New homes in Hammersmith & Fulham
New homes in Hammersmith & Fulham
Spotlight on Hammersmith & Fulham
Hammersmith and Fulham has the fourth highest house prices of any local authority in the UK, but it also has nearly a third of its residents living in disadvantaged neighbourhoods. With five regeneration schemes set to transform these areas over the next 20 years, buying property here could be a wise investment.
Riverside developments kick-start South Fulham’s transformation
The industrial riverfront of South Fulham has been dramatically overhauled in the last few years. Elegant new residential developments have sprung up south of Chelsea Harbour bringing new facilities, such as a new train station at Imperial Wharf, and plenty of interest in the area. As a result, the Sands End neighbourhood has seen property prices rise by 161% in the last 10 years.
More new homes are planned on unused or underused land. There are also plans to extend the riverside walk along the whole frontage to give locals more access to the river. And access to the wider area will be further improved when Crossrail 2 arrives at either Imperial Wharf or the King’s Road in nearby Chelsea – estimated to be completed by 2030.
A proposed facelift for Hammersmith town centre
Another area set to be transformed is Hammersmith town centre. Working closely with architects, local residents and businesses, the borough council is creating a plan to redevelop Hammersmith town centre, improve access to the riverside and deliver up to 2,800 new homes and 10,000 new jobs. The next round of public consultation is set to begin in early 2017.
The rebirth of White City
Involving 110 hectares of land and several major development schemes, the ambitious £8bn regeneration of W12 will transform WhiteCity over the next ten years. Westfield is investing over £1bn to create a new residential quarter north of the iconic shopping centre along with new leisure facilities and shops.
In addition, Stanhope is investing £500m to revamp the BBC Television Centre and provide new homes, an office block and a revitalised creative quarter. Another London developer has plans to build hundreds more homes, a new public park and to open up railway arches to improve connectivity with Notting Hill. Additionally, ImperialCollege has started building a 25-acre science and education campus with more new homes and housing for post-graduate students.
A vast, new transport super-hub at Old Oak Common
Swathes of industrial and railway land in one of London’s poorest areas will be transformed into southern England’s main rail hub. Due to be constructed by 2026, the Old Oak station will be bigger than Waterloo with unrivalled connections – just 10 minutes from Central London and Heathrow Airport, and 38 minutes from Birmingham. The only place where Crossrail intersects with High Speed 2, it will serve an estimated 250,000 passengers a day.
Straddling the London boroughs of Hammersmith & Fulham, Brent and Ealing, the 950 hectare site is expected to deliver a £15bn boost to London’s economy over 30 years. Plans include a smart new commercial area with capacity to accommodate 55,000 new jobs and attractive new residential neighbourhoods to provide a minimum of 24,000 new homes.
Earls Court project set to transform West Brompton
Last but by no means least, there are also plans going through consultation to transform Earls Court into four new urban villages and a new high street. Due to comprise of 7,500 new homes when complete, it will be London’s largest development over the next 10 years, according to the consultancy Arcadis.
A fine place to live
According to the borough’s 2013 residents’ survey, 87% of people who live in Hammersmith and Fulham were either fairly or very satisfied with their local area as a place to live – the highest number since the survey began. Respondents were also positive about the major services provided by the Council, with four in five residents satisfied with the borough’s parks, open spaces and waste services.
Current asking prices and rental yields
As of January 2017, the average value of properties in the borough of Hammersmith and Fulham is £925,484. This has seen an increase of 2.32% in the last 12 months and 44.19% in the last five years. For a two-bedroom apartment, the average asking price is £906,431 and the average asking rent is £2,413pcm, which means the gross rental yield is currently 3.20%.
This content is correct as of January 2017