Time to buy in Chelsea? If you're British, you're in the vast majority of those transacting
Some less salubrious parts of London are seeing higher prices than Chelsea. In 2014, the average price per square foot for a one-bedroom flat sold in Chelsea — once known as “a village of palaces” — was £1,246, according to LonRes data compiled by Knight Frank. Then, the equivalent price in Wapping, a former industrial part of the east London dockland, was £916. Last year, the average price of a one-bedroom flat in Chelsea was £1,002 per sq ft — 22 per cent less than in Wapping.
International interest has fallen, agents report. Five years ago, almost half of buyers were from overseas, says James Pace, partner and office head at Knight Frank Chelsea — today, he estimates 70 per cent of buyers are British.
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