The company is predicting that average property values in central London’s top-end enclaves such as Knightsbridge, Mayfair and Holland Park will record
Typical prices in prime central London ended 2017 down 4% for the year as a whole, but prime south and west
Prices in Fulham fell by 4.6% in 2017 and were down more than 14% on their 2014 peak, said the company.
It means average values in Fulham, which passed the £1,000 per square foot mark in 2013, have fallen back to £890, well below Chelsea’s £1,600 average.
While studio flats in Fulham start at around £285,000 and large family houses can easily command a price of £5m-plus, according to property website Rightmove, Savills claimed the price falls “effectively reposition Fulham as a value location for those looking to make their equity stretch further than in prime central London”.
The top-end areas of south and west London were “coming under increasing pressure from fragile buyer sentiment” with purchasers feeling the constraints of tighter mortgage affordability rules, as well as unease around the
Savills has already predicted average UK prices – both prime and non-prime –
Many commentators have pencilled in UK price growth at around that level this year. Another estate agent, Knight Frank, has also predicted price growth across the UK of 1%.
Of the two big lenders that operate price indices, Nationwide has said it expected property values to be “