chelsea market insight 2018...registered number oc305934. our registered office is 55 baker street,...
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Contains OS data © Crown Copyright and database right 2017
Old Brompton Road
Tregunter R
oad
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 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
2016 20162017 2017
Important Notice © Knight Frank LLP 2018 - This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears. Knight Frank LLP is a limited liability partnership registered in England with 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 INSIGHT 2018
RESIDENTIAL RESEARCH
LONDON RESIDENTIAL
James Pace
Chelsea Office Head +44 20 7349 4302 [email protected]
RESIDENTIAL RESEARCH
Tom Bill Head of London Residential Research +44 20 7861 1492 [email protected]
PRESS OFFICE
Harry Turner +44 20 3861 6974 [email protected]
Source: Knight Frank Research / LonRes / Land Registry
FIGURE 5 Transaction volumes and pricing data
0
50
100
150
200
Q1-
2014
Q2-
2014
Q3-
2014
Q4-
2014
Q1-
2015
Q2-
2015
Q3-
2015
Q4-
2015
Q1-
2016
Q2-
2016
Q3-
2016
Q4-
2016
Q1-
2017
Q2-
2017
Q3-
2017
Q4-
2017
Q1-
2018
Tota
l sal
es
Ave
rage
pric
e
£23m £19.3m £51.5m £51.5m £17m £12m £28m £18.5m £7.6m £13m £50.5m £55m £16.5m £30m £24m £40m £38m
£1,000,000
£1,500,000
£2,000,000
£2,500,000
Total sales Total sales (incomplete) Average price Maximum price
Contains OS data © Crown Copyright and database right 2017
Old Brompton Road
Tregunter R
oad
Redcliffe Gardens
Fulham Road
King’s Road Chelsea
Embankment
Cheyne Walk
Mulberry Walk
Carlyle Square
The Boltons
SW10 9SW3 6
SW3 5
SW10 0
SW10 9SW3 6
SW3 5
SW10 0
FIGURE 3 £ per sq ft prices in Chelsea Achieved prices, year to March 2018
Circles can denote multiple transactions in the same postcode, in which case the highest value is displayed
Source: Knight Frank Research / LonRes
Year to December 2017 Year to December 2016 Year to December 2015
FIGURE 4 Sales volumes by neighbourhood
Source: Knight Frank Research / LonRes / Land Registry
Up to £1,000 £1,00 to £1,250 £1,250 to £1,500 £1,500 to £2,000 £2,000-plus
SW10 0 SW10 9 SW3 5 SW3 6
138221
7530
76 172 68 23
102152
4132
£1.18m £1.13m £1.08m
£1.31m £1.2m £1.08m
£1.7m £1.57m £1.55m
£2.45m £2.66m £2.72mA
vera
ge
sale
pric
e