South West London is home to some of the most inspired property renovations, restorations and refurbishments in Europe, where homeowners, architects and builders often have to overcome the challenge of limited space through genius design and creativity. In the first of a series of articles looking at 2018 property renovation trends across South West London, we take a closer look at Fulham:
The Fulham property market is in the process of change
2017 saw London facing a dip in the property sales market, as foreign investors began to exercise caution when investing in the Capital. Fulham was no exception to this, with a 10% dip year-on-year in sales, 4% higher than the London average. Almost in immediate response, the Fulham market has since shifted away from luring foreign investment to instead trying to accommodate for London’s growing demand for family-friendly homes.
With desirable mortgage rates and adjusted house prices, Fulham is seeing the first post-recession spike for 3+ bedroom prime residential properties between £0.8M and £1.5M. New builds across the river stretch – like the Fulham Reach and Fulham Riverside projects – are aiming to transform the area in the “new Chelsea”, where properties with more rooms and living space command higher valuations. This has seen the whole area change attitude, where existing homeowners and developers are now looking at how to maximise room count and space! There has also been a cultural shift in Fulham, with areas like Parsons Green and Walham Green seeing the young-and-hip residents of yesteryear settling long-term in the area as they now raise their families.
Easily the most common type of property renovation in Fulham, many of our clients in the area look to capitalise on the relaxed permitted development rights. The majority of detached and semi-detached homes in Fulham are allowed to add 6 to 8 metre single-storey rear extensions to their properties without requiring planning permissions. Some exceptions apply – speak to us if you’re unsure of your home’s status – but the additional space can be truly transformational.
We’ve noted savvy homeowners are relocating their kitchen, dining area and living space to their rear extension, typically as an open-space, freeing up the former front room into an office space or additional guest room.
Basement conversions and loft conversions
For homes unable to do a full rear or side extension, homeowners are instead opting to build up – and down! Loft conversions are fairly standard in Fulham, converting typically wasted loft space into a master bedroom with en-suite, however many homes are now going underground. By expanding existing cellar space or digging out a new basement entirely, you add a floor to your property without needing to dramatically change the exterior of the home (which planning permission always likes to hear).
Our project on Dolby Road saw us transforming a terrace home in all directions, with the basement allowing the homeowner to move their utility room and downstairs bathroom into the basement. This freed up more space for a large party-friendly kitchen space, expanded with a small rear extension. With the loft conversion, the home transformed from a tightly compact 3 bedroom house to a spacious 4 bedroom luxury home.
Restoring multiple flats back into a single home
One of our most exciting projects in 2017 was restoring two flats on Quinsmill Road back into a single property. This was indicative of the trend in the area, where property value comes from having bigger homes, and it’s something SDA will be doing more of in 2018.
Converting commercial properties into residential homes
Recent years have seen Hammersmith and Fulham Council grant more permissions to convert typically abandoned or rundown commercial properties (often factory warehouses from Fulham’s industrial revolution past) into spacious homes and flats. This is something we see continuing in 2018, to meet the new demand.
SDA are one of the leading builders in Fulham, specialising in the restoration, renovation and refurbishment of homes across South West London. See our award-winning work and get in touch to talk about your home and how we can help you transform its value.