On the Market - Fulham, Spring 2012
Fri 20 Jul 2012
If you want to put your money into property, why not London? And where better than Fulham?
by Alex Lyle
Since the beginning of the year, we have registered a huge number of new buyers in the Fulham office. This, combined with buyers still looking from last year, is creating fierce competition and there is now a total of 18.7 buyers registered for every property available through the Marsh & Parsons Fulham office. Needless to say, buyers that are actively viewing property are now committed and ready to buy.
I suspect that Fulham's shortage of property on the market will loosen up as we go into spring. In contrast to last year, when potential sellers felt that if there was no real, immediate reason to sell, they are now starting to get on with their lives and move up and down the property ladder.
Property values have risen - some houses, such as one Marsh & Parsons sold on Waterford Road, have even reached prices 20% above the peak of 2007. In the last few weeks alone, we have had a number of fantastic results for our clients - two sealed bids including a house on Campana Road which attracted a record breaking price of over 1,000 per square foot...unmodernised! If a house is in the right location with potential to extend, people will go out of their way to get hold of it and add value. Flats in Fulham have not fared quite as well, but prices are still considerably up compared to a year ago.
Historically, Fulham has been home to mainly domestic and European buyers. The French have always gravitated to the area, as it's close to the French Lyce, and now the Italians have arrived, particularly on the patch east of North End Road. A number of canny purchasers are creeping across from SW5 and SW10, as they see better value in Fulham, where you can still buy a 2,000-square foot house for 1.5 million, really half the price of the equivalent place in Notting Hill or Kensington. And the canny purchaser is already looking to buy near the new Earls Court development, knowing prices will escalate near this rejuvenated patch.
There are now some serious buy-to-let purchasers, along with a significant number of cash buyers. The 'Bank of Mum and Dad' is still open for business for many young singletons and professional couples. With continuous demand from City workers, graduate sharers and young families, I see no reason why this enthusiasm shouldnt carry on throughout 2012. Prices will edge up they wont fly or fall - with a knock-on effect from the Olympics. If you want to put your money into property where better than Fulham? London's place.
Contact Fulham Sales Office on:
T 020 7736 9822
The Fulham rental market is flourishing with landlords enjoying limited vacancy periods and huge rental increases.
by Sylvie Bahmanyar
With rental values having increased by up to 25% in the last year and yields running at close to 5%, Fulhams definitely the place to be for landlords.
There is huge tenant demand at the moment - and simply put, not enough property to go around. The increase in tenants has come, in part, from indecisive buyers who are nervous about actually committing to a purchase in the current economic conditions, as well as buyers who are unable to find something suitable, given the shortage of available property for sale. Additionally, there is less property on the rental market. Last year, a substantial number of tenants renewed their tenancies with Marsh & Parsons - far more than previous years, meaning that 30% of rental property normally available for new tenants, is just not available.
Despite limited stock, the investor landlord and 'accidental' landlord has made a come-back this year. We're discovering that a number of vendors are testing out the sales market, and if they can't sell for the price they want, they're then letting their homes. Equally, some are putting their homes up for rent and sale at the same time. This brings more property onto the market for would be tenants to look at, which has to be a good thing.
We're selling a lot of property to investors, who then instruct us to let and manage their property. A British man living in Australia recently bought two rentals properties without even seeing them and we achieved excellent rental prices from two great sets of tenants for him.
To give an indication as to how rents have soared, last year a two-bedroom, two-bathroom flat in Moore Park Road rented for 330 a week, and now it is achieving nearly 400. And, a house getting 800 a week two years ago is now achieving almost 1,000 today. These are the biggest increases I've witnessed for some years and Fulham is reporting good rental yields, typically between 4.2% and 5%.
Were seeing a high number of families relocating from abroad who want to be near some of Fulham's excellent schools, including Kensington and Fulham Preparatory, and Holy Cross. The professional sharer market's absolutely huge too, so a three-bedroom flat or four-bedroom house might not just be suitable for families, broadening the market for landlords who want to get the best rents.
I can't see the lettings market taking a dip here in Fulham and landlords needn't worry about vacancies, as there are still more people looking to rent than available property.
Contact Fulham Lettings Office on:
T 020 7371 7748