The world's eyes are on the regeneration of the iconic Power Station and the historic Nine Elms districtKatie Wilson, Battersea Park Lettings Manager
Chestertons has a very strong network over the River Thames and further into the South West; with sales success and demand keeping very well along the river, which our new branch will support. There is a natural migration of applicants from Fulham, Chelsea and Pimlico to Battersea and Battersea Park, with our new office we hope to have a strategic base in each unique area. The pool of applicants for Battersea is likely to double over the next couple of years and so a pair of offices can work in unison - meaning we have a large, experienced team that all live, work and enjoy the area.
Battersea is a very transient and dynamic location, with many different demographics. With every kind of property on offer, I enjoy seeing and working with such an amazing variety. Battersea is going through a huge change currently, and the world's eyes are on the regeneration of the iconic Power Station and the historic Nine Elms district; it’s hugely exciting to work within this transitional period - with new infrastructure and large investment.
Battersea in general
• Battersea is ideally located for a commute to Central London and so is home to many young and experienced professionals.
• The area features some of South London’s most striking landmarks, including the Albert Bridge, beautifully lit at night by 400 bulbs.
• The world famous Battersea Park, complete with facilities such as tennis courts, all weather pitches, children’s play areas, a zoo and landscaped gardens.
• Battersea also has two large-capacity overland rail stations and is set to join London’s Underground with the redevelopment of Nine Elms.
• From Victorian terrace conversions, old school houses and sleek new, penthouse-style homes along the river, Battersea has a range of properties for every taste and budget.
Battersea’s property market
Buyers in Battersea have changed dramatically over the last two years and we now see a huge amount of cash-rich buyers coming from north of the River Thames and from overseas. The large rise in the market and the regeneration of Battersea Power Station and Nine Elms has meant that this is now a destination location for property; with a surge of young professionals buying in Battersea, many from rentals north of the river and investors taking advantage of the capital growth in both off plan and residential sales.
Sought after locations include Prince of Wales Drive, with its 19th century mansion block apartments, and the surrounding roads, Battersea Square and riverside addresses including, Chelsea Bridge Wharf, Nine Elms and Battersea Reach.
Battersea Power Station, the iconic Grade II listed, Art Deco building – the power station has now been purchased and is in the midst of being developed into residential property and commercial units. The first properties went on sale (off-plan) in 2013, and are due to complete in 2016/2017.
Battersea locals have staying power; those do leave Battersea tend to relocate abroad or out of London all together to upsize in property. Although ideally located to central London, Battersea has a community feel and is very much sheltered from busy city life.
The area benefits from exclusive restaurants such as Source, Butcher & Grill and the recently opened, Battersea Square based, Gordon Ramsay’s London House.
Alternatively, you can find great atmosphere in local gastro-pubs such as The Prince Albert on Albert Bridge Road, The Lost Angel & The Lighthouse on Battersea Park Road.
Primary schools: Chesterton Primary School, Falconbrook Primary and Christchurch Primary.
Secondary schools: Catholic school - Saint John Bosco College and Battersea Park School.
Independent schools: Newton Prep School in Nine Elms and Thomas’ School on Battersea High Street.
Since the start of the year, the lettings market in Battersea has seemed to be a buyers market. Stock levels in the area were a lot higher than ever before, applicants had a great deal of choice which in turn, brought asking prices down and the majority of landlord’s were achieving similar prices or less to that of 2012.
With that said, as the sales market returned to stable footings in late May-early June we experienced a noticeable increase in lettings prices. Although typical of seasonal trends, stock levels remained high throughout July to September but we also saw an influx of applicant enquiries and corporate searches which created more competition and therefore, stronger results for landlords.
As we head towards Christmas, we expect to see fewer applicants registering, however experience tells us that tenants in these months are always more committed than those that register earlier in the year and with less stock on the market this puts property owners looking to let in a better position.
The sales market remains buoyant after a period of prolonged “normality”. Properties are still selling if priced correctly for the market and not overreaching. It is worth remembering that not all properties purchased are just investments, people move for many reasons and those reasons never go away. Battersea is a robust area that has performed incredibly well in the last two years.
Previous stunning market increases of up to 25% a year were unsustainable, but prices have not dropped dramatically at all and with the right agent and office network properties are selling well. October has been our best month for under offer stock this year, a trend looking to continue into the New Year.