The Chelsea property market is currently seeing strong demand, particularly for homes with outside space. Prices for family houses have increased by 4.1%, year on year, whilst flats rose by 2.2% (data from Lonres).
Chelsea’s housing stock offers a mix of both period and new homes. One of the most notable new schemes, Chelsea Barracks, has created an exclusive community within an already extremely sought-after location. It has broken all records on prices paid for freehold houses, with prices exceeding £4,000 per sq ft in some cases. One of the most expensive houses in London – a 15,000 sq ft townhouse – is currently for sale here at £58m (£3,879 psf).
Chelsea has long standing appeal, with the popular shopping and café culture on the King’s Road, varied and attractive architecture, as well as numerous pretty garden squares including Physic Gardens, Lennox Gardens and Cheyne Gardens. Property on these squares can command a premium, and since the pandemic, those with outside space are more popular than ever. There have been a few record-breaking sales recently including a two bedroom flat in Lennox Gardens at £2,900 per sq ft. It benefitted from a private terrace and access to the communal gardens which added to its appeal.
The Chelsea Flower Show creates an added buzz to the area. Many of the restaurants and cafés have added outside space as a result of the pandemic, and lots join in with the show’s spirit with fun floral displays. The show further focuses people’s minds on what they want to do with their garden or outside space, be they a budding horticulturist or a beginner gardener.
With the London property market strongly recovering following the pandemic and all eyes on Chelsea for the flower show, we expect property to continue to be in demand here
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Tenancy charges may vary, depending on the agreement we have with you, so it’s best to ask the INHOUS lettings department.
The following payments may apply when entering an Assured Shorthold Tenancy:
| First month’s rent | In advance |
| Tenancy Deposit | 5 weeks, or 6 weeks if annual rent is over £50,000 |
| Holding Deposit | One week’s rent, put towards your first rent due |
| Early termination when requested by the tenant | A charge not exceeding the financial loss experienced by the landlord |
| Default charge for late payment of rent | A maximum of 3% above Bank of England base rate, charged when rent is more than 14 days late |
| Default charge for replacement of lost key or security device | Equivalent to cost incurred |
| Changing the tenancy documents after the commencement of the tenancy, including change of sharer | £50 incl. VAT |
The following payments may apply when entering a Non-Housing Act Tenancy:
A Non-Housing Act Tenancy is formed when the annual rent exceeds £100,000 or the property is occupied by a Company rather that an individual.
| Inclusive of VAT | |
| Tenancy Setup Fee drafting and execution of tenancy agreement if supplied by us, collecting and holding the Security Deposit as Stakeholder, issuing protection certificates, if applicable, Open Banking type referencing of tenant and initial Right to Rent Checks | £360 |
| Check-in Fee checking into the property and reviewing inventory | minimum of £130 |
| Tenancy Continuation negotiating and drafting an extension | £150 |
| Change of Sharer – Deed of Assignment | £120 |
| Early Termination – Deed of Surrender | £120 |
| Guarantor Referencing Fee (each): | £30 |
| Deed of Guarantee Fee: | £50 |
| Late payment of rent | 3% above the Bank of England base rate |
This guide is for tenants and landlords in the private rented sector to help them understand their rights and responsibilities. This guide includes a checklist and further detail on each stage of the rental process.
Tenancy charges may vary, depending on the agreement we have with you, so it’s best to ask the INHOUS lettings department for a full breakdown of costs. Here’s a list of what you can typically expect to pay:
| Lettings Service Only: | 10%+VAT (12% inc. VAT) – Including rent collection |
| Letting and Management Service: | 16%+VAT (19.2% inc. VAT) |
| Short Let (less than 6 months): | 24%+VAT (28.8% inc. VAT) |
| Lettings Renewals Service: | 8%+VAT (9.6% inc. VAT) |
| Lettings and Management Renewal: | 14%+VAT (16.8% inc. VAT) |
| Short Let Renewal (less than 6 months): | 24%+VAT (28.8% inc. VAT) |
Additional non-optional fees and charges
We will not be charging clients fees for referencing, tenancy agreements or deposit registration.
The costs of a clean, EPC, gas safety, EICR, PAT and inventory are set by third party suppliers and prices may vary. The below schedule is to give you an idea of what you would typically pay.
All fees stated are inclusive of VAT (calculated at 20%):
During the tenancy (if required
INHOUS is a member of and covered by the ARLA/Propertymark Client Money Protection (CMP) Scheme.
We are also a member of a redress scheme provided by The Property Ombudsman www.tpos.co.uk.