This issue, our bird’s eye view of the capital’s prime properties as if from an aircraft’s first or business class cabin homes in on the affluent area of Chelsea.
Renowned for its high-end shops and fabulous variety of restaurants, Chelsea is also a cultural centre, with the Royal Court Theatre on Sloane Square and the Saatchi Gallery on the Duke of York Square. Its transport infrastructure is excellent too, with regular trains and buses linking the area to other parts of the city.
Prime London buying agent, Nathalie Hirst, says, “The architecture also adds to the appeal, from cute colourful Chelsea cottages on Bywater Street to white stucco elegance on Wellington Square, to red brick grandeur in Old Chelsea. There are also some new blocks which have been built off Cheyne Terrace, which appeal to people who want lateral living with parking, porter, gym, pool and spa area. For example, a few years ago I bought a sub penthouse in Cheyne Terrace which was over 4,000 square feet on one floor with a wrap-around terrace, parking for two cars, wine storage and the largest private store room that I have ever seen.”
Ms Hirst acknowledges that Brexit has had a big impact on Chelsea’s current property market. “There are certain price points and areas which are doing really well but generally, British demand as a whole has dropped, as have house prices. For example, I’m purchasing properties for clients at the moment which are 15 – 25% below the asking price. Although bad news for sellers, a cold market means that it is actually a good time to be a buyer – there are more properties to choose from, some great mortgage deals to be had and sellers are having to price their homes competitively. So, buyers can purchase themselves something very special indeed at the moment, as long as they negotiate tactfully and present themselves as a good purchaser.”
JLL residential reports that the demand it is currently seeing in the Chelsea market is from needs-based buyers such as downsizers or upsizers. Director, Simon Godson, comments, “Opportunistic buyers are adopting more of a ‘wait and see’ approach unless they feel there is real value. It is imperative that property is priced correctly in order to attract buyers – the right property for the right price will still sell well.”
