Brik Magazine March 2013

March 2013 Follow the Money / Brikolage Bottom Rate / Buyer’s Guide Pretty Little Things / Decisions Lights / Gallery

to inspire

BALHAM

CHISWICK

www.indian-ocean.co.uk

HARRODS

HAMPSTEAD

0800 111 4844

SELFRIDGES

info@indian-ocean.co.uk

CONTENTS MARCH 2013

pg 09

05 FOLLOW THE MONEY

Millions of rubles, dinars and ringgits are flowing into London... and Fulham

09 BRIKOLAGE

Find out what’s been keeping us interested, enthralled and entertained

13 INSPIRATION TRANSMISSION pg 05

Japanese architecture and the phoney ‘Treehouses in Paradise’ competition with a twist

15 BOTTOM RATE

pg 18

With some of the cheapest ever five year fixed rate mortgages now available, are we at the bottom of the market?

18 PRETTY LITTLE THINGS The latest must haves for those that have everything

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pg 26

21 ALL CHANGE

Fulham is in a state of transformation with epic new building projects due to change the landscape over the next 20 years

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26 DECISIONS DECISIONS

Present at viewings, selling with tenants in situ or staging your property? Your questions answered.

pg 28

28 LIGHT UP, LIGHT UP pg 18

Looking for something to light up your living room? Look no further...

Brik Magazine is published by Brik Property Ltd (Brik) and the opinions expressed in this magazine do not necessarily reflect those of Brik, the editor, publishers or their agents.

Articles and other information in this magazine are as up-to-date and accurate as possible, at the time of publication, but no responsibility can be taken by Brik for any errors or omissions contained herein. Responsibility for any losses, damages or distress resulting from adherence to any information made available through this magazine is not the responsibility of Brik or their agents. All property descriptions and photographs contained within are for guidance only and are not necessarily accurate or comprehensive. All content Copyright © 2013 Brik Property Ltd. All rights reserved.

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The story isn’t all roses however. Clouds lurking on the horizon give the occasional reminder that – insulated though it may be – Fulham needs to be wary of the economic weather beyond its banks. The recent down grading of the UK’s credit rating from AAA to Aa1 status by Moody’s serves as a reminder of the continuing reverberations of the crunch, and it’s worth

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What we are experiencing is a three speed market, with property prices outside of London in first gear, growing only 1.1 per cent over the last year, Greater London in second gear up 8.4 per cent, and prime London areas like Fulham going even faster, up 16.3 per cent on a year ago.

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Somewhat predictably, the first two months of the year have borne witness to yet another upward hike in Fulham house prices, with February’s average asking price up to £992,248 from £885,954 in December last year according to Rightmove’s house price index, a 12 per cent rise in two months. Yikes! Although this figure is skewed by high value property being withdrawn from the market in December, the sales we’ve agreed this year corroborate the continuing upward trend in the price of, and seemingly insatiable demand for, good quality Fulham property, with our sold prices averaging 101% of asking price in 2013 so far.

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What’s going on in the Fulham property market this year, and are we seeing a rising influence from international forces shaping demand for homes here?

Historically low mortgage rates are unlikely to be affected either, as Ben Thompson, Legal & General Mortgage Club managing director explains: “This downgrade - while embarrassing and untimely - will not have come as a shock.

Markets will have expected this to a certain degree and there should not be much disruption to the cost of funding. Moreover the Funding for Lending Scheme and other measures implemented have ensured that cheap funds are at the ready, so mortgage pricing should continue to remain low.

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FOLLOW THE MONEY

noting that negative GDP growth in the first quarter this year, on top of the 0.3 per cent contraction in the quarter four last year, would put us back into recession. Could that spook buyers? Probably not, in our opinion.

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BUYER NATIONALITIES

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“In fact, if anything, competition amongst lenders to attract certain borrowers will increase, so we expect to see further record lows such as the five year fixed rate just announced by the Yorkshire Building Society.” (You can read more about remarkably cheap five year fixed rate mortgages on page 15).

Other than the low cost of finance, it’s interesting to consider the international forces helping support growth in Fulham house prices. brik.co.uk

Safe Haven Alongside gold and the Swiss franc, London property is seen as a third safe haven by wealthy individuals and governments around the world.

No better examples are the extraordinary amounts – supposedly up to £140m – individuals from Eastern Europe and Arabia have paid for flats in uber prime developments like Number One Hyde Park, and the £1bn of China’s sovereign wealth invested in London commercial property and infrastructure since May last year.

Although London property plays a leading role on the world stage, in the context of London, Fulham is not high on the list for overseas property investors, despite growing numbers of owner occupiers moving here from abroad, particularly from Europe. However, high prices and low supply in London’s well known prime areas – Mayfair, Belgravia, Knightsbridge, Kensington, Chelsea, Notting Hill and the rest – and the increasing pulling power of the Fulham ‘brand’ are gradually seeing this change.

Massive new build development over the next decade will see even more foreign eyes turn this way too, with almost 10,000 new homes planned in Earls Court and along the river over the next decade (see this month’s Buyer’s Guide on page 20 for more on this subject).

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Exchange Rates Of course, exchange rates play an important role in determining which nationalities are buying here, and perhaps the most significant affect of Moody’s downgrade was a drop in the value of the pound against the dollar. The Euro has made significant gains against the Pound over the past sixth months too, up about 10% since mid2012, which can only increase the already strong appetite of European buyers here.

Europe Fulham is popular with Europeans, who make up about 15% of buyers in the area. Half of those are from France, giving support to the oft’ quoted rumour that London is France’s sixth

biggest city. Figures from the French consulate actually put it at 68th biggest, but that doesn’t sound quite so impressive.

High paying City jobs, good foreign language schools – particularly French – reasonable property prices and an abundance of green spaces all help this trend. Aggressive taxation policy in European states can also push people this way. France’s recently proposed, and defeated, 75% top income tax rate gives a flavor of what might be to come, although at present the UK and French tax systems are pretty much comparable. For example the effective tax rate for someone earning £250k in the UK is about 42%. For a single person in France that figure is approximately 51%, whereas for a family with two children it’s 39%, due to the French system of splitting income between family members including children.

Asia Asian money flows mainly into new build developments, with about 48% of sales of these properties in London being made to residents of Hong Kong, Singapore, China and Malaysia, compared with only 27% going to people from the UK in 2012. Interest is at an all time high, with more than 100 units in the Battersea Power Station development being sold to Singaporean buyers in just one day in January this year. Fulham developments get their fair share of this market, with the majority of units in Bellway Home’s recent development on Vanston Place, and Nicholas King Home’s block on Rylston Road, having been sold off plan to buyers in Hong Kong and Malaysia. The new developments by St George and Barrett Homes along the river will only continue this trend.

Asians are typically looking for investment, and are more comfortable with the process of buying off plan, which involves exchanging – often on the very day the property is presented to them – before work is completed. Interest in Victorian property from these buyers is low, although

we’ve had several enquiries from canny Asian investors in the Sands End area, looking for alternatives close to the riverside developments.

As yet, there’s been little demand from these nationalities in Fulham, who only accounted for about 1 in 40 sales in 2012.

Russia & Middle East Russian and Middle Eastern buyers typically look for high priced prime residential property.

The infographic below illustrates where overseas buyers in Fulham are from, and what they’re typically looking for.

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RUSSIA

EUROPE

RUSSIA

SPAIN

MIDDLE EAST

ASIA

CHINA

FRANCE MALAYSIA

GREECE

QATAR HONG KONG UNITED ARAB EMIRATES

SAUDI ARABIA

SINGAPORE

INDIA

BUYERS FROM ABROAD

EUROPE FAMILY HOUSES

RUSSIAN & THE MIDDLE EAST TROPHY HOUSES

ASIA NEW BUILDS

Attracted to London by City jobs and lifestyle, these slightly more frugal buyers (having been partially forced out of the more expensive areas of Prime Central London) have turned to leafy Fulham in their droves solidifying and encouraging prices in the middle and upper market.

Perhaps old news, but still a powerful force in London. Purveyors of the finer (read most expensive) things in life, these buyers are the purchasing power behind the uber expensive ‘Trophy’ properties across Prime Central & West London, pulling the prices up from the top.

The new kid on the block and with plenty of cash to boot, these buyers are particularly partial to new build investments, often buying multiple units in new blocks off-plan in same-day exchanges. We expect large chunks of the new build developments in Fulham to be snapped up by this group.

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BRIKOLAGE THE NEWS & INTERESTS OF BRIK

ARAB SPRUNG FREEDOM TRAVEL

It’s been over two years since the beginning of the Arab Spring, a movement that changed and still is changing the face and logic behind many of the Arab nations across North Africa and subsequently the middle east. Empowered by the new global ‘peoples weapon’, social media, and ignited by one Tunisian fruit stall seller the movement has come along way and not without its downsides. Many of these countries such as Egypt, Jordan and the former French colonies of Tunisia, Algeria and even Morroco have had their once thriving tourism industries eroded by the negative images in the press, “people have simply stopped visiting”. This is a sad consequence of a positive movement and in many cases an unfounded precaution.

STEVE JOBS SPEECH

STANFORD COMMENCEMENT 2005 This famous speech by Steve Jobs is one of his most poignant, and with the subject about life and death, is universally understandable, striking a cord with people around the World, with well over 30 million views on Youtube in various languages. Yet perhaps it’s sad that it takes the pre-qualification of Steve’s success for people to sit up and listen. Nevertheless it’s one of our most loved speeches. We leave you with two of our favourite parts: “Almost everything, all external expectations, all pride, all fear of embarassement or failure.

These things just fall away in the face of death, leaving only what is truly important.

Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked.

There is no reason not to follow your heart.”

“Your time is limited so don’t waste it living someone elses life, don’t be trapped by dogma, which is living with the results of other peoples’ thinking. Don’t let the noise of others opinions drown out your own inner voice, and most important, have the courage to follow your heart and own intuition. They somehow already know what you truly want to become. Everything else is secondary.”

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Immerse yourself in a completely different culture and help these countries along the way by not cancelling your travel arrangements. This villa in Morocco (Villa Sophia) hits the spot and the all year round good weather should too. Find out more at www.marrakechvilla.net.

brik.co.uk

HOUSE

Photo: Alistair Nicholls

WALHAM GROVE HOUSE Icon Architects

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It’s difficult to manouvre within the period Victorian architecture imposed upon the majority of homes across Fulham. The traditional spaces can usually be carved up in one way or another internally to satisfy a more modern outlook whilst maintaining their pretty terraces.

Conceived by Icon Architects this extension to the rear of a house on Walham Grove is a refreshing example of how a little extra ingenuity can offer a new take on a prevalent

brik.co.uk

problem in Fulham. The extension uses structural glazing with one large piece of glass to create a seamless transition into the landscaped garden beyond allowing the interior and exterior to appear as one entity and thus adding an extra dimension to a house originally built over 100 years ago.

See more of Icon’s work on their website: icon-architects.co.uk

If you’re in the process of adding an extension to your Victorian home why not invest a little more effort in design for a lot more character in the result.

THE COVER

INSPIRED: SIMON SINEK

to inspire

“FORGO THE ENTREPRENEURIAL VENTURE FOR AN ENTREPRENEURIAL ADVENTURE. VENTURES ONLY SUCCEED IF YOU MAKE MONEY. ADVENTURES SUCCEED REGARDLESS.”

Simon Sinek has become a bit of metaphor for a new movement, with its origins tracing back to the excesses of the pre-crunch era and the success of companies that not only survived the subsequent toxic fall-out, but flourished too.

Business, it seems, is no longer about business in the traditional sense of the word, measured on how much money can be made, how fast your car is or chasing profits. There’s a new kid on the block that values the amount of positive advancement what you’re doing contributes, to yourself and society, over your bank balance.

THREE THINGS I LEARNED WHILE MY PLANE CRASHED

Sinek’s vision of a new world where everyone enjoys ‘what they do’, and are inspired to create new possibilites and collaborate with each other, is both infectious and, perhaps ironically, results in more ‘successful’ companies which ultimately creates a win win situation for everyone.

Find out more by watching his talks on YouTube or TED. This one in particular is brilliantly recalibrating: “Simon Sinek: If You Don’t Understand People, You Don’t Understand Business.”

TALK

TED TALKS: RIC ALIAS

When Ric Alias caught the US Airways flight 1549 to Washington on 15th January 2009, it was just an ordinary flight like any other, until what they call a ‘double bird strike’ incapacitated the plane three minutes after take off. Of course the result was ‘the most successful ditching in aviation history’ and everyone survived. However during the moments just before impact Ric was put in the extraordinary position of understanding that he had perhaps only one minute

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left to live. During those long and reflective moments as he passed just feet above the George Washington Bridge, he learned three things, which usually only become apparent to the dying, and subsequently changed the course of his life forever. You can watch his talk online at TED.com, and it’s rivetting to hear from someone

who has almost literally come back from the dead, and the advice he offers. One point he makes is how “I learned it all changes in an instant... I regreted the time I wasted in things that did not matter with the people that mattered.”

You’ll have to watch the talk to hear the other two revelations, it’s well worth it. Inspiring. brik.co.uk

Minimum size.

Maximum sound.

Loewe Audiodesign range.

Loewe SoundBox £ 399

Loewe AirSpeaker £ 499

Loewe SoundVision £ 1,249

Experience the three most innovative audio systems available today, now with reduced pricing. Loewe crafts these supreme quality devices in its reknowned minimalist design with astounding sound and your option to customise the inlay colour. Ask us for details. www.loewe.tv

LOE_AZ_MZ_Audiodesign_200x250_LOUK_v1.indd 1

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INSPIRATION TRANSMISSION MARQUEYSSAC GARDENS

T HOUSE

PARADISE TREE HOUSES

VÉZAC, FRANCE JULIEN DE CERVEL

MIYAZAKI, JAPAN TSUKANO ARCHITECT OFFICE

INTERNATIONAL GENSLER

There is much attention devoted to the exact finishes, details and design of buildings and often far too little devoted to the design and manipulation of the natural world.

As we get ever better at mastering our living spaces perhaps more of our energy could be focussed on our exterior zones, making them a reflection of our interior worlds.

They have the power to bring serenity to a space that cannot be achieved through construction alone. A perpetual architecture that connects us with our environment, our past and our mortality.

Contemporary Japanese architecture today is some of the most effective and minamalist in its principles. Simple blocks of volume are combined together without compromising their pure lines with over complicated and uneccesary additions. From the exterior this house looks like a solid white box, but it’s the interior courtyard, created by the exterior walls of the house, that’s particularly interesting. A fortress and ode to design in a cluttered city, introverted in function and extroverted in projection.

Many of us built tree houses when we were younger with limited materials, off-cuts of wood and rusty nails. This computer generated image by Gensler is testament to the amazing ideas that can come with limitless boundaries and the design is surely the stuff childhood dreams are made of. However the dark side to this particular paradise is that this design is one of many that were submitted by architects world wide to a fraudulent competition called ‘Tree Houses in Paradise’. Ironically the fake competition has drawn more interest than if it were genuine!

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Sensuous Reveals

+MODO We don‘t just look at kitchens, we live and feel them. Our +MODO introduces sensuous emotions to the world of the kitchen, the interplay of open and closed elements places your favourite objects in stimulating open spaces. Hide and reveal as the mood takes you to keep the attention on your furniture and treasures. The kitchen is now the platform for a journey of constant discovery.

Poggenpohl Möbelwerk GmbH Poggenpohlstraße 1 D-32051 Herford Fon +49 (0) 5221 / 381 -0 Fax +49 (0) 5221 / 381 -321 info@poggenpohl.com www.poggenpohl.com

EXCLUSIVE POGGENPOHL KITCHEN DESIGN CENTRES Aberdeen l Ascot – Berkshire l Barnet – London, Herts l Birmingham l Carlisle l Cambridge l Colchester l Dublin l Edinburgh l Exmouth Gibraltar l Glasgow l Guernsey l Guildford l Kilmarnock l Leeds l Leicester l London – Finchley Road NW3 l London – Knightsbridge SW3 London – Pimlico SW1 l London – Clapham SW11 l London – Waterloo SE1 l London – Wigmore St W1 l Manchester l St. Albans St. Lawrence – Jersey l Wilmslow – Cheshire l Worthing – Sussex For a brochure or details of your nearest studio please call 0800 612 9702 or visit our website www.poggenpohl.com

BOTTOM RATE VIEW FROM THE MORTGAGE MARKET

Looking to switch mortgage? You probably should be, based on what some are calling the bottom of the mortgage market.

Where will you be in five year’s time? Same job – maybe? Same partner – depends? Same mortgage – very probably. The reason I say that with such confidence is due to a raft of very tempting five year fixed deals available at present.

Now I have talked about this before, noticeably when we were looking at the Bank of England’s Funding for Lending Scheme. However, back then we were only seeing very good 60 month rates and only at 75% loan to value and below; now there are strong rates all the way up to 90%. Accord (part of the Yorkshire Building Society Group) currently have a five year fixed at 90% LTV at 4.64%, until 2018 (product fee of £1,995)! This time last year one of the better five year products available was a 4.39%, fee of £995 – at 85% loan to value. At 90% the best ones were coming in at over 5%. In fact the average two year fixed mortgage with a 90% loan to value ratio has seen the biggest drop in one month (from Dec 2012 to Jan 2013) since 1996.

So why are lenders offering competitive longer term fixed? Well, the government Funding for Lending scheme after some initial negative press on behalf of the lenders, appears to have now

made a strong impact on the market by driving down the cost of borrowing. When you can secure a 75% loan to value five year fixed at 3.09%, until 2018, with a fee of £995 (perhaps the lowest rate since records began in 1995), why would you want to risk a lifetime base rate tracker or a standard variable rate? The average standard variable rate is around 5%, so for those clients coming off a product it makes sense to go for a stable deal over half decade, whilst saving money. Even if you are with Nationwide or C&G on a standard rate of 2.5%, an increase of 0.59% for longer term security is a good deal.

But what if you are one of the lucky borrowers on a base rate plus 1% or 1.5%? Is 3.09% enough of a temptation to remortgage?

Well, every client and situation is different; however the question I always ask is what is more important? Saving money now and then moving onto a different product when the base rate starts to move, or is stability a bigger draw, allowing you to plan ahead knowing that your accommodation costs will not change for the next five years, but paying slightly more now?

WE’RE SEEING SOME OF THE LOWEST RATES FOR FIXED TERM MORTGAGES SINCE RECORDS BEGAN

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Now, I don’t think that the base rate is going to increase for at least two years, maybe even beyond that. The economy is still very fragile, maybe even headed for a third recession in as many years.

The Bank of England so far has agreed with the Government’s strategy in looking to bring the deficit down, before dealing with inflation.

However we now have a new Governor heading up the bank, someone not only from outside of the Bank of England, but outside the country as well.

Mark Carney, the current Governor of the Bank brik.co.uk

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My advice to any client on one of those very good value lifetime trackers is to review the market once a month, and see where rates are heading.

Clearly the longer you can stay on that rate the better for your monthly outgoings and budget in general, especially if you are making aggressive overpayments, however you do not want to miss the boat when the products start to move. brik.co.uk

2018 Fees £1k-2k

O EG

The key here is timing. I do not think that anyone will be able to call the bottom of the market. Will long term fixed rates drop further? Probably, as Lending for Funding ploughs more money into the lenders. So, how low does it need to get before a client on 1.5% above base at 75% loan to value decides it is worth moving onto five year fixed? I would say that unless you are paying less than 1.5% as an overall rate it is definitely worth considering moving – maybe not immediately, but certainly by the Summer. Because when one lender starts to put their rates up, you can bet your bottom dollar that others will look and wonder what they know, and then we will start to see costs creep up.

PREDICTING THE BOTTOM

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of Canada, is due to start in May 2013. In recent speeches he has talked about the need to make changes to our fiscal strategy, although he has not specified what he has in mind. I think that we would all be surprised if rates started to move immediately, especially if the data coming out of the economy gets worse. But when it does move, or even when there are rumours of a rate move, you can be certain that lenders will be increasing their product margins much more than 0.25%.

THE FIVE YEAR FIXED MORTGAGE

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UNDING FOR LE

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“WHEN ONE LENDER STARTS TO PUT THEIR RATES UP, YOU CAN BET YOUR BOTTOM DOLLAR THAT OTHERS WILL LOOK AND WONDER WHAT THEY KNOW”

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Higher Fees

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LTV

4.64%

90%

3.09%

75%

Lower Fees Alistair Hargreaves Mortgage Consultant 020 7384 6790 Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Rates correct at time of print.

Lower LTV

PRETTY LITTLE THINGS STAMP RUG

LIBERTY SUITCASE Liberty

T SHELF MODULAR

Rug Maker Rug Maker have been granted an offical license to produce this unique collection, the rugs are handmade from 100% New Zealand wool in the Kathmandu valley, Nepal.

This retro Liberty print suitcase is ideal for the 21st century Paddington bears amongst you, leaving you plenty of room to pack for marmalade sandwiches.

These pyramid shaped pieces of plywood can be cleverly put together in a multitude of ways to create a variety of different structures from coffee tables to shelving units.

ASTON MARTIN HAMPER

CABLE KNIT DOG JUMPER WOOD STUBBLE POUFFES

Big Cartel

Aston Martin

Hamish McBeth

Huset

Aston Martin transfers its ethos of combining luxury and functionality with this hamper, made from top quality products, that might even fit nicely into the boot of your Vantage!

This super cool and super warm dog jumper will definitely leave all the other dogs in the park looking very green. Made from Lambs’ wool, it’ll also get him through the weather!

These wood style pouffes will look great in any household, bringing a bit of rural living into the city. They’re made from recycled polyester and wrapped in printed canvas.

PILICATE WATCH

DIAMOND MIRROR

MUMMY WRAP

Benjamin Hubert

Paula Cattelan

Amazon

Re-designing something as over-designed as a wrist watch is a puzzling task and one which designer Benjamin Hubert has neatly solved with the Pilicate watch, with its pleated aluminium face. Available in four colours.

See your many faces in the many faces of this remarkable mirror

by Paula Cattelan. The mirror has the the power to enliven even the darkest of rooms and can make an attractive center piece above any mantle piece.

Until someone brings out some effective wireless headphones then this problem just wont go away. In the meantime avoid getting into a tangle with this useful and fun solution, the Mummy Wrap.

GIRAFFE BOOKENDS

MAKR IPHONE CASE

GLASS MILK CARTON

Everyone knows that Giraffes have long necks, but did you know that they have the same number of vertebrae in them as us (just larger, obviously)? Now you can extend thier necks even longer with these neat book ends, hand finished in hammered black .

This Ox blood iPhone 5 case has been beautifuly crafted, made from the finest Horween leather, the edges have been rolled and hand sewn to give it a legitimate tailor made effect. Perfect for protecting the vulnerable glass of the phone and therefore your wallet too.

This hand blown milk container is an effective way of removing ugly milk cartons from your table and looking quirky and cool in the process. You can also get them in smaller ‘cream’ containers. Perfect for bringing out with your coffee.

Anamavis

Makr

Hensen

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ALL CHANGE BUYER’S GUIDE: EXPENSIVE PROPERTY

There’s a quiet revolution going on in architects’ offices and fenced off brownfield sites across Fulham, which could result in the population here increasing by nearly 30% and the creation of over 10,000 new homes...

Over the next twenty years ‘new build’ will play an increasingly important role in the West London property market, with Fulham home to and surrounded by numerous projects delivering well over 13,000 new homes, such as the massive redevelopment of Earls Court and its surrounding estates currently in planning, and the riverside developments at Chelsea Creek, Fulham Riverside, Fulham Reach, and outside of Fulham, Battersea Power Station, currently under construction.

It’s easy to feel that Fulham, with it’s rows of historic terraces is quite safe from, indeed protected from, this kind of rampant development with its row upon row of Victorian terraces creating an interlocking web of solidarity. You’d be wrong though, with its enormous riverside frontage and location (North of the river and neighbouring Chelsea) Fulham is a tantalising prospect for the collection of big time development companies that can afford to finance such operations. It’s just that these developments take an excrutiatingly long time to secure planning for (and build). Many have been in the process for years, and we won’t see the Earls Court development come to completion for perhaps another twenty years. So like sleeping giants they remain beneath most peoples’ radars, until the cranes move in.

Is this all good news for Fulham? Of course the large scale redevelopment along the riverside, filling in what were once old warehouses and derelict docks are no doubt good news. With each regeneration comes an increase in prices locally and sometimes, if you’re lucky, a new train station as well (such as Imperial Wharf). Within twenty years about one third of all the addresses in Fulham will be in a new development, significantly reducing the proportion of period properties and arguably therefore raising their prices even higher.

There’s also a different type of buyer coming into new build property, typically local and overseas (read Asian) investors, and you could argue that such developments will as such reduce community atmosphere. A terraced row of town houses built for and inhabited by families, with many of the children going to the same schools and play groups and growing up locally, gives a certain cohesian that a multitude of buy-to-let flats may never achieve. You only have to take a short stroll around Imperial Wharf to get a feel for what we’re talking about. Couple that with the way that they’re sold, on mass, abroad, and you have a situation that encourages transient occupation.

“ONE HUNDRED OF THOSE WENT TO SINGAPOREANS ON THE FIRST DAY OF SALES” So who’s buying? Most new build properties today are sold ‘without touching the sides’, out east to the booming investment markets of Asia where uber wealthy buyers snap up vast numbers of units ‘off plan’. Asian money is no doubt the fuel for this fire, with over 75% of the first 600 units of phase one at Battersea Power Station having been reserved by Asian investors... in the first week! One hundred of those went to Singaporeans on the first day of sales. Like a modern day silk road in reverse, this channel is funneling cash right into the London purse and consequently, Fulham. The result is good news all round for the economy and property investment into new builds seem to be the major brik.co.uk

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EARLS COURT IN NUMBERS

756,279 sq. m. residential 97,833 sq. m. business 26,732 sq. m. retail 16,319 sq. m. hotel 31,827 sq. m. community 36,000 CONSTRUCTION jobs 8,600 permanent jobs 6,775 New HOMES 4 NEW URBAN VILLAGES attraction, for the time being at least. This is good for Fulham, for those looking to move here and especially those that own properties here, as it will no doubt have a positive effect on their capital value.

So where are they? We’ve created a shortlist of the most important and largest ‘new builds’ in and around Fulham for your perusal, admiration and reflection.

EARLS COURT Who: EC Propertied Ltd Status: In Planning New Homes: 6,775 More: myearlscourt.com

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Arguably the most audacious new build project ever seen in West London, the demolition and redevelopment of Earls Court and its surrounding estates is truly gigantic in scale. Dwarfing Battersea Power station’s 3,400 new homes, Sir Terry Farrell’s master plan includes the construction of four new ‘urban villages’ containing 6,775 homes, 37 acres of open space, 4,335 parking spaces, 11,125 bicycle parking spaces and a new high street on the land roughly bordered by Cromwell Road, Lillie Road, North End Road and Earls Court Road.

Construction will be in seven phases over the next twenty years, with the first phase – the plot on Seagrave Road (see infographic right) – planned to complete between 2015 and 2018.

SEAGRAVE ROAD Who: EC Propertied Ltd Status: In Planning New Homes: 808 More: myearlscourt.com/seagrave-road Seagrave Road is the first phase of the wider Earls Court development plan, and will see 808 new homes and a 485 space underground car park built on what is now a 7.4 acre parking lot on Seagrave Road. Construction of this leading phase will be in five sub-phases completing between Summer 2015 and Winter 2018 according to the current plan.

CHELSEA REACH Who: Bellway Homes Status: Under construction New Homes: 33 More: bellway.co.uk Bellway Homes’s development of the old Bingo hall on Vanston Place is almost complete, and you’d be doing well to get your hands on one of these extremely well located apartments. Most were bought off-plan by a single Malaysian investor, although a few do remain available. The building consists of thirty apartments and three large penthouses over five floors, plus a new underground car park. If you want an idea of the finish check out Bellway’s previous project at the end of Wyfold Road, which similarly sold out in a flash.

FULHAM RIVERSIDE Who: Barrett Homes Status: Under construction New Homes: 460 More: fulhamriverside.com The transformation of the derelict Fulham Wharf into a modern riverside development complete with restaurants, shops, a gym, a public riverside path and 460 homes is now well underway.

Construction will be in two phases, with work on a new 100,000 sq ft Sainsbury’s and about

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4

EARLS COURT

CHELSEA CREEK

SEAGRAVE ROAD

FULHAM REACH

6,775 In Planning EC Homes

890 Under Construction St George

808 In Planning EC Homes

744 Under Construction St George

7

8

5

6

FRW

FULHAM RIVERSIDE

LONDON SQUARE

CHELSEA REACH

475 In Planning FRW Partnership

440 Under Construction Barrett Homes

40 In Planning London Square

33 Under Construction Bellway Homes

WEST KENSINGTON

NEW BUILDS HOW THE NUMBERS ADD UP

EARLS COURT

HAMMERSMITH BARONS COURT

1

WEST BROMPTON

4

13,000

3 7

NEW HOMES PLANNED IN AND AROUND FULHAM

10,025

NEW HOMES IN FULHAM

8,098 IN PLANNING

8 FULHAM BROADWAY

PARSONS GREEN

PUTNEY BRIDGE

6

2,107

UNDER CONSTRUCTION

IMPERIAL WHARF

2

5 brik.co.uk

23

Dec_2012 full page_Layout 1 04/12/2012 14:15 Page 1

West End Fulham Islington Notting Hill Richmond Cheltenham Guildford

020 7297 6220 020 7736 7362 020 7704 8260 020 7229 2123 020 8744 9993 01242 521 900 01483 573 584

Made in Britain, Built to Last www.roundhousedesign.com

British Design

half the apartments already in progress on the Fulham Wharf plot. The demolition of the existing Sainsbury’s and building of the remaining flats will follow in phase two. This site is one of the few remaining South facing riverside plots in London, and with Barrett Homes’ plan including landscaped piazzas, gardens, balconies or terraces for most of the apartments and a 17 storey tower, this part of Fulham is going to see a real boost in popularity over the next five years.

the development will consist of highly specified apartments and penthouses with river views, not far from Hammersmith tube station.

CHELSEA CREEK

Designed by architects Harper Downie, the Fulham Riverside West master plan is to create 475 new homes, 197 sq m of office and affordable business space, 1174 sq m of retail space and 1438 sq m leisure facilities including restaurants and cafés on land earmarked for use by Thames Water’s Super Sewer project – Wiffen Wharf, Hurlingham Wharf and the Carnwath Road Industrial estate. The buildings will be knitted together with a series of green open spaces, making up 50% of the site.

Who: St George Status: Under construction More: chelseacreek.co.uk New Homes: 890 Price: £560,000 to £8m Another large scale development currently under construction just north of Imperial Wharf, is St George’s Chelsea Creek complex. Consisting of twelve buildings and a renovated dock in close proximity to Imperial Wharf over ground station, units in the latest two phases, Contess House and the 24 storey high Tower are now on sale. Prices are steep though, with one bedroom flats in the Tower starting at £869,950 and two bedrooms in Contess house from £1,049,950. If you’re not keen to buy off plan, resale apartments in recently completed Doulton House (3 beds, £1.75m) and Compass House (2 beds, £830,000) are available through Brik.

FULHAM REACH Who: St George Status: Under construction More: fulhamreach.co.uk New Homes: 744 Price: £760,950 to £8.95m Another development by St George, Fulham Reach is being built on unused wasteland just south of Hammersmith Bridge. Designed by award winning architects, John Thompson & Partners,

FULHAM RIVERSIDE WEST Who: Fulham Riverside West Partnership Status: In Planning More: fulhamriversidewest.com New Homes: 475

LONDON SQUARE Who: London Square Status: In Planning New Homes: 40 houses More: londonsquare.co.uk London Square’s £100m redevelopment of the historic Farm Lane trading estate - once used as stables for horse buses - in Fulham Broadway will contain forty houses of around 2000 square feet each arranged around a central landscaped garden square. The listed Edwardian arched entrance to the site will be retained with two storey white stucco houses with slate mansard top floors connecting to it. The symmetrical square will have terraces and landscaped lawns with paths and trees, while parking will be in a private underground garage.

25

For further information on any of the above developments or their potential effects on your property feel free to get in touch. brik.co.uk

DECISIONS DECISIONS SELLER’S GUIDE: SELLING ISSUES ANSWERED Should I stage my property?

If you’re living in the property you’re selling, staging is all about ensuring what you have looks attractive and tidy. It’s fairly rare for owners to go to great lengths to ‘stage’ a home they’re living in for purely practical reasons – after all you have to live there – but small changes like taking down untidy or blacked out window coverings, storing children’s’ toys out of sight, general de-cluttering and touching up the door and entrance hall are de rigeur and advisable.

26

On the other hand, if you’re selling a vacant property – as is the case for most property developments – staging is absolutely essential to achieve the maximum price. Having furniture instead of bare rooms benefits photographs massively. Showing buyers how the house can be lived in through appropriate staging also means viewings are much more likely to turn into offers. It’s all about gut ‘feel’ when prospective buyers first enter a property, and nothing cools the warm, happy, desirable feeling you want to instill like an empty room devoid of character.

Should I sell with tenants in place?

Unless it’s unavoidable, we always recommend waiting until tenants are out before putting a property up for sale. Unless your tenants are particularly tidy and cooperative, marketing a property with them still in residence throws up two problems. First, no matter how diligent the photographer, it’s difficult to get photos looking top notch with tenants belongings dotted all over the place. This also affects viewings, as your tenants don’t own the place – not to mention have a right to quiet enjoyment of the property -

it’s understandable that they’re not too keen to tidy up every day. Second, tenants tend to loose their appetite for viewings fairly quickly, meaning arranging that all-important Saturday or evening viewing can sometimes prove impossible.

Should I be present on viewings?

Short answer, no. Long answer, it’s all about ‘feel’.

If you’re anything like most buyers, what you looked for when buying your home was somewhere that just felt right when you came through the door. That translates into a property that feels as if it could be yours as soon as you step inside. You can just imagine yourself living there. Now instead, imagine you step inside and meet the current owner. Boom.

That daydream that the property is your new home is replaced by the reality that it actually belongs to a stranger standing in front of you. You start to feel like you’re imposing, that you can’t speak or ask questions freely without possibly causing offence.

It all creates a barrier to that feeling of connection you want prospective buyers to have.

“TENANTS TEND TO LOOSE THEIR APPETITE FOR VIEWINGS FAIRLY QUICKLY” The situation is marginally better with second viewings, when buyers have had a chance to connect with the property on their own terms, and now want to take a closer look at the details. One of those details is you, the current owner, and your story. Hearing this first hand has its advantages, and of course you get to meet the prospective buyer too, but the success of such encounters comes down to the personalities involved. A good estate agent should be able to candidly advise on the pros and cons of such a meeting based on what they know of the buyer.

  

                                                                                                                                        

                                                                                                    

LIGHT UP LIGHT UP SPUTNIK IN NICKEL

FLOS TATOU

VOID

£90 | grahamandgreen.com

£250 | awhiteroom.com

£285 | heals.co.uk

For a no thrills, industrial look, this unique and modern pendant light fits the bill. Classic and simple elegance.

The Tatou is from the designer Patricia Urquiolos. It is based on her vision of Japanese armour and an ‘armadillo’s’ shell. It comes in black, ochre grey and white.

This is a stunning polished steel light from Tom Dixon, that is also available in copper. The shade is hand polished to create a mirrored surface which is then lacquered.

ORSJO PJ

MARSET MARANGA

LIGHT SHOP ROMEO

£440 each | atomicinteriors.com

£285 | spatial-lighting.co.uk

£137 each | selfridges.com

Unusual anglepoise style from the ceiling. They come in two sizes and six colour options, matt black, misty blue, silver, oxide red, white and warm grey.

Designed by Christophe Malthieu, this simple shape generates warmth, comfort and atmosphere.

Chinks of light shine through creating a real centrepiece.

Light Shop’s Romeo will make a stylish addition to any room. Comes in many colours and particularly effective when different sizes are hung together.

THE BEAD PENDANT

THE VESPA

THE CLINKER LONG

£1120 | Hollowaysofludlow.com

£236 | Hollowaysofludlow.com

£230 | Wayfair.co.uk

A stunning series of intersecting spheres made from ultra-thin spun stainless steel and covered in one of four finishes – copper, silver, white or black.

With its bold colours and original design, the Vespa pendant is a unique and eye catching addition to your home. Based on a simple car headlight it is available in red, yellow, black or chrome.

One of a series of “Clinker” pendants. This is a lovely light and at 68cm long, is big enough to give real impact. Made from wood and glass. Available in matt white, black or red.

SPUTNIK CHANDELIER

BAU PENDANT LIGHT

£1425 | Jonathanadler.com

£200 | Bodieandfou.com

THE VP GLOBE PENDANT

Jonathan Adler’s sense of humour shines through in this stunning pendant. A signature crown shape and crystal balls add twinkle and glamour to the Sputnik Chandelier.

Available in polished nickel this really gives the “wow” factor.

This is a hanging lamp with attitude! Designed by Vibeke Fonnesberg Schmidt the BAU Pendant Lamp is a striking and sculptural lampshade that combines geometric shapes, composition and creativity.

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compiled by MAGENTA PINK interiors | www.magentapink.co.uk

£1395 | Skandium.com VerPan has become a global phenomenon, producing lighting in accordance with the original Verner Panton principles. This spaceage suspension light consists of a transparent acrylic ball encasing three reflectors suspended by steel chains.

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SUPER NOVA Large by nature and price, the homes on a select few roads of the ‘Moore Park Estate’ (off King’s Road) can command some quite princely sums. This one was no exception making even the opulent Rumbold Road blush. Although with prices going in only one direction we’re convinced that the new owner of this immaculate house is sitting on quite an investment.

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Record Sale Rumbold Road 5 Bedroom house £3,600,000

With so many ‘designer’ houses on the market it’s often difficult to appreciate the real work that goes on behind every finish

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Being fully extended and in pristine condition throughout meant this property had plenty of demand and went over asking price

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Located just off the famous King’s Road, near the Chelsea border and being very close to Fulham Broadway makes this house hot property

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A well crafted and sleek Bulthaup kitchen forms the centre of the house playing off the grandeur of the exterior with clean lines and minimal form.

DESIGN DESTINY For Sale Fulham Road 4 Bedroom House ÂŁ2,750,000

An achingly cool house that has been completely re-configured by one of the latest generation of design concious developers. Step one was to maximise space by extending into the basement and open out the volume. Step two involved planning and the careful mix of materials, finishes and layouts followed by an execution to exacting standards.

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Located in the historic Royal Borough of Kensington and Chelsea, within close proximity of London’s most renowned restaurants, delis and coffee shops this de facto London townhouse is in a prime spot.

The home comes with two off street parking spaces and the ability to apply for the coveted Kensington & Chelsea parking permit

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SPOT ON Located on Chipstead Street, one of our favourite roads and one of the very best locations available to buy in Fulham, this house is spot on when it comes to both design and location. The house has been finished with meticulous attention to detail throughout, is arranged

over four floors and extends to beyond 3,600 sq ft. The bedrooms and living spaces have been thoughtfully designed to balance practicality and aesthetics, and across the property the design utilises a pallet of neutral colours, glass and natural materials. The

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Parsons Green is the epicenter of affluence and desirability in Fulham, and Chipstead Street is one of the best streets in Parsons Green

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house is part of the Peterborough Estate, an attractive red brick and white painted Victorian built (c.1910)development on what was once the site of the lavish Peterborough House. The houses, crested with Lion figurines, are known locally as ‘Lion Houses’ and there is a certain prestige associated with owning one.

Under Offer Chipstead Street 7 Bedroom House ÂŁ3,950,000

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Balance the amount of money you invest inside your home with a designer garden outside

The full potential of this Victorian terraced house has been achieved with a refreshing, open plan design implemented across the ground floor.

OFF THE BLOCKS Parsons Green is the major draw of Fulham, with it’s upmarket feel and central location it’s dificult to beat. This house was only a stone’s throw from the green itself, making it an irresistable catch to our buyers. The fact it was wider than standard with a landscaped garden to match its immaculate interior was a bonus.

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Under Offer Eddiscombe 4 Bedroom House £1.850,000

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THE SAINT There’s not much choice if you’re looking for a smaller Victorian house in Parsons Green, as they’re usually middle to large in size, and as such, price. These smaller houses on St Dionis Road, right by the green itself, are some of only a handful across Fulham. As such they’re blessed with a more afforable price tag while being a freehold house complete with all the benefits that brings.

For Sale St Dionis Road 3 Bedroom House £1,495,000

DESIGN SPACE Extending to almost 2,900 square feet this large Victorian family homes occupies a decent plot on one of Fulham’s top roads, right by Parsons Green itself. The house has a large open plan double reception room with wooden flooring, exposed beams and bi-folding doors that lead out to a 16’ rear garden. There’s also a bespoke Italian kitchen installed by the design concious owners.

For Sale Broomhouse Road 5/6 Bedroom House £3,000,000

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SOUTHERN STYLE A stylish four bedroom Victorian terraced family home located very close to one of Fulham’s largest parks, South Park. The entrance to the park is on Hugon Road itself and is home to Fulham’s only cricket ground, several public tennis courts and an extensive recently built adventure playground. The area has some large re-developments sceduled along the river (see page 21) which will only improve the nearby river frontage.

For Sale Hugon Road 4 Bedroom House £1,250,000

ALPHA HOUSE This recently refurbished family home has five bedrooms and an enormous (by Fulham standards) 43’ rear garden. Woodlawn Road is part of a group of roads called the ‘Alphabet Streets’, located in the West of Fulham a stone’s throw from the river and the extremely popular Thames path that follows its length. The newly refurbished and admired Bishop’s park is also very close by too. Available from May. To Let Woodlawn Road 5 Bedroom House £1,300 per week

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CHECK MATE Located at the top corner of Parsons Green (closer to the undergound station) with commanding views over the park itself this apartment has to be one of the best located properties we’ve seen in ages. There’s also a rather convenient Little Waitrose supermarket extremely close to hand, along with plenty of cafes and the famous White Horse pub. The flat has just been refurbished to a very high spec. Available now.

To Let Parsons Green 2 Bedroom Flat £795 per week

DIVINE PROSPECT

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This property is located on a quiet residential road opposite a church and makes up the top two floors of a converted period property. The flat has been recently revamped throughout with new floors, kitchens and bathrooms and also has a private roof terrace with views across London. St Peter’s Terrace is not far from the cafes and shops of both Fulham Road and Munster Road. Availbale now.

To Let St Peter’s Terrace 2 Bedroom Flat £525 per week

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SUN TRAP A thoroughly polished and superbly executed family home with a 21’ south facing rear garden with a 100 sq ft outhouse. The home has been recently refurbished from top to bottom with oak flooring, Siemens appliances, under floor heating and quartz work surfaces. There’s bi-folding doors that lead to the landscaped garden, four bedrooms, three bathrooms and also plenty of cafes and restaurants close to hand including a large Sainsburys supermarket. Available 1st April.

To Let Stephendale Road 4 Bedroom House £1,000 per week

GET IN TOUCH Fulham

Notting Hill

Contact 020 7384 6790 hello@brik.co.uk @briklondon brik brik.co.uk

71 Parsons Green Lane Fulham, SW6 4JA

11 Coleville Mews, Notting Hill, W11 2DA

Near the White Horse pub

Next to the Brand Museum

WE BELIEVE Like many people we believe estate agency is in need of improvement.

We started Brik to challenge the status quo and our reputation has grown by delivering record breaking prices and quick sales with minimum fuss. Our formula is simple, sound advice plus friendly approach equals good result.

MEET BRIK Mike Horne Co-founder NFOPP qualified

Chris Littlewood Co-founder NFOPP qualified

Ben Littlewood Co-founder NFOPP qualified

James Sims Sales Manager NFOPP qualified

Isabel Montagu-Williams Sales Manager RICS

Emma Wrake Lettings Manager ARLA qualified

Alex Weldon Sales NFOPP qualified

Angus Ovens Sales

Call us for a free valuation: 020 7384 6790