Property market flourishes in Chelsea | 25 May 2022

With the RHS Chelsea Flower Show currently underway, Rose Lyle, Director of Private Clients at INHOUS, shares some insight into its property market.

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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