Prime properties have increased in value by 150% in 13 years
Property values in South West London have outperformed those in prime central London since 1997, according to new research by Douglas & Gordon.
Properties in central London have increased by approximately 130% between 1997 and the end of 2009, whereas properties in what the agent calls "Prime South West London" increased by 150% in the same period, though the gap is narrowing slightly in 2010.
Michael Hodgson, chief executive of Douglas & Gordon, says: " Prime central London, with its glitzy international image, tends to hog the limelight in commentaries about the London residential property market.
"Everyone knows that Chelsea, Kensington, Belgravia, Knightsbridge and Mayfair have become honey pots that attract the rich and famous from around the world. As a consequence, values in prime central London have grown impressively over the last ten to fifteen years.
"However, in the same period many domestic vendors have sold their properties in prime central London and have either downsized, or bought more property for their money in neighbouring areas. This has lifted the prestige of areas in South West London such as Fulham, Clapham, Battersea, Wandsworth and Putney, which are now the locations of choice for senior and middle management.
"The standard of accommodation required by these buyers is very high and as a result, considerable sums have been invested in improvements and increases in value have followed. This market is now the pinnacle of the UK housing market."
Tamzin Prout, manager of Douglas & Gordon’s Wandsworth and Fulham office, says:
“The main pull for purchasers in Wadsworth has always been the fantastic state primary schools, even purchasers not yet with families look to the future and the avoidance of paying for private education. Hence, many buyers are upsizing within the area, with more and more buyers coming from other affluent areas in SW London such as Fulham and Putney. Many buyers look to buy properties where they can "add value" over a period of time. Doing loft conversions, side return extensions and basements are common place. Although many of these works have been carried out over the past ten years and purchasers therefore have to pay for houses that are already refurbished.”
August 5, 2010