the area becomes further gentrified and catches up with prices in the better known ‘brand names’ such as Chelsea, Notting Hill and Kensington.

Homeowners are often surprised at the growth in Fulham, and if you start to see 10 - 15% increases on your property over 18 months, you’ll probably start thinking twice about selling. As for the people who are up-scaling, they’re ultimately aiming for the Peterborough Estate, making their existing properties available or jumping out of the game altogether and settling for a lavish country property. And what about the long term residents of Fulham that have watched Fulham’s spectacular growth out of the dark, into the bright lights and resisted selling to-date – well we can all be sure they’ll certainly retire in style.

Sophisticated simplicity

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Seller’s Guide

GOING, GOING, GONE! When’s the best time to sell?

There’s certainly no hard-and-fast rule about when the best time to sell a property is. There are, however, periods that have a lot more activity than others. In Fulham and the rest of SW6, there’s a definite hot spot running from the end of January through to March, with February and March being particularly busy for the larger properties as it’s bonus season in the City. The bankers may not receive their money until halfway through the year, but that’s when it will get spent. April is quiet, before picking up again in May, June and July.

August is dead due to Summer holidays. September and October are very busy, and then everything begins to slow down through November and dies again in December.

How much should you price your property at?

In a competitive market, what’s the best way for you to maximize your sale? Well, sadly, and this isn’t very sexy, you have to be realistic. People are not stupid, and neither are you, so no matter how beautifully you think you’ve renovated your kitchen, don’t get ideas above your station. It sounds simple, but go and take a look around similar houses that are already on the market. Look at how they’re finished, the size and if any major projects will need to be undertaken in the future. Look at what sold recently and for how much. As a guide, many estate agents work off a pounds-per-square-foot price, and it’s a very clear and concise way for you to understand what you’re selling in a wider context.

Pricing is a touchy subject and it can be hard to view your home as a product on a market but this is the

reality and often, despite your nerves, a clever (read cheaper) pricing strategy will ultimately yield the highest sale price.

To dress or not to dress Exercise caution when marketing your property, both in person and in listings. In reality, the smell of baking bread and freshly ground coffee isn’t going to sway someone’s decision about buying a £2 million pound property. But a clean, tidy and bright home will benefit during viewings and in photographs. A lick of paint to cover those tire or paw marks on the hallway wall, a scorched earth policy on abandoned children’s toys are all important, but there’s no need to turn your kitchen into The Great British Bake-Off. If your property is empty, however, then you absolutely need to provide some furniture – potential buyers need to see a home, not a showroom. So some clever dressing can give them an idea of what it will be like when they’re own belongings are inside. Enforce a light touch and use your common sense, nothing too garish, nothing too bland, and think about lighting to create a homely atmosphere.

“A SCORCHED EARTH POLICY ON

ABANDONED CHILDREN’S TOYS ARE ALL IMPORTANT, BUT THERE’S NO NEED TO TURN YOUR KITCHEN INTO THE GREAT BRITISH BAKE-OFF” Who do you sell to?

So everything has gone brilliantly and you now find your self in the privileged, although not uncommon, position of having multiple offers on your property.

So who do you choose? Well, and you’ll have to bare with us here, the first thing to say is the person who offers the highest price is not always the best.

Are they in a chain? How are they financed? Are they first time buyers who might get itchy feet?

Cash buyers are obviously the best, but if your potential buyers are raising a mortgage then it’s good practice to ask to see a mortgage ‘in principle’ letter from their lender. Good luck!

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CHRISTMAS MADE EASY Skip the high street hassle and give the gift of great design this year.

Our unique and award-winning concept cuts out the middlemen and passes the savings on to you. So whether it’s exclusive art, a cosy cushion or a voucher towards something they’ll love, you can get high-end design without the high street mark up.

Landlord Guide

PROPERTY PRICES & RENTAL YIELD VALUE

WELCOME TO THE JUNGLE

4.25% AVERAGE FULHAM RENTAL YIELD

It’s a dog eat dog world and navigating those choppy waters isn’t always easy. Whatever your preferred metaphor is, the basic truth is the same: renting in London, whatever your budget might be, is not for the faint of heart.

You need nerves of steel, an understanding boss – for those 5pm dashes to a last minute viewing – and most importantly: a game plan. Deciding to move is only the first part. To make the process as successful and painless as possible, you need to know where you want to go, how much you want to pay, how many rooms you want. New build or old, on or off street parking, transport links, schools, proximity to the pub, park or both, those are the kind of basic things which can get lost in the panic of finding a place in London.

But there’s always light at the end of the tunnel and there’s also some good news around if you look hard enough. What if we told you that in Fulham, at the moment, there’s data showing that as the price per sq ft increases, relative rental prices actually go down?

That needs an explanation. It’s all to do with something called rental yield, which for landlords and developers is the rental income in a year divided by the property value. And, obviously, the percentage yield differs wildly depending on where you are. For example, if you buy a two-up, twodown terrace in Salford for £80,000, you might get a rental yield of 12%. But if you buy a house in Chelsea for £3m, that will generate a rental yield of more like 3%.

But for the last two-years, Fulham’s had a average

TIME

rental yield of about 4.5%, and this year, compared to last year, we’re beginning to see some rents actually coming down, both in yield and absolute terms.

And the reason for this is? It’s a combination of common sense and changing attitudes towards Fulham, which is maturing nicely. If you own a flat in Fulham and the price keeps increasing each year, you’re much less likely to sell it. Instead you’ll move to a bigger place, and rent your previous property out. Likewise if you’re a serial landlord, you’ll be adding even more property to your portfolio off the capital gain you’ve accrued on what you already have. So what that means is that rising prices actually increase the amount of rental properties on the market, increasing the competition and forcing down rents.

Enter our old friend supply and demand. Fulham has a notorious shortage of one-bed flats, but now, there’s every chance you’ll be able to upgrade to a two-bed property a little more cheaply. You should be able to see some leveling off or saving on bigger houses too.

And the best thing is, this is probably part of a longterm trend. And the only thing that would change it would be if property prices in Fulham began leveling off or started going down. Realistically, the only thing that would make that happen is the stress and strains of London – another banking crisis or similar economic event. So with fingers and toes firmly crossed, it’s fair to say that for those wanting to rent in Fulham, the future’s looking a little brighter.

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Interiors & Design

LIGHTS UP FLAMBEAU AUDUBON

BRONZE STEEL & PERSPEX

HOOKED WALL/NUDE

£162 | wayfair.co.uk

£1200 each | lassco.co.uk

£195 | busterandpunch.co.uk

Designed by Paul Gruer, this fabulous wall light would make a statement in any house. It’s a rich blend of opulence and humour and is just slightly “over the top”.

A pair of very exclusive bronze, steel and perspex Thatcherite wallights crafted with close extraordinary precision and attention to detail. c.1988.

A wall light made from bronzed gun metal and finished with brass and matt rubber detailing. The body houses a brass customising hook to allow the light to be adjusted at will.

MEURICE SCONCE

BASE WALL LIGHT BY TOM

METAL LETTER LIGHTS

£250 | jonathanadler.com

£515 | thelollipopshoppe.com

£330 each | grahamandgreen.co.uk

The Meurice Collection: the five arm sconce poised is a timeless design and ready to transform your abode, flatter your features and chic-ify your home and life!

A wall light sand cast in rough iron and finished with a black powder coat. The brass shade is spun, rolled and lacquered with a soft satin finish, giving a warm ambient light.

These spectacular metal letter lights have an array of LED bulbs which offer show-stopping style.

Each letter has a standard UK plug and a switch on the flex.

THE HUNGRY WALL LIGHT

TOM WALL LIGHT

SIGNAL WALL LIGHT

£770 | hollowaysofludlow.com

£304 | hectorfinch.com

£157 | madeindesign.co.uk

This entertaining and out-of-theordinary sconce wall light from Fabbian makes a fantastic and amusing addition to kitchens or dining rooms. The framework is finished in polished chrome and the cutlery in stainless steel.

The Tom Wall Light is part of the ‘50s inspired collection at Hector Finch. Stylish and simple, this single arm version has a spun aluminum shade can be used as a wall light or picture light in any contemporary interior.

The two arm Signal Wall Light By Jielde. Designed by Jean-Louis Domecq. These make perfect bedside lamps or use in study over a desk. This version is matt black but they are available in a wide range of colours and finishes.

MOOSE LIGHT

LAMPE DE MARSEILLE

KARTELL E WALL LIGHT

£995 | abigailahern.com

£550 | conranshop.co.uk

£52 | heals.co.uk

A cruel-free way to mount a moose head on your wall. Made from poly resin & steel this moose would look great in rural interiors, a media room but can also be used as great lightning in outside spaces.

Designed in 1954 by Le Corbusier, the two-coned Lampe de Marseille was inspired by the industrial lighting of its time. The metal lamp is painted in a matte grey, and is a reissued version by Nemo, for Cassina.

The sleek, minimal modern Kartell E Wall Light designed by Ferruccio Laviani has a chrome arm which holds a ‘pleated’ polycarbonate lamp shade and is available in different colours.

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Compiled by Magenta Pink Interiors, magentapink.co.uk

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LION’S DEN

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Located on ‘The Peterborough Estate’, the pride of Fulham (no pun intended), this medium-back Lion House has undergone a thorough refurbishment

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and has been finished to a high specification throughout. The layout has been designed and configured to optimize living space and practicality, while maintaining traditional features and making the most of the almost 2,800 sq. ft. of available space.

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PERRYMEAD STREET £3,000,000 (under offer) 5 beds | House | Freehold

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MODERNIST TWINS

Two glorious purpose built Victorian flats encapsulated within one house, sharing the same brilliant finishes.

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The twins have been architecturally restructured and refurbished to create two spacious contemporary homes, both with two double bedrooms, their own front door and either a garden or roof terrace with views across Fulham.

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DANEHURST STREET £995,000 (For Sale) 2 Beds | Maisonette | Leasehold

DANEHURST STREET £950,000 (For Sale) 2 Beds | Garden Flat | Leasehold

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MAXIMUM IMPACT

A stylish and fully extended family home, located close to the Chelsea border in the coveted ‘Moore Park Estate’ and just off the famous King’s Road.

This beautifully presented house is arranged over four floors and extends to over 2700 sq ft.

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MAXWELL ROAD ÂŁ2,750,000 (For Sale) 5 Beds | House | Freehold

BOLTON BOMBER An extremely stylish first floor apartment with a superb private terrace overlooking the gardens of The Little Boltons.

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The flat extends to approximately 904 sq. ft. and contains a mezzanine level gallery, which provides a useful and considerable storage area or an occasional sleeping area for guests, overlooking a spacious open plan living area. There are good ceiling heights throughout and the property is finished to an immaculate standard.

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HARCOURT TERRACE £1,295,000 (Under Offer) 1 Bed | Flat | Share of Freehold

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WARDO AVENUE An extremely stylish, Victorian family home offering nearly 1,800 sq ft of living space including four bedrooms, two bathrooms, double reception room, side-extended kitchen/dining room and south facing garden. The house has been finished to a high standard throughout with particular thought being put into the layout of the extended kitchen / breakfast room with bi-folding doors leading out to a garden.

WARDO AVENUE ÂŁ1,550,000 (Under Offer) 4 Beds | House | Freehold

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MUNSTER ROAD A substantial two double bedroom split level flat with a private garden and its own front door, located a few minutes walk from Parsons Green. The flat is arranged over the ground and first floor of an impressive Victorian house extending to 915 square feet. The ground floor comprises a good sized double reception room which leads on to the garden and a separate kitchen with plenty of storage. The first floor has two spacious double bedrooms and a family bathroom.

MUNSTER ROAD ÂŁ799,950 (Under Offer) 2 Beds | Flat | Share of Freehold

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DANEHURST STREET A well finished four bedroom Victorian family home on this very popular residential street. The house has been extended into the side return and loft to provide almost 2000 sq ft of living space over four floors, including a double width cellar with sauna and utility room. At the rear is a 30’ south facing garden that is connected to the large open plan kitchen via bi-folding doors. The kitchen itself connects to the double reception room and is very well specified.

DANEHURST STREET ÂŁ1,695,000 (For Sale) 4 Beds | House | Freehold

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GRESWELL STREET A superb, open plan, two double bedroom garden flat located in Bishops Park. The flat has been reconstructed to make the most of the space available with a large open plan living area leading out onto a 49’ south facing rear garden. The property extends to over 800 square feet, has two bathrooms (one en suite) and is located on the southern section of Greswell Street only a short walk to Bishops Park itself.

GRESWELL STREET ÂŁ675,000 (Under Offer) 2 Beds | Garden Flat | Leasehold

FAMILY VILLE

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A very well located four bedroom family home in the ‘Villes’, an extremely popular area close to Parsons Green.

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The house has a spacious reception room with wooden floors leading to a large, modern, open plan kitchen/dining area on the ground floor, and a luscious south facing, landscaped garden with outdoor furniture beyond. On the first floor there are three double bedrooms, a modern family bathroom and a separate, large master suite with fitted storage and its own en suite bathroom to boot.

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PARKVILLE ROAD £1,100 per week 4 beds | House | Available Now

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POLE POSITION

A new and immaculately finished three bedroom, three bathroom maisonette on the ground and raised ground floors of a unique, architecturally restructured property right on Parsons Green, the most desirable and sought after location in Fulham. The property has been cleverly thought out, with a spectacular double height reception room with commanding views right out over the green itself.

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PARSONS GREEN ÂŁ1,150 per week 3 beds | Maisonette | Available Now

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THE SAINT

A fantastic four bedroom family home, located on St. Dionis Road, one of the prettiest and well positioned streets in Parsons Green. This house offers excellent entertaining space on the ground floor with a double reception room, separate W.C. and extended kitchen breakfast room, leading out to a private south facing garden.

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ST. DIONIS ROAD £800 per week 4 beds | House | Available Now

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PARSONS GREEN A new and immaculately finished two bedroom, two bathroom apartment on the first floor of a unique, architect designed development with commanding views over the Parsons Green and within 100m of Parsons Green underground station, Waitrose, the famous White Horse pub and numerous cafes making it (along with the other two apartments in the building) the best located flat we’ve seen in years.

PARSONS GREEN ÂŁ795 per week 2 beds | Flat | Available Now

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ANSELM ROAD Recently refurbished and beautifully finished this split level, three bedroom apartment feels more like a small house than a flat. The property is located on the raised ground and first floors of a Victorian period conversion, which allows the spacious living and dining area to receive as much light as possible. Wooden flooring runs throughout this level and the living room comes with built in storage and plantation shutters, which finishes it beautifully.

ANSELM ROAD ÂŁ650 per week 3 beds | Maisonette | Available Jan. 2014

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REPORTON ROAD An attractive, newly refurbished one bedroom apartment with plenty of storage space, located in a very popular area of ‘Munster Village’. The flat has wooden floors, a high spec bathroom and modern kitchen with gas hob. There’s also a useful outdoor space at the front and a small decked patio leading off the bedroom to the rear. The flat is close to the cafés, shops, restaurants and supermarkets of both Munster Road and the Fulham Road.

REPORTON ROAD £360 per week 1 bed | Flat | Available Now

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SHORROLDS ROAD This well located, one bedroom garden flat is only a short walk from both Parsons Green and Fulham Broadway (the economic centre of Fulham). The property consists of a large reception room with wooden floors, a well equipped kitchen, modern bathroom and double bedroom, plenty of built in storage and good size rear garden. Shorrolds Road is an extremely convenient place to live being only a five minute walk from the nearest underground station, and close to a large Waitrose and numerous cafes and restaurants.

SHORROLDS ROAD ÂŁ350 per week 1 bed | Flat | Available Now

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BISHOPS ROAD A rare double fronted five bedroom Victorian family house on a prime Fulham Road. Perfectly suited for a family, this house has a large double aspect reception room, eat-in kitchen (including guest cloakroom) and separate study/office room on the ground floor with access to a private south facing garden. On the first floor there are four bedrooms (including the master bedroom which includes fitted storage) and a large family bathroom with separate shower and bath.

BISHOPS ROAD ÂŁ1,150 per week 5 beds | House | Available Now

GET IN TOUCH Contact 020 7384 6790 HELLO@BRIK.CO.UK BRIK 77 Parsons Green Lane Fulham, SW6 4JA

11 Colville Mews Notting Hill, W11 2DA

Opposite the White Horse pub

Near the Design Museum

@BRIKLONDON BRIK.CO.UK

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

Emma Wrake Lettings Manager ARLA qualified

Alex Weldon Sales NFOPP qualified

Angus Ovens Sales NFOPP qualified

Cecci Robertson Front Desk

Call us for a free valuation: 020 7384 6790

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MARYLEBONE TOTE •

ASPINALOFLONDON.COM •

0845 052 6900