Old Brompton Road Tregunter Road Redcliffe Gardens Fulham Road King’s Road Chelsea Embankment Cheyne Walk Mulberry Walk Carlyle Square The Boltons CHELSEA MARKET INSIGHT 2018 FIGURE 1 Property prices in Chelsea Achieved prices, 12 months to March 2018 Circles can denote multiple sales in the same postcode, in which case the highest value is displayed Source: Knight Frank Research / LonRes / Land Registry Up to £1m £1m - £2m £2m - £4m £4m to £6m £6m+ Chelsea market update Prices in Chelsea have adjusted to higher rates of stamp duty more than any other market in prime central London. In April 2018, prices were 15.5% below the previous market peak in August 2015, which compared to an 8% average decline across PCL. As a result, sales volumes have risen and the total value of sales in Chelsea in December 2017 was the highest for a single month since July 2014. In an indication of how price declines in Chelsea are bottoming out, the annual price fall was -1.9% in April 2018, which compares to an annual decline of 11.7% recorded in March last year. James Pace, Chelsea Office Head “Activity in Chelsea is linked to a fairly traditional group of buyers and sellers who are driven by their job, schools or a need to downsize. This means more transactions are needs-driven and prices have had to adjust more readily. As a result, demand has strengthened notably over the last 12 months and we now frequently see competitive bidding for well-priced properties. However, high sensitivity to price means the market remains binary and mis-priced properties take considerably longer to sell. This increased flexibility in relation to pricing is often the case for higher-value properties and, as figure 2 shows, the number of higher-value deals has risen along with the average transaction price.” FIGURE 2 Chelsea fact sheet Population: 26,048 Source: Knight Frank Research / LonRes / Land Registry AVERAGE SALES VALUE Year to March 2018 £1.54m Year to March 2017 £1.41m Year to March 2016 £1.31m MAXIMUM SALES VALUE Year to March 2018 £40m Year to March 2017 £55m Year to March 2016 £28m BLUE PLAQUES James Abbott McNeill Whistler, painter Sylvia Pankhurst, women’s rights campaigner Mark Twain, writer Samuel Beckett, dramatist AGE OF CHELSEA HOUSING STOCK Pre-1900 1900-1939 1945-1972 1973-1999 2000-present 64% 9% 8% 12% 7% CHELSEA STOCK BY PROPERTY TYPE Flat Terraced Semi-detached 16% 1% Source: Knight Frank Research 83% 23 7 28 8 Number of £5m-plus sales Number of £10m-plus sales 2016 2016 2017 2017
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CHELSEA MARKET INSIGHT 2018...registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names. CHELSEA MARKET
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FIGURE 1 Property prices in Chelsea Achieved prices, 12 months to March 2018 Circles can denote multiple sales in the same postcode, in which case the highest value is displayed
Source: Knight Frank Research / LonRes / Land Registry
Up to £1m
£1m - £2m
£2m - £4m
£4m to £6m
£6m+
Chelsea market update Prices in Chelsea have adjusted to higher rates of stamp duty more than any other market in prime central London. In April 2018, prices were 15.5% below the previous market peak in August 2015, which compared to an 8% average decline across PCL. As a result, sales volumes have risen and the total value of sales in Chelsea in December 2017 was the highest for a single month since July 2014. In an indication of how price declines in Chelsea are bottoming out, the annual price fall was -1.9% in April 2018, which compares to an annual decline of 11.7% recorded in March last year.
James Pace, Chelsea Office Head “Activity in Chelsea is linked to a fairly traditional group of buyers and sellers who are driven by their job, schools or a need to downsize. This means more transactions are needs-driven and prices have had to adjust more readily. As a result, demand has strengthened notably over the last 12 months and we now frequently see competitive bidding for well-priced properties. However, high sensitivity to price means the market remains binary and mis-priced properties take considerably longer to sell. This increased flexibility in relation to pricing is often the case for higher-value properties and, as figure 2 shows, the number of higher-value deals has risen along with the average transaction price.”
FIGURE 2
Chelsea fact sheet
Population: 26,048
Source: Knight Frank Research / LonRes / Land Registry
AVERAGE SALES VALUEYear to March 2018 £1.54mYear to March 2017 £1.41m Year to March 2016 £1.31m MAXIMUM SALES VALUEYear to March 2018 £40m Year to March 2017 £55mYear to March 2016 £28m
BLUE PLAQUES James Abbott McNeill Whistler, painter Sylvia Pankhurst, women’s rights campaignerMark Twain, writerSamuel Beckett, dramatist
AGE OF CHELSEA HOUSING STOCK
Pre-1900
1900-1939
1945-1972
1973-1999
2000-present
64%
9%
8%
12%
7%
CHELSEA STOCK BY PROPERTY TYPE
Flat
Terraced
Semi-detached
16%
1%
Source: Knight Frank Research
83%
23 728 8
Number of £5m-plus sales Number of £10m-plus sales