Finefair works very hard to ensure we are in prime position to provide property management Kensington and Chelsea investors can rely on. Our services are first rate and we also strive to offer unbeatable value for money.
A tough decade
Chelsea is home to one of the most astonishing postcodes in the whole of the UK. SW3, encompassing a number of streets near Royal Hospital, shows what can happen if the property market fluctuates too wildly. The area became a hotspot for investors as well as developers, resulting in a number of high profile purchase and projects. This was the driving force behind rapid rises in prices. Sadly swift decline came and a decade of lost value followed.
The drop in values across the area has been dramatic. Between August 2015 and the first quarter of 2018 homes lost 15.5% of their value. A number of investors have had a tough time in the area, particularly those from overseas who expected growth to continue.
Chelsea Barracks is a perfect example of the struggles in the area. The former Ministry of Defence site was sold in 2008 for £959million. The global financial crisis promptly hit and as a result values plummeted. Progress began on the redevelopment the following year with a mansion block design. There were additional problems though and work did not begin until 2015. In February 2018 the fourth phase of the project was cancelled. Work will begin again at the end of the year. As a result, the first residents will not be able to move into their homes until 2019.
According to figures, the drop in price values in SW3 has started to level off over the last 12 months. More importantly the prices are 41% above the low in 2008. Some buyers are starting to return, including at the upper end of the market. Surprisingly there are more British buyers showing interest.
Finefair is ready to offer reliable property management Kensington and Chelsea investors will appreciate. We work hard to make sure every service provides as much value as possible. Contact us today to find out more.