Planning awarded for new homes in Fulham

A plan to build 472 new homes in Fulham, West London, has been approved by Hammersmith and Fulham council.

The development, which will be located on the bank of the Thames, will also include the transformation of an existing Sainsbury's store, along with the construction of a new Sainsbury's superstore, after the supermarket group bought housebuilder Ballymore's interest in the scheme.

The Fulham Wharf project and adjacent development on Townmead Road will be delivered by developer Helical Bar.

A wide range of housing is expected to be built, as part of the £100m Fulham Wharf scheme, including four high-rise developments and a collection of new build townhouses.

Demand for homes in prime London locations such as Fulham is currently is extremely high which is pushing up property prices.

Research by property consultants Knight Frank shows that the average price of a home in Prime London has appreciated by 8.3% in the past year and by 34% since their recent post-credit crunch low in March 2009.

Demand from overseas nationals buying homes in London remains a key driver of price growth, thanks partly to a favourable exchange rate.

The London property market has long been popular with a range of foreigners, including the Russians, Indians, Europeans and Arabs.

Asian buyers currently account for the largest proportion purchasers of new build homes in London.