PROPERTY consultant Savills said a “bottleneck” of wealthy households moving out London’s south west has caused house prices in areas like Fulham and Battersea to jump in the past year.
The company’s latest quarterly index shows values in south west London rose 3.2 per cent in the last three months and by 8.5 per cent in the past year – much higher than the 4.4 per cent seen in prime central London.
Fulham outperformed all other districts with an annual price growth of 13 per cent. This means £1m spent on a home in Fulham would have gained £2,500 per week over the past year, compared with £845 in central London.
Lucian Cook, residential research director, said the borough had undergone an “ultra-gentrification”, attracting overseas and UK buyers with money to spend but who have been priced out of central London.