Chelsea Flower Show burst into bloom this week, putting Chelsea firmly in the spotlight. Annabel Dixon takes a look at this sought-after corner of London.
It’s time to immerse yourself in glorious blooms, striking (and sometimes, weird and wonderful) garden designs, and the latest advice from green-fingered experts. Yes, it’s the Chelsea Flower Show this week, with everything from the astonishing RHS gold medal winners to the beautiful, bold and sometimes bizarre things you’ll see at the world’s greatest flower show.
And the backdrop to this horticultural spectacle? The chic and wealthy enclave of Chelsea, one of the most exclusive — and expensive — parts of the capital.
But what makes Chelsea such a sought-after place to live? We take a look at this coveted pocket of London.
1. Prized bricks and mortar — and an average house price of over £2 millon
Let’s not beat around the bush: the price tags of property in Chelsea are not for the faint-hearted. According to Hamptons’ analysis of Land Registry data, the average price of a home in the SW3 postcode last year stood at an eye-watering £2.5m. That’s up 19% since 2019 and 83% since 2008.
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With figures like that, you won’t be surprised to hear that it was the fifth most expensive postcode district in England and Wales in 2022 — beaten only by its neighbours Kensington (W8), Sloane Square and Belgravia (both SW1), and Grosvenor Square (W1).
It’s one of just eight areas where the average price exceeded the £2m mark, Hamptons added. It’s fair to say, this is not typical first-time buyer territory.
Still, Chelsea isn’t totally immune to economic headwinds. The housing market in Chelsea has gone quiet for those who need a mortgage since last year’s mini-Budget, says Nick Hubner, senior head of sales at Hamptons in Chelsea.
‘Purchasers in the market currently are international, oblivious, and undeterred by what they perceive to be domestic issues,’ he explains. ‘These tend to be high net worth individuals making the most of the favourable exchange rate – American buyers, buyers from Hong Kong, and China all purchasing classical Chelsea townhouses as a second or third residence.’
2. The chic lifestyle of the King’s Road and beyond
Smart restaurants, chic cafes and bars, iconic fashion houses, and the Saatchi Gallery — Chelsea certainly offers the finer things in life. Expect to rub shoulders with the rich and famous in this neck of the woods.
‘Chelsea has long been considered one of London’s golden postcodes,’ explains Thomas Middleditch, director of JLL’s residential Chelsea & Knightsbridge agency offices.
‘It continues to be a hotspot for prospective buyers and tenants who want to soak up its lifestyle offering, and this shows no signs of wearing off, with properties hitting the market getting snapped up.’
Hubner agrees: ‘Chelsea seems to offer buyers a certain prestige, with most international buyers wanting to be close to the world-famous King’s Road for its shops, restaurants, and general illustrious scene.’
3. Good places sell quickly
Who could resist one of those classic white stucco-fronted townhouses? If you’ve got your eye on a Chelsea pad, it seems best not to hang around. Homes in the area are being snapped up quicker these days, according to JLL.
More than half (51%) of the houses sold between January and March this year had been on the market for less than six months — up from 29% during the same three months in 2019.
And similarly, 49% of flats sold between January and March had been marketed for less than six months — compared with 41% during the same time period in 2019, JLL’s research shows.
So while that makes it harder to snap up the place you want, it also has a benefit: you know that you’ll always be able to move easily if and when the time comes.
4. Chelsea isn’t resting on its laurels
Chelsea continues to evolve, with landlords driving forward prestigious developments in and around the area. Take the King’s Road redevelopment opposite Chelsea Town Hall. It will include a new 600-seat Curzon cinema, new shops, an improved Waitrose, a rooftop bar, and more.
Chestertons’ head of prime sales, Rowland King, says: ‘They [Chelsea’s big landlords and commercial freeholders] have worked incredibly hard to curate a varied and fashionable selection of independent, high-end boutiques and eateries that are attracting shoppers from the West End, which has also helped entice home buyers to Chelsea from other sought-after neighbourhoods, such as Notting Hill. As a result, our office has registered a 17% increase in buyer enquiries this May compared to the same month last year.’
5. Green space
Chelsea boasts some pretty fine green spaces, even after the Chelsea Flower Show has packed up and left town.
‘Residents of Chelsea have access to numerous green spaces including numerous private gardens, alongside being adjacent to the 200-acre Battersea Park across the river further adding to people’s desire to live there,’ adds Thomas Middleditch.
Look out for Chelsea Physic Garden, London’s oldest botanic garden, down on the riverfront. And if you’re lucky enough to be a member, there’s scenic Burton Court, with tennis courts, cricket nets and more.
Has Chelsea caught your eye? Check out some of these homes for sale in the area:
This five-bedroom Grade II-listed home on one of Chelsea’s historic streets boasts views of the Thames and Albert Bridge. It also comes with a smaller house at the end of the garden. Highlights include a drawing room with double-height ceilings and floor-to-ceiling windows.
For sale with Russell Simpson. See more pictures and details for this property.
This spacious two-bedroom apartment has been fully refurbished, and natural light floods the south-facing reception room. It’s a hop, skip and a jump to the King’s Road and Duke of York Square.
For sale with Tedworth Property. See more pictures and details for this property.
This five-bedroom, Grade II-listed terraced house has an enviable location sandwiched between the King’s Road and Fulham Road.
It’s been fully modernised but retains its historic charm, including three large floor-to-ceiling windows in the grand reception room.
For sale with Savills. See more pictures and details for this property.
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