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January 2013 Purchase Prophet / Brikolage After the Storm / Gallery Pretty Little Things / Buyer’s Guide Lost in Translation / Sideboards

Brik Magazine January 2013

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Page 1: Brik Magazine January 2013

January 2013Purchase Prophet / Brikolage

After the Storm / Gallery Pretty Little Things / Buyer’s Guide

Lost in Translation / Sideboards

Page 2: Brik Magazine January 2013
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CONTENTSJANUARY 2013

pg 13

Brik Magazine is published by Brik Property Ltd (Brik) and the opinions expressed in this magazine do not necessarily reflect those of Brik, the editor, publishers or their agents. Articles and other information in this magazine are as up-to-date and accurate as possible, at the time of publication, but no responsibility can be taken by Brik for any errors or omissions contained herein. Responsibility for any losses, damages or distress resulting from adherence to any information made available through this magazine is not the responsibility of Brik or their agents. All property descriptions and photographs contained within are for guidance only and are not necessarily accurate or comprehensive. All content Copyright © 2012 Brik Property Ltd. All rights reserved.

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pg 26pg 18

05 PURCHASE PROPHETLast year was an absolute cracker for price increases, can we expect the same again this year?

09 BRIKOLAGEFind out what’s been keeping us interested and what we’re reading this month.

13 INSPIRATION TRANSMISSIONRead about the ‘Best building in the World’ as voted for at the World Architectural Festival.

15 AFTER THE STORMAs the smog surrounding the mortgage markets begins to lift, how has the lending landscape been altered?

18 PRETTY LITTLE THINGSThe latest must haves for those thathave everything.

21 HIGH ROLLERBuying at the top of the ladder?

26 LOST IN TRANSLATIONHow choosing the right solicitor can make a real difference in the twilight between offer and exchange.

28 SCORCHING SIDEBOARDSSideboard heaven.

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Epple Rd, Purser’s Cross Rd & Horder Rd

Average annual increase (13%)

Total average increase

SMALL HOUSES

£494,000

£61,700

pg 09

pg 28

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Made in Britain, Built to Lastwww.roundhousedesign.com

West End 020 7297 6220Fulham 020 7736 7362Islington 020 7704 8260 Notting Hill 020 7229 2123Richmond 020 8744 9993Cheltenham 01242 521 900Guildford 01483 573 584

British Design

Dec_2012 full page_Layout 1 04/12/2012 14:15 Page 1

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Last year was an absolute cracker for price increases, can we expect the same again this year, and if so, in what pastures wll the cash cows be grazing?

If you live in Fulham, you’re probably aware that house prices here have shot up at a remarkable rate over the last few years. Average asking prices across the local borough, which includes Hammersmith, are 8.2 per cent higher than this time last year according to Rightmove’s house price index, and numerous streets in Fulham have gone up considerably more. Take for example the fully extended upper maisonettes on Wardo Avenue and Danehurst Street, which now sell for around £800,000 as opposed to £650,000 back in mid-2011. That’s a 23 per cent rise in eighteen months, or about 15 per cent a year, making them one of the best returning property investments in the area and quite probably the UK. So the question is, what does the market have in store for us this year, and if you’re looking to profit from it, what strategies can you employ?

Wash, Rinse, SpinCasting our minds back over the last few years, a pattern emerges that we expect to be repeated this year. In the first three months of the year prices step up between 5 and 10 per cent, fueled by the annual round of City bonuses landing in buyers’ pockets and the wave of property that hits the market every January and February. This is peak season for the sales market. Over Easter the market pauses for breath, and the average

buyer’s enthusiasm begins to wane as people take time to reflect on the first quarter’s gains and consider what might happen during the rest of the year. New year optimism is replaced by concerns about the overall direction of the economy, which can lead to a variable market over May, June and July. The general election in May 2010 compounded this effect, and will do again in 2015. August is a quiet month as everyone disappears for the summer holidays. Finally, prices over September to December plateau in the run up to the Christmas.

Selling in 2013Considering this cycle, the best time to put your house up for sale is in January or early-February, in order to catch the regular influx of newly flush buyers. Getting a record price happens when you’ve got several buyers competing for your property, and this is most likely to occur during the first three months of the year. Don’t leave it too late though, as you risk drifting into the Easter doldrums, which arrive early this year at the end of March. Aside from January, shortly after Easter is the next best time to hit the market, followed by early September when you’re likely to catch the mini-boom in enquiries that hits after the holidays.

Buying in 2013If, like most buyers, you have at least one eye on the return your new home could give you, what should you be looking out for in 2013?

Well the most popular strategy is to buy something with ‘extension potential’, meaning there’s potential to extend the internal area of a property by adding rooms in the loft, a side return, rear extension, pod room, basement or combination of these. Adding internal space above ground to a property anywhere in Fulham is certain to increase your eventual resale price over and above what the building works cost, but there’s a catch or three lurking here.

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PURCHASEPROPHET

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Firstly, extension potential massively increases the level of interest in a property. Try to buy anything with extension potential in Fulham nowadays and you’ll quickly discover you’re competing with several, possibly dozens, of buyers at least one of whom will be willing and able to pay well over the odds to secure the deal. If you’re a cash buyer you’re in with a chance, but anything over a 50 per cent mortgage and you can pretty much forget it, unless the auction room has been kind to you.Secondly, there really aren’t many properties with extension potential coming to the market each year. If you focus your search exclusively on these it inevitably means spending longer out of the market, time which your money could have been working for you. Finally, if you succeed in picking up something requiring extension, you’ll shortly find yourself plunged into the minefield of actually doing the planning and building work. Sure, this is where you’re making your gain, but it’s easy to underestimate the time, cost and disruption to your life associated with completing the works. In many cases buying somewhere requiring only internal refurbishment could be a better bet.

So what’s the alternative? We suggest a more modest approach, aiming to acquire something that is likely to experience natural capital growth as opposed to relying on extension. Concentrating on finding property with the best potential for capital growth, rather than that with extension potential, frees you to participate in a larger market where your return is likely to be at least 10 per cent a year, possibly considerably more. Check out the graphic to the right for some real life examples from last year.

So what should you be looking out for? Over the next two to five years we see potential for 10

per cent plus per annum capital growth in the following hot spots. Of course this is just a rough guide. If you need advice on something specific feel free to give us a call.

Large Flats | Buy at: £450k to £700kPurpose built Victorian flats with their own front doors such as those on Danehurst Street and Wardo Avenue have experienced extraordinary gains over the last couple of years and are now starting to feel expensive, but there’s plenty of potential left on nearby Lambrook Terrace and Bronsart Road. Those down on Edenvale Street and Althea Street will also experience a big boost when the Barratt Homes development of Sainsbury’s is completed in the next few years. Having your own front door is the real key here, as it makes these flats appeal to more affluent buyers who once upon a time could have afforded a small house.

Small Houses | Buy at: £800k to £1.25mLook out for smaller houses (1000-1350 sq ft) on prime streets asking under £1.25m, a part of the market that has been heavily over subscribed of late. Those on Epple Road, Pursers Cross Road, Bishops Road, Gironde Road, Bloom Park Road and Horder Road should be of particular interest, as – in our opinion – they will continue to see market beating capital growth over the next few years.

Prime Houses | Buy at: £1.35m to £1.75mLarger houses (1600-2000 sq ft) on prime streets remain great buys if you choose wisely. Be ultra picky about the exact location and clued up on realistic market values before you buy. Pay particular attention to the price per square foot to ensure you’re not getting fleeced. Houses within 500m of Parsons Green tube should be top of your list. St Maur Road is a prime spot with capital gain written all over it. Ackmar Road, Rosaville Road, Elmstone Road and Harbledown Road have also been consistently under-rated, and as such are likely to out-perform the rest over the next few years.

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THOSE THAT SOLD PRIME HOUSES LAST YEAR MADE A WHOPPING AVERAGE ANNUAL RETURN OF £230,000

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Each line represents a single ownership from when the property was purchased to when it sold in 2012.

Wardo Ave & Danehurst St

Epple Rd, Purser’s Cross Rd & Horder Rd

Felden St, Chesilton Rd & Winchendon Rd

Average annual increase (13%)

Average annual increase (13%)

Average annual increase (21%)

Total average increase during ownership

Total average increase during ownership

Total average increase during ownership

£1.8m

SMALL HOUSES

PRIME HOUSES

LARGE FLATS

£1.4m

KEY

LARGE FLATS

SMALL HOUSES

PRIME HOUSES

£1m

£600k

£200k

2000 20122004 2008

£314,000

£494,000

£735,000

£53,000

£61,700

£230,000

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A project by Design Hotels™

MADEBYORIGINALS.COM

PAU GUARDANS / Owner & CEO of Único Hotels / Spain

Page 9: Brik Magazine January 2013

THE WEBGL GLOBECHROMEEXPERIMENTS.COM/GLOBE

This amazing new experiment from Google is an application that allows you to see the web search volume on a global level separated by language. You can spin the globe around and check out where the highest search volumes are and which languages are the most prevalent. You can even zoom in and out. The best bit though is that using the platform you can populate the globe with your own data and create your own unique globe that is then posted to the site. The fascinating thing is being able to see worldwide data in one glance, allowing you to visualise it with a new clarity and draw some interesting conclusions.

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THE NEWS & INTERESTS OF BRIK

THE COVERPOP!

It’s the New Year and the show has just begun for another round of bumper

house price increases. If you’re not selling, sit back and watch the show as your capital gain increases yet again. If you are, let us guide you through the hazardous process of finding the right buyer at the maximum price.

BRIKOLAGE

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THE ALCHEMISTPAULO COELHO

Written in 1988, the Alchemist is Paulo Coelho’s career defining masterpiece that unveils the mystical world of time, consequences and destiny hiding behind every decision we make. It follows the winding path of a boy looking for his treasure and tells how making difficult choices based on the right motivations leads him to places he could once have only imagined. Mentored by the Alchemist, a magical man whom has discovered the ability to read the world in its simplest form he eventually finds his treasure

in the most unlikely place. The book reaches into that universal desire for feeling the moment and living in the present of your own path, which spans cultures and religious divides worldwide and has resulted in over 65 million

sales of the book in 160 countries.

With the many pressures and commitments of modern society pulling us towards false horizons, the book is a refreshing re-calibration of our internal compass that transcends desire or even love, to bring us closer to what the author calls “our personal legend”. A destination that we discover when we are very young and that the “universe conspires to help us achieve”, provided we remain receptive to its subtle waymarkers.

“He still had some doubts about the decision he had made. But he was able to understand one thing: making a decision was only the beginning of things. When someone makes a decision, he is really diving into a strong current that will carry him to places he had never dreamed of when he first madethat decision.”

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TOY

PRODUCT

FILM FESTIVAL

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MOUNTAIN FILM FESTIVALbanff-uk.com Suspended on a vertical rockface with only the security of their gear to rely on, these disabled climbers secure their camp 1,800 feet up on the vertical Southeast face of El Capitan under the backlit canopy of the stars. The uneasy image is part of a selection of films that will be showcased at the annual Banff

Mountain Film Festival taking place from the 21st of February to the 1st of March in London. The international festival is made up of a series of short independent films often shot by the adventurers, extreme sports enthusiasts and travellers themselves. They feature epic stunts, experiences

and journeys through some of the most extreme terrain and inspiring environments the World can offer.The venue (Union Chapel in Islington) is always packed to the rafters with Londoners in search of the inspiration and excitement that the screening generates. Tickets are £14.10 per person.

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Still from the short film ‘The Gimp Monkeys’

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TOY

PRODUCT

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IMPOZ SPEED RACERTriumph v Benjamin Blanchard

This motorbike came out of the box as a Triumph Speed Triple with 1050cc, so was already quick. It was then re-designed and modified by Benjamin Blanchard, a graphic designer from Cannes. Taking him over a year tinkering in his

home workshop, stripping off weight using a variety of carbon fibre castings, he’s created a blisteringly quick monster of a machine with the beauty to match, something that turns heads, even in Cannes.

LeftBenjamin’s take on the Speed Triple has created a beastly quick machine.

Photos: Benjamin Blanchard

BALL LED LAMPSmart & Green

The masters of outdoor ambient lighting Smart & Green have created this new series of Ball lamps made from recycled materials that can be used indoor, outdoor or even floating on the water for the perfect mellow settings. They come in five different sizes so you can mix and match different diameters for the ultimate balance, and they look great when placed on wooden floors to create a glowing scene.

This cordless lamp could literally float away on the tide and still remain alight

Page 12: Brik Magazine January 2013

Minimum size.Maximum sound.Loewe Audiodesign range.

Experience the three most innovative audio systems available today, now with reduced pricing. Loewe crafts these supreme quality devices in its reknowned minimalist design with astounding sound and your option to customise the inlay colour. Ask us for details.www.loewe.tv

Loewe SoundVision£ 1,249

Loewe AirSpeaker£ 499

Loewe SoundBox£ 399

LOE_AZ_MZ_Audiodesign_200x250_LOUK_v1.indd 1 11.12.12 10:27

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13

WINTER GARDEN SINGAPORE WILKINSON EYRE

This incredible building won the grand accolade of ‘Best building in the World’ at the 2012 World Architectural Festival. On the inside the gardens look like something from the set of Avatar and give the impression of descending into a magical world. The garden, which reportedly cost £500m, is only one of Singapore’s latest architectural marvels, which also include the rather swish $8 billion Palms Casino. Singapore harbour is now home to some of the 21st centuries most audacious architectural designs.

INSPIRATION TRANSMISSIONNITEROI ART MUSEUM RIO DE JANEIRO, BRAZILOSCAR NIEMEYER Oscar Niemeyer, who sadly passed away recently at the incredible age of 104, was one of the great architects of his time. Above you can see one of his greatest pieces. He was renowned for using flowing curves and reinforced concrete in his work, and we can see both used in the design of the Niteroi Museum. Around the base of the structure is a pool which was described by Niemeyer “as a flower”. He continued to work until his death and designed over 600 projects during his signifcant career.

RAZOR HOUSELA JOLLA, CALIFORNIAWALLACE E. CUNNINGHAM

The Razor house in California is a structure made predominantly of glass, steel and white polished concrete. The property, which is spread over 10,000 sq ft and was launched to the market for a whopping $39 million now looks a bargain after its credit crunch induced price reduction to just under $20 million. With views over Blacks Beach and an “unparalleled level of design” pumped into a paramount location, it shows the old addage rings true: Design + Location = Fat price tag.

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Poggenpohl Möbelwerk GmbH Poggenpohlstraße 1 D-32051 Herford Fon +49 (0) 5221 / 381 -0 Fax +49 (0) 5221 / 381 -321 [email protected] www.poggenpohl.com

+MODO

We don‘t just look at kitchens, we live and feel them. Our +MODO introduces sensuous emotions to the world of the kitchen, the interplay of open and closed elements places your favourite objects in stimulating open spaces. Hide and reveal as the mood takes you to keep the attention on your furniture and treasures. The kitchen is now the platform for a journey of constant discovery.

Sensuous Reveals

EXCLUSIVE POGGENPOHL KITCHEN DESIGN CENTRESAberdeen l Ascot – Berkshire l Barnet – London, Herts l Birmingham l Carlisle l Cambridge l Colchester l Dublin l Edinburgh l Exmouth Gibraltar l Glasgow l Guernsey l Guildford l Kilmarnock l Leeds l Leicester l London – Finchley Road NW3 l London – Knightsbridge SW3 London – Pimlico SW1 l London – Clapham SW11 l London – Waterloo SE1 l London – Wigmore St W1 l Manchester l St. Albans St. Lawrence – Jersey l Wilmslow – Cheshire l Worthing – Sussex

For a brochure or details of your nearest studio please call 0800 612 9702 or visit our website www.poggenpohl.com

Page 15: Brik Magazine January 2013

surely the FSA wants to be rid of all interest only lending? Well, not quite. Way back in February 2012 Santander changed their interest only criteria. Previously they had offered interest only loans, even to first time buyers, up to 75% loan to value, using the sale of the security property as the repayment strategy. This was swept aside and so they began to restrict interest only lending to just 50% loan to value, regardless of a client’s repayment plan. Other lenders very quickly followed suit, and before long we were left with very few interest onmly options. Indeed, Nationwide, Coventry and Platform (part of the Co-op Group) were just some of the lenders to rule out interest only full stop. However, in November things started to move again. Santander announced that they were loosening their criteria. They will now allow an application of up to 75%

loan to value on a part and part basis. So, you can have 50% of the loan on interest only and the balance on capital repayment. Not quite as flexible as the good old days, but certainly a start.

There will clearly be lenders who do not want to take the risk on interest only, no matter the asset position of a client. However there are others who will allow some flexibility when looking at an application. Interest only is still a viable option for the right client and looking at Santander’s new stance, there still is an appetite out there.

Lending Beyond 65Now that the Government has outlawed an arbitrary retirement age, companies can no longer force people to retire at 65; as such, lenders can no longer just say that if a mortgage goes beyond a client’s 65th birthday they need to see proof of pension. Coupled with the fact that we will,

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As the smog surrounding the mortgage markets begins to lift,how has the lending landscapebeen altered?

There have been some seismic rumbles in the mortgage market over the last year that have resulted in some enormous shifts across the market place. The near end of interest only lending, a 5 year fixed at 2.99% and the Libor fixing scandal are three such events that have altered how lenders lend, and who they lend to.

Forecasting the upcoming year’s mortgage market in such turbulent times is perhaps a fool’s game, instead here’s an insider’s look at the current market that should hopefully put to bed some of the wilder rumours and misconceptions out there at present. Clearly there has been a lot of negative press about home loans in the year just gone, with a strong perception that you need to be cash rich with at least 20-25% as a deposit to qualify; that if you are self employed applications are inaccessible; that first time buyers are priced out of the market; and that there’s little appetite to lend across the industry as a whole. Yes the aftershocks of the credit crunch are still reverberating but on the whole, if you’re in the market for lending then you may be surprised to hear that things aren’t perhaps as shaky as these anecdotes seem to illustrate.

Interest OnlyBut surely this has got worse, I hear from the back of the room. And, well, yes it has. And

AFTER THESTORMVIEW FROM THE MORTGAGE MARKET

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Poggenpohl Möbelwerk GmbH Poggenpohlstraße 1 D-32051 Herford Fon +49 (0) 5221 / 381 -0 Fax +49 (0) 5221 / 381 -321 [email protected] www.poggenpohl.com

+MODO

We don‘t just look at kitchens, we live and feel them. Our +MODO introduces sensuous emotions to the world of the kitchen, the interplay of open and closed elements places your favourite objects in stimulating open spaces. Hide and reveal as the mood takes you to keep the attention on your furniture and treasures. The kitchen is now the platform for a journey of constant discovery.

Sensuous Reveals

EXCLUSIVE POGGENPOHL KITCHEN DESIGN CENTRESAberdeen l Ascot – Berkshire l Barnet – London, Herts l Birmingham l Carlisle l Cambridge l Colchester l Dublin l Edinburgh l Exmouth Gibraltar l Glasgow l Guernsey l Guildford l Kilmarnock l Leeds l Leicester l London – Finchley Road NW3 l London – Knightsbridge SW3 London – Pimlico SW1 l London – Clapham SW11 l London – Waterloo SE1 l London – Wigmore St W1 l Manchester l St. Albans St. Lawrence – Jersey l Wilmslow – Cheshire l Worthing – Sussex

For a brochure or details of your nearest studio please call 0800 612 9702 or visit our website www.poggenpohl.com

NEXT YEAR SHOULD FEEL LIKE A MORE STABLE AND POSITIVE YEAR IN THE HOUSING AND MORTGAGE MARKETS

Page 16: Brik Magazine January 2013

unfortunately need to all work longer, a retirement age of 70, even 75 for some people, makes sense. Not only does this allow older clients more flexibility when looking at options for their finance, it also means that we can extend the term for younger applicants, to make sure that their payments are affordable, with a view to reducing the term as their incomes increase. In some ways it is like using interest only to make sure the mortgage fits to someone’s budget.

The Funding for Lending ScemeThis scheme was set up by the Bank of England and the Government in the Summer of 2012 as a way of pumping cheap money straight into the banks, with instructions to lend it out immediately. The more money a bank accepted and lent, the cheaper further funds would be, hence stimulating borrowing and hopefully, getting the economy moving again. What they failed to do, however, was to caveat who the money could be lent to. Really a percentage should have been earmarked to first time buyers, those on loan to values above 75% and small businesses, it wasn’t. Instead the lenders involved have chosen to reduce their rates at 60% loan to value, as these clients offer the lowest risk. For some of you in Fulham this will suit enormously – a nice 5 year fixed at 3.08% keeps your mortgage costs down until 2018 (if not the school fees...). But it’s done little for the wider economy and getting the housing market moving further up-stream.

So far I have mostly advised clients looking to remortgage to go for the cheap long term loans that the scheme has supported, however in the last month or so more have gone to clients who are moving house, which brings me onto my final point.

The Upward Mortgage TrendMore mortgages are being approved. According to the Council of Mortgage Lenders (CML) 49,500 home buyer loans were advanced in October 2012, compared to 43,500 in September a month

earlier. Even more importantly, this figure is up 11% on September 2011. A spokesperson from the CML stated that “next year should feel like a more stable and positive year in the housing and mortgage markets”. This is perhaps the most positive general statement about the mortgage market that I have seen for a good few years, and whilst things will never return to the pre-recession days of crazy lending, we are now starting to see a thawing in the long winter.

Obtaining a mortgage can still be a long and painful process, but more and more people are becoming eligible for deals that simply weren’t available in previous years as the market scrabbles back to its feet.

So clearly there are increasingly more reasons to be cheerful, even though I loath to make predictions for 2013, I’m hopeful that the greater availability of mortgages continues, at better rates and with more sensible lending criteria. This should oil the wheels of the whole housing market machine, which can only be good news for the wider economy and hence the even somewhat protected micro-climate of Fulham.

Alistair Hargreaves Mortgage Consultant020 7384 6790

Your home may be repossessed if you do not keep uprepayments on a mortgage or any debt secured on it.

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50%LOAN TO VALUE 75% 100%

100% LTV mortgages now rarely available

Amount of mortgages over 80% LTV recovering

‘Lending for Funding’ scheme makes below 65% LTV mortgages safe ground

Healthy lending under 75% LTV

The changing landscape of the mortgage market

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KAM

A FR

OM E

GOPA

RIS

TEL +44 (0)1279 816001

[email protected]

WWW.LEISUREPLAN.CO.UK

THE WIDEST COLLECTION OF LUXURY OUT/INDOOR FURNITURE FROM LEISURE PLAN FEATURING THE LEADING BRANDS OF DEDON — EGOPARIS — FISCHER MÖBEL.

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MANGO SLICEROxo

If you love mangos but see them as a bit of a sticky challenge, why not try this really easy mango slicer from oxo. Simply remove the stone in one slice. Mango made easy...

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IPHONE APP MAGNETSCpg

It seems like the whole world is in love with Apple products at the moment, from iPhones to Macbooks, and you can carry on the trend with these cool apple app magnets.

SUNGLASSES MIRRORThabto

If you’re looking for a big statement peice for that empty wall, why not try this cool new sunglasses mirror from Thabto? See full size reflections of yourself in your wayfarers.

USB THUMBDRIVESvjetlankocijan

USB sticks are those, often ugly, yet somehow always ‘needed when you least expect it’ devices. Never lose yours again by keeping this minute one forever attached.

NINJA SHURIKEN Gizmodo

Jazz up your fridge with these lethal looking magnets based on ninja throwing stars. Get a collection of them to punish your cooler and impress your friends.

MARTINI BOWTIE COLLAREtsy

This adorable spaniel models a bow tie from Etsy. Impress your neighbours and the local chihuahuas by dressing up your pooch too.

VAPOUR BLASTER Zero toys

Here’s something to keep the children entertained. This vapour blaster, which will keep you young at heart, is actually quite an impressive bit of kit. It appears there’s quite a science behind the generation of the perfect vapour ring.

RAKKU STORAGEBkp

The problem that many Londoners have is storage. This little gizmo is ideal for neatly storing your huge shoe collection. It can even store up to 17 pairs of high heels, essential for the women of the house!

LEXINGTON LEGO LAMPSmgons

Everyone loves Lego and when you get too old for Legoland you too can still have Lego in the house. This awesome lamp is guaranteed to get remarks and would look great against the clean lines of a modern design. Comes in a range of colours.

NOTKNOT PILLOWUmemi

This knot pillow is made from Icelandic wool and comes in several diferent knot types and colours. The fun design is definitely one to keep away from the new puppy and makes quite a centre piece for a minamalist sofa.

OAKLEY GOGGLESOakley

Check out this amazing new design from Oakley, which has an interactive heads up display inside your goggles showing your speed and altitude. A great idea if you’re a speed demon and always wondered how fast you really do go.

THE UP COFFEE TABLEChristopher Duffy

This clever coffee table gives the illusion of levitation by balancing on steel rods with reinforced glass baubles, making it appear like the glass surface is actually floating on helium balloons.

PRETTY LITTLE THINGS

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Page 20: Brik Magazine January 2013

BUYER’S GUIDE: EXPENSIVE PROPERTY

HIGHROLLER

So you’ve decided Fulham is the place to harbour the big bucks? What do you get for your money, and where should you be looking to invest?

London is perhaps one of the most desirable cities in the World in which to live. Its ‘prime’ areas, the swathe surrounding Hyde Park in the west of London, command staggering prices and are home to some achingly beautiful interiors. Prices here are constantly bouyed up by the flood of international money flowing into the capital through the City, with the properties themselves oft becoming playthings of the Noveau Riche, be they middle Eastern, Russian or Chinese. Buying here is a costly, not to mention frustrating, procedure with the lack of property available. The internationally wealthy see London bricks and mortar as a safe harbour in turbulent seas, often buying into the brand name of places like Notting Hill, Chelsea, Belgravia and Knightsbridge. This tide of investment has swamped areas that were once more family focussed, leaving many without any hope of getting onto the ladder there. Fulham on the other hand, with its village-like residential feel, good schools and greenery, is still more affordable than elsewhere, and is an attractive option with almost unbeatable potential for capital growth over the next decade. When you’re looking at plowing up to £4.5m into a property, you’ll understandably want to know if it’s a wise move. With prices in other areas close by approaching crazy money, Fulham looks like a good buy, and when you consider that it’s still an immature market in terms of the fact that it’s

only in the last ten years or so that international buyers have started looking here at all. Consider the geography as well, being snugly surrounded by the river, and it’s not too hard to imagine a time when prices here will have doubled and river to river Fulham is an affluent enclave of the uber rich, protected from the the rest of London by a large, Thames river-sized moat. In order to justify the large price tag you’ll either be looking at one of the select areas where you can buy the ‘big’ Victorian houses, or you’ll be going for a large apartment in one of the riverside developments such as Imperial Wharf.

What you go for really depends on where your priorities lie. If you’re looking for a larger garden and a quieter pace of life then ‘Bishops Park’ is the place to be. If you want to be amongst the action then the ‘Peterborough Estate’, close to Parsons Green or ‘The Moore Park Estate’ near Fulham Broadway are both good options. Or if none of these hold your attention you can always look towards the river to fulfill your desires.

There are five different areas in Fulham that can command the sort of money that make the rest of Fulham blush. Four of them are areas of large and historic Victorian terraced streets, and the fifth is the Imperial Wharf riverside development.

THE PETERBOROUGH ESTATE

Price: £3.5m - £4.2mSize: 3,500-4,200 sq ft (325-390 sq m)Cost per sq ft: £900-£1,100Roads: Perrymead, Chipstead, Quarrendon, Chiddingstone & Bradbourne

Probably the first area that springs to mind and being the largest area with the most properties at higher price levels it’s the most often talked about. Most people know the background of this large red brick estate, being built by Jimmy Nichols in 1910 on the site of what was once a

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large historic property, Peterborough House, its unique Lion adornments make for the proud nick name ‘Lion Houses’. The estate is certainly pretty with the majority of the houses immaculately kept and re-pointed as each one undergoes the latest makeover. The estate is made up of thirteen roads and three different sizes of house (short, medium and long back) and if you’re looking for the larger variety (the long back) you can narrow that down to five roads. Perrymead Street, Chipstead Street, Quarrendon Street, Chiddingstone Street and Bradbourne Street. You can spend up to £4.2m for a fully extended ‘Long back Lion house’ here, and they’re some of the biggest houses in Fulham (between 3,500-4,200 sq ft) and as such are slightly cheaper on a pounds per square foot basis than the marginally smaller properties of say, the Moore Park Estate.

The bonus of buying here is the location right in Parsons Green, the affluent center of Fulham with its plethora of boutique shops, cafes and restaurants right on your door step, not to mention the underground station. Parking can be difficult and somebody is always digging a basement resulting in frequently blocked roads but due to the prime location buying here is likely always going to be considered a prudent move.

THE MOORE PARK ESTATE

Price: £2.8m - £3.5mSize: 2,800-3,300 sq ft (260-306 sq m)Cost per sq ft: £1,100-£1,250Roads: Britannia (southern section), Maxwell, Rumbold & Holmead

The Moore Park Estate is a small collection of roads sandwiched between Fulham Broadway, with its bars, restaurants and underground station, the famous King’s Road and the large open spaces of Eel Brook Common. Take a stroll down the nearby section of King’s Road and you’ll find dozens of high-end designer shops lining the route to Chelsea and marking the path that

Chelsea buyers have been treading on their way to Fulham for a decade. The flat fronted properties here are of a slightly different style to the rest of Fulham and some people seek them out for this very reason. They’re certainly among some of the most expensive (on a pounds per square foot basis) that you can buy in Fulham, mainly because of their proximity to Chelsea and their unique location off King’s Road, rather than the more drab New King’s Road which starts further West. The houses here have smaller gardens but make up for it with their oppulent and grandiose interiors, plenty of which include large high ceiling basements. Being of a different ilk to the standard terrace (and slightly smaller) they’re laid out in a unique way with often the entire first floor dedicated to enormous and sumptuos master bedrooms complete with large en suite bathrooms and dressing rooms. On the ground floor, like almost every other terrace house in Fulham, you’ll find a double reception room leading to an open plan side extended kitchen and garden at the rear.

The advantage of buying here is the sheltered feel (the roads are blocked to avoid people cutting between the King’s Road and Fulham Road) whilst still being right by the economic hub of Fulham Broadway. The Chelsea football stadium is also very close by, which, although it attracts thousands of fans and the resultant road closures on match days, is very well managed and should not be cause for concern. You can’t go far wrong investing in one of these grand homes and you can expect price increases as Fulham Broadway smartens up its act and prices in Parsons Green reachever higher.

...THIS IS LIKELY OF NO INTEREST TO YOU IF YOU’RE BUYING IN IMPERIAL WHARF WHICH MAY AS WELL BE ON A DIFFERENT PLANET IN COMPARISON.

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HURLINGHAM

Price: £3.5m - £4.5mSize: 3,500-4,000 sq ft (325-370 sq m)Cost per sq ft: £1,000-£1,200Roads: Napier Avenue, Ranelagh Avenue, Edenhurst Avenue (East side)

Bordered by the river, New Kings Road and the famous Hurlingham Club (and Hurlingham Park), this area is home to the most expensive houses in Fulham. These naturally larger properties are semi-detached, and come across somewhat more majestic in appearance than the houses in other parts of Fulham. Many have off street parking courtesy of a front drive, and the pace of life tends to be less frantic with an air of solidity and affluence pervading the streets.

Indeed the big story here is the Hurlingham Club. If you’re a member then you’re one of a lucky few. The facilities are second to none, and you must be seconded by two full voting members even to get on the waiting list, which is measured in years. If you didn’t know it was there, you might be forgiven for missing it altogether, nestled as it is, deep within Hurlingham Park, the gated entrances on Ranelagh Gardens and Broomhouse Lane being the only ways in.

The club was founded by Frank Heathcote in 1867 to pursue, not Polo, but the then popular sport of pigeon shooting. Polo wasn’t introduced for several more years as it filtered back from India. The club has certainly contributed to property prices in the area – with membership and a semi-detached villa on Napier Avenue the perfect pair – and these days it’s popular as ever with a cluster of tennis courts, bowls and croquet facilities and a large club house.

Of the three roads in the area, Napier Avenue is the most expensive and coveted followed by Ranelagh Avenue and then the East side of Edenhurst Avenue. The West side is less desirable because it backs onto the underground line. The proximity of Putney Bridge underground station also helps prices in the area, and in some ways makes it feel

a little disconnected from the action at Parsons Green, which I’m sure is an attractive proposition to the many who come (or desire) to buy here.

You could argue that prices here are growing slower than the other areas closer to the Parsons Green cafe and restaurant scene, and that the demand for other affluent areas may come to approach or even outstrip this somewhat out of the way collection of roads. But on the other hand the market is a true levelling factor that ensures that no property is left behind and with turnover being low these prize houses will be kept for longer, the peak of the Victorian property ladder in Fulham.

BISHOPS PARK

Price: £3m - £4.5mSize: 3,300-4,200 sq ft (325-370 sq m)Cost per sq ft: £850-£1,000Roads: Cloncurry Street, Doneraile Street, Stevenage Road (section facing the park)

This small collection of streets at the Southern end of the Alphabet Streets (so named because they run in alphabetical order) are often referred to as Bishops Park because of the park’s close proximity. These giant houses, complete with giant gardens up to 60ft in length, are the saviour of families seeking to get away from it all (and find an easy parking space to boot). All the houses are large semi-detached affairs, with a few fully detached thrown in for good measure, the ones facing Bishops Park on Stevenage Road being some of the most epic.

The houses are wider than average, can be extended up to 4,200 square feet with basement, and mostly already have a full loft extension completed. There’s definitely a more relaxed feeling here, being quite far from the nearest underground station (Putney Bridge) and the crowds at Parsons Green. There’s also a lot more to do if you prefer walking to sipping lattes, with the Thames Riverside path very close by and the recent complete overhaul of Bishops Park and

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Fulham Palace nearby. These now come with a resurrected ‘Victorian Beach’ complete with sand, water fountains and dozens of children. You can also play tennis at the public courts which have also been renovated and hailed as the best public tennis courts in the country.

Prices here have rocketed over the years as people with more than a few bob to spend have jumped on the opportunity of getting much more space for their money. In fact, the tell tale sign of new estate agents opening in what was once a quiet backwater is proof enough that they predict the area rising steadily over the coming years.

RIVERSIDE APARTMENTS

Price: (Top End) £3m - £30mSize: 3,000-12,000 sq ft (278-1,100 sq m)Cost per sq ft: £1000-£2,000Developments: Imperial Wharf and others available off-plan

Riverside properties really can’t be compared with their older bricks and mortar relations. They attract a different type of buyer and are a different style of property altogether. If the Victorian style isn’t your cup of tea and you’re looking for something altogether more modern, look no further than Imperial Wharf. This vast glistening gem of glass and polished metal sits in the Southeastern section of Fulham right on the riverside and (now) comes complete with its own overground railway station of the same name. Built on a former brownfield site the development continues to grow with seemingly endless construction underway. The increasing number of properties here has created its own micro climate that has driven prices in the surrounding ‘Sands End’ area higher. Although this is likely of no interest to you if you’re buying in Imperial Wharf, which may as well be on a different planet in comparison. Just type ‘Fulham’ into any property search engine and the most expensive properties in the area will be in this development, and at the top of the pile, Consort House at £27m -

a three story penthouse occupying an entire floor of the development is the center piece that may one day get snapped up by an international billionaire. Asking prices here range from around £1,000 to an eye watering £2,200 per square foot, and for a budget of £3.6m you’ll be looking at a three bedroom, three bathroom penthouse at just under 2,000 square feet. The development is soon to be challenged by a competing block that will occupy an enormous site where Sainsburys supermarket and a collection of old warehouses currently reside, apparently one of the last South facing riverside plots in ‘prime’ London. Barrett Homes have moved in and that’s all about to change, so if you’re quick and are looking for something even more bling then (judging by the plans) this could be right up your street.

The story in short is that there’s two options in Fulham for the budget, modern (riverside) or traditional (Victorian house). Of the traditional houses you’re looking at three small sub areas clustered close to the three respective underground stations, Fulham Broadway (Moore Park Estate), Parsons Green (Peterborough Estate) and Putney Bridge (Hurlingham). Then you have the wild card of Bishops Park, with its chilled atmosphere large lawns and family feel. Whatever you go for, don’t delay. We’ve all got our ideas on where the market is going, but one thing remains an un-arguable and reliable constant - prices only ever seem to be going up.

RIGHT: This infographic shows the price per square foot of properties currently on the market and/or sold over the past few years in the most expensive areas of Fulham.

THE GOLDEN SQUARE FOOT

24

KEY

11912010 RUMBOLD

£ per square ft

Road

Selling year or ‘NOW’ for on the market

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THE GOLDEN SQUARE FOOT

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Moore ParkEstate

Hurlingham Bishops Park Imperial Wharf

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VICTORIAN TERRACES

£’s PER SQ. FT.

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WINNER

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RIVERSIDE APARTMENTS

£988 £983 £956 £974 £1,284

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SELLER’S GUIDE: SELLING ISSUES

Why choosing the right solicitor can make a real difference when the pressure is on.

Once you’ve agreed your sale, it falls to your solicitor, working in cooperation with your estate agent, to drive the process through to a successful exchange. This period between accepting an offer and exchange is a minefield. Too many sales fall through due to mistakes, delays and mis-understandings occurring during this time, so choosing the right solicitor to guide you through the pitfalls is crucial. What should you consider when making your choice?

First off, we’d highly recommend using a London-based solicitor over one out of town. Primarily this is because the responsiveness of your solicitor is of utmost importance. You need one that will openly communicate with all parties involved to pro-actively progress your sale, not hold up the process. Country solicitors typically work shorter hours and are slower and less willing to respond than their London counterparts. If we’re agreeing a sale where one of the lawyers is based out of town, we know straight away this may cause delays, so much so that we do everything we can to encourage a switch to a London firm. Of course there are many great solicitors working in the country, but on the whole we find enquiries after 3pm go unanswered, and there’s a far more laid back attitude to getting the job done.

After responsiveness, you need a solicitor that is familiar with the foibles of London property. In particular, if you’re selling or buying a flat they should be familiar with the complexities associated with leasehold and share of freehold tenures.

In these cases your lawyer may need to negotiate amendments to the lease with the freeholder, and having experience here can save long delays. Local lawyers are also clued up on the local council’s process for conducting searches, as well as local planning regulations.

If you’re buying with the same solicitor, it’s also wise to check that they’re on your lender’s panel of approved solicitors. This can be a real gotcha, as using a lawyer that is not approved means either you’ll need to wait until they get approved, think several weeks delay, or have everything they do signed off by yet another lawyer that is approved by the lender. Needless to say, the delay and costs this can add will do nothing to improve the chances of your sale and onward purchase goiong through smoothly.

Finally, cost. Average fees from London lawyers range from £1500 to £5000 depending on the property value and tenure, and the firm’s size and reputation. It’s easy to see why many – especially first time buyers – are tempted by the cheaper fees available out of town, which can be 25 to 50 per cent cheaper, but come with the risk of the delays mentioned above. When agreeing a price bare in mind disbursements – the cost of local searches, insurances, and other administrative fees – will be extra. Going for a fixed fee is often best, as paying by the hour can very quickly add up. If you’re lucky, you might also find a lawyer willing to agree to ‘no sale, no fee’, which is helpful in ensuring they’re as motivated as you to get the deal done.

LOST IN TRANSLATION

26

IF WE’RE AGREEING A SALE WHERE ONE OF THE LAWYERS IS BASED OUT OF TOWN, WE KNOW STRAIGHT AWAY THIS MAY CAUSE DELAYS

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compiled by MAGENTA PINK interiors | www.magentapink.co.uk

OAK VENEER£1995 | boconcept.co.uk

Another of Karim Rashid’s great designs for BoConcept. The sideboard is in oak veneer and has a very modern, clean line.

TROLLSTA£170 | ikea.com

The Trollsta sideboard offers fabulous storage in a funky purple design. Inspired by mixing 1970s style furniture with more traditional shapes.

IKEA PS CABINET£70 | ikea.com

A functional metal cabinet with a cord outlet underneath to keep all cords in one place and lockable doors. This comes in a vibrant red and can look very effective when two are placed next to each other.

TURQUOISE LACQUER£7,400 | talismanlondon.com

A lucite framed dark turquoise lacquer six door buffet from the USA circa 1970. This one-off piece is a design classic and practical to boot.

BENTLEY£12574 | christopherguy.com

A magnificent white lacquer sideboard, with handles derived from a rare 1950s Bentley, spotted on the streets of London by Christopher. It comes in various other finishes such as black satin and 20th Century silver.

BYKATO£2,439 | aram.com

The Bykato Sideboard combines simplicity, timeless design and expert craftsmanship. The outer structure comes in a choice of three woods with internal surfaces in black lacquer.

SCORCHING SIDEBOARDS

DOGTOOTH RETRO£1195 | alexanderandpearl.co.uk

A quirky and unique 50s style dogtooth sideboard, that will make a striking feature in any room. Featuring a wooden frame with silkscreen printing.

MIAMI£3400 | jimmiemartin.com

From the design team Jimmie Martin, this is a visually stunning piece of furniture. Combining the decadent and quirky with the nostalgic and urban.

LIGNE ROSET£2910 | ligne-roset.co.uk Designed in 2008 but still bang up to date, this sideboard comes in white, red or black. The grooves reveal a contrasting matt laquer below and two push-catch drawers.

CIRCLES LONG CABINET£4766 | julianchichester.co.uk

A whimsical, glazed-fronted long sideboard, with aged mirror and four adjustable interior shelves. Shown in Ebonized Oak. This item is made to order only.

THE BOND SIDEBOARD£3800 | jonathanadler.com

Jonathan Adler always comes up with something special. This fabulous sideboard is made from Burled Mappa with stainless steel accents. Very cool!

WAVE BY CONTENT£1649 | conranshop.co.uk

Designed by Russell Finch, the Wave range takes its name from the beautiful wave effect on the front of each piece. A simple and elegant item for any living space.

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LION LIFE

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So named because of the Lions that perch on their parapets, this ‘Lion House’ in the Peterborough Estate was completely refurbished to exacting standards only a few years ago. The result is a spectacular, fully extended Victorian family home complete with all the mod con’s and afull height basement.

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For SalePerrymead Street6 Bedroom house£3,300,000

31

The house has six bedrooms, four bathrooms and has been designed and immaculately polished to a

lustrous finish

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With well over 2,000 square foot of space, a killer location and a recently completed full height basement this family home ticks all the right boxes.

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Located on Hurlingham

Road very close to Parsons

Green and with commanding

views over Hurlingham

park.

brik.co.uk

This family home has been been designed with easy living in mind. Underfloor heating, slick wet rooms, a second reception room and being directly opposite Hurlingham Park itself makes it an attractive and rare proposition. The home also has a unique turning staircase that gives feeling of extra width on the ground floor, and central landings on the levels above. Highly unusual features for Victorian terraces in Fulham.

For SaleHurlingham Road4/5 Bedroom House£2,250,000

GRANDDESIGN

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Small to medium sized Victorian terraced houses in Fulham are in such high demand that we sold this one for £160k over the asking price. Read more about this trend on page 5. Couple great location and sub £1.5m price tag, with well thought out design to boot, and you have a potent mix that’ll attract a lot of attention.

Sold (above asking price)Bishops Road4 Bedroom House£1,360,000

THE WANTED

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The house is located on the best part of Bishops Road

close to the restaurants and cafes of Fulham Road.

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36Eddiscombe Road is one of a small group of roads making up an extremely desirable oasis just off Parsons Green, the most coveted corner of Fulham. With the opportunity to create more space by extending into the side return (subject to planning permission), we expect demand for this property to be intense.

For SaleEddiscombe Road4 Bedroom House£1,500,000

LOCATION, LOCATION...

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Fully extended and refurbished family homes on desirable roads in Fulham are in constant and increasing demand, it seems. This house on Gowan Avenue was no exception, and illustrates how a little extra thought around space planning during the design and refurbishment process can pay dividends. In this case, allowing the house to set a massive £845 per square foot record for the road.

Record SaleGowan Avenue4 Bedroom House£1,500,000

GOLDEN GROUND

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38If you’re looking to spend less than £1m and will only consider a freehold house, rather than a flat, then this property on Horder Road should be of interest. These smaller purpose built Victorian cottages are unique to only a handful of roads around Fulham. The proximity of both Fulham Road and Munster Road make this road, and therefore this house in particular, a good buy. One that will likely pay dividends in the future.

Under OfferHorder Road3 Bedroom House£950,000

FEW AND FAR

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A remarkable and extremely well finished Victorian family home on one of Fulham’s most popular streets. The house extends to almost 2,200 square feet and has been immaculately polished to a shining finish througout, with top spec’ materials, parquet flooring and clean lines running through the kitchen out into the garden beyond.

For SaleFelden Street5 Bedroom House£2,150,000

POLISHED PRODUCTION

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40Perhaps one of the most fought over flats in Fulham when it originally went up for sale only a few years ago, this exceptional property still sets the bar for sheer quality of design, construction and finish. It’s floor plan is now one of the most copied and effective layouts for extended upper flats, although very few will compete with the quality of contruction beneath its high quality fittings.

For SaleHestercombe Avenue2 Bedroom Flat£900,000

LEVEL UP

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Rarely will you find a home that has both a high spec’ finish and potential to extend, in this case into the side return (subject to planning permission), but this Victorian terraced house on Wardo Avenue is a fine example of one. Acquiring this property would give you a fantastic family home of just under 1,800 square feet, and put you in pole position to add value later tdown the line.

For SaleWardo Avenue3 Bedroom House£1,395,000

CLEAN LINE

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This fully renovated and stylishly finished home has been completely re-designed and restructured by the current owners to maximise the space available. The result is a refreshingly open plan space that is

large enough to provide separation between the reception room at the front and the immaculate tiled kitchen at the rear, which leads through bi-folding doors to the garden beyond.

BOLT HOLD

The home is in an ideal spot for families, being close to the extremely popular Bishops Park.

42

To LetKimbell Gardens 4 Bedroom House £1,100pw

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The full potential of this Victorian terraced house has been achieved with a

refreshing, open plan design implemented across the

ground floor.

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44Novello Street certainly is a one off, with Parsons Green at one end and Eel Brook Common at the other. The downside, the underground line running right behind the pretty houses, plays a significant part in keeping prices here in check, but there are many who fall for these unique homes on perhaps one of Fulham’s most idyllic streets.

LetNovello Road2 Bedroom House£625 per week

NOVEL LOCATION

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3745This two bedroom flat is part of a new development called Middleton House, which sits at the end of Wyfold Road in ‘Munster Village’. All the apartments here - finished with wooden floors, designer kitchens and a sleek feel - sold very quickly, and this one has just come available to rent.

To LetWyfold Road2 Bedroom Flat£525 per week

MODERN SPACE

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Rooted in a commanding position overlooking Parsons Green, this newly restructured building outguns practically all others in Fulham in terms of location. When it comes to space and finish the completely overhauled interior is a modern masterpiece, offering three apartments of the highest calibre. Think full height doors, bespoke Italian kitchens, glass balustrades and unique Moroccan style bathrooms inspired by the owner’s trips abroad.

CHECK MATE

To LetParsons Green 2 Bedroom Penthouse - Now Let2 Bedroom First Floor Flat - £850pw3 Bedroom Maisonette - £975pw

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FULHAMBROADWAY

PARSONSGREEN

PUTNEY BRIDGE

HURLINGHAM PARK

SOUTH PARK

EELBROOK COMMON

Fulham Palace R

dM

unster Rd Fulham Rd

Peterborough Rd

New King’s Rd

Wandsw

orth Bridge R

d

Dawes Rd

PARSONS GREEN

Call us for a free valuation:020 7384 6790

GET IN TOUCH

WE BELIEVELike many people we believe estate agency is in need of improvement. We started Brik to challenge the status quo and our reputation has grown by delivering record breaking prices and quick sales with minimum fuss. Our formula is simple, sound advice plus friendly approach equals good result.

MEETBRIK

Brik71 Parsons Green LaneFulham, London SW6 4JA

Sales: 020 7384 6790Lettings: 020 7384 6791

[email protected]

Mike HorneCo-founder NFOPP qualified

Ben LittlewoodCo-founderNFOPP qualified

Chris LittlewoodCo-founderNFOPP qualified

James SimsSales Manager NFOPP qualified

Emma WrakeLettings Manager ARLA qualified

Angus OvensFront Desk

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