Prime central London: Chelsea

Chelsea has a rich history and an architecture that is among London’s most elegant, with the Thames right on the doorstep. However, despite its luxurious housing stock, this is not an ostentatious area. Rather, it is a tapestry woven over centuries of bustling, and distinct, micro-communities – from the pieds-à-terre around Sloane Square to mansion blocks on Cheyne Walk, and the family houses on the 10 Acre Estate.

In June and July, sales activity picked up, and a new market trend emerged: potential buyers wanting to view 20 to 30 properties to find their dream home. This is indicative of wider uncertainty and a belief that they would unearth a bargain. In reality, decisiveness is needed, or these buyers may be stuck searching if values start to rise this autumn.

Though not as buoyant as the family home market, the core apartment market has remained busy (with an average purchase price of around £1.4 million), as first-time buyers, supported by the Bank of Mum and Dad, and young professionals take advantage of softer pricing and marginally lower interest rates.

The family homes sector (an average purchase price of £5 million) is being powered by the necessity move. Western Chelsea will forever attract those families who need to relocate for schools and space, and will find better value for money here. These full-time residents, whether homeowners or tenants, are drawn to the bustle of Fulham Road, lined with independent restaurants such as Josephine Bistro, boutique stores, and the village feel.

The Chelsea lettings market is reverting to a more seasonal rhythm after a disrupted few years. Families relocating for jobs, trying before they buy, or upsizing reappeared in the spring, and when the school summer holidays started, young sharers and students took over. Properties that are sensibly priced and modernised to today’s tastes, on a garden square or a sought-after road, have let easily.

However, this has been the year of the hesitant landlord. For some, the wave of legislative changes and the impending Renter’s Rights Bill has prompted consideration of alternatives, leading a few to test the sales market. Others are weighing their options more cautiously. Nevertheless, the rental market has remained robust, with strong demand, and many are likely to return to letting in the autumn when sales offers may fall short of their expectations. Change is coming in the shape of the reimagined and restored Lots Road Power Station, now the Powerhouse on Chelsea Waterfront – and with it, new homes.

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Understanding the Renters’ Rights Bill

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