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Earl’s Court
Chelsea
West Kensington
The Hurlingham Club
Fulham Broadway
Putney Bridge
Fulham FC
Moore Park Estate
Imperial WharfParsons Green
FULHAM LETTINGS MARKET INSIGHT 2018 FIGURE 1 Rental values in Fulham Achieved weekly rents, year to February 2018
Source: Knight Frank Research / LonRes
l Up to £500
l £500 to £750
l £750 to £1,000
l £1,000 to £1,500
l £1,500+
Prime south-west London update Average rental values in prime south-west London fell 3.9% in the year to February. This compares to a decline of -5.1% recorded in February last year and underlines how rental values are bottoming out. As landlords sense that pricing in the sales market is stabilising, increasing numbers are deciding to sell, which is putting upwards pressure on rental values as stock levels fall. In Fulham, there was a 26% decline in the number of new lettings properties listed in the year to February 2018 versus the previous 12 months, Knight Frank data shows.
David Mumby, Regional Head of Lettings “Demand has been most resilient up to £1,000 per week, which covers the majority of private and corporate tenants and there has been an overall increase in lettings transactions over the last year, as figure 2 shows. However, higher stock levels means the average achieved rent has fallen. We have seen the largest increase in available property for family houses due to uncertainty in the sales market above £2 million, however we expect these ‘reluctant landlords’ to return to the sales market as pricing stabilises. Meanwhile, tenants continue to search a wide area and are primarily driven by the property rather than the postcode.”
FIGURE 2 Fulham fact sheet
Population: 100,130
AGE OF FULHAM HOUSING STOCK
Pre-1900
1900-1939
1945-1972
1973-1999
2000-present
52%
16%
9%
13%
10%
FULHAM STOCK BY PROPERTY TYPE
Flat
Terraced
Semi-detached
22%
1%
Source: Knght Frank Research / LonRes
Source: Knight Frank Research
77%
Lettings transactions
Year to February 2018 2,084 Year to February 2017 1,864 Year to February 2016 1,728 Average weekly rental values
Year to February 2018 £555Year to February 2017 £570Year to February 2016 £565
Maximum achieved weekly rental values
Year to February 2018 £7,000Year to February 2017 £4,250Year to February 2016 £8,000
Important Notice © Knight Frank LLP 2018 - This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.
FULHAM LETTINGS MARKET INSIGHT 2018
RESIDENTIAL RESEARCH
Source: Knight Frank Research / LonRes
Contains OS data © Crown Copyright and database right 2017
Earl’s Court
Chelsea
West Kensington
The Hurlingham Club
Fulham Broadway
Putney Bridge
Fulham FC
Moore Park Estate
Imperial WharfParsons Green
FIGURE 3 Where is renting most prevalent in Fulham? Number of listings, year to February 2018
FIGURE 4 Rental market analysis by property type
Source: Knight Frank Research / LonRes
Average achieved weekly rents, year to February 2018
Lettings market breakdown by property type
Type Beds Average achieved weekly rent
Studio 0 £275
Flat 1 £400
Flat 2 £510
Flat 3 £730
Type Beds Average achieved weekly rent
House 2 £545
House 3 £609
House 4 £910
House 5 £1,190
2.4% 25% 39.4% 13.8%
3.6%7.3%4.5%1.1%
n Under 10 n 10 to 20 n 20 to 30 n 30 to 50 n 50-plus
0
200
400
600
800
1000
Q1-
2014
Q2-
2014
Q3-
2014
Q4-
2014
Q1-
2015
Q2-
2015
Q3-
2015
Q4-
2015
Q1-
2016
Q2-
2016
Q3-
2016
Q4-
2016
Q1-
2017
Q2-
2017
Q3-
2017
Q4-
2017
Q1-
2018
Tota
l ten
anci
es
Ave
rage
ren
tal v
alue
£2,800 £3,000 £3,250 £3,500 £2,750 £3,350 £8,000 £5,500 £3,250 £3,500 £2,700 £4,250 £3,000 £4,500 £7,000 £2,400 £2,700
£500
£550
£600
Source: Knight Frank Research / Rightmove
FIGURE 5 Lettings volumes and rental value data
Tenancies agreed Tenancies agreed (incomplete) Average achieved weekly rent Maximum achieved weekly rent
LONDON RESIDENTIAL
David Mumby Regional Head of Lettings +44 20 7871 4119
Tim Hyatt Head of Lettings +44 20 7861 5044
RESIDENTIAL RESEARCH
Tom Bill Head of London Residential Research +44 20 7861 1492 [email protected]
PRESS OFFICE
Harry Turner +44 20 3861 6974 [email protected]
