Living in Chelsea: Why SW3 is still one of London's 'golden postcodes'
Chelsea Flower Show burst into bloom this week, putting Chelsea firmly in the spotlight.
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.
The Albert Bridge links Chelsea with Battersea — and it's arguably the prettiest in 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. The average price of a home in the SW3 postcode stands at around £2-2..5m.
Yet Chelsea hasn't been totally immune to economic headwinds — and that's good news for buyers. Figures from the Coutts London Prime Property Index show that prices at the moment are 23% below their peak back in 2014. In short, it's a long time since it's been this affordable, with Katherine O’Shea, Coutts Real Estate Director, saying that Chelsea — along with South Kensington and Bayswater — are now offering 'some of the most compelling value we’ve seen in over a decade.'
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.’
And if you're wondering how the King's Road got its name? The areas royal origins come from King Henry VIII, who held Chelsea Manor as a royal residence after acquiring it in the 1530s.
King's Road, Chelsea.
3. Chelsea isn't resting on its laurels
Chelsea continues to evolve, with landlords driving forward prestigious developments in and around the area. The recent King’s Road redevelopment opposite Chelsea Town Hall brought 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.
Many Chelsea residents have greenery at home as well as in the area — but it doesn't come cheap. This house on Cheyne Walk is for sale at £14.5 million.
