Posts filed under ‘House Prices’
If you’re looking for a new build home, try this scheme in Wandsworth ranging from studios to four bedroom duplexes.
Where exactly is it? On the site of the former Ram Brewery which closed in 2006. It is just south of the River Thames, between Putney to west and Battersea to the east.
Monster housing estate or tiny boutique development? Monster. This £600m scheme by Chinese company, Greenland Holdings Group, will eventually include 661 homes, plus shops, cafes and restaurants. As a nod to the site’s history there will also be a brewing museum and a microbrewery.
How much will it cost me? The scheme is being sold jointly by JLL and Savills and the first phase of the scheme includes 338 flats, from studios to four bedroom duplexes, priced from around £300,000 for a studio flat. A full price list will be announced later in the month, and the phase should be built and ready in 2017.
What is so great about it? This is a high end, high spec scheme, alongside the River Wandle, and within easy reach of stacks of local cafes, pubs and bars. Alex Finch, a director of JLL, pointed out that the scheme will also include its own shops and places to eat. “It is really going to create a new destination, for local people as well as those who live there,” she said. “It also has some listed buildings on the site which are going to be retained, like the original stables and brewery building, so it will not just be your standard new build.”
Surely its not completely perfect? Prices are stiff, although par for the course for the area, and early adopters will have to accept years of building works going on around them. The surrounding area is rather industrial at present (although rapidly being redeveloped). Motorists will have to endure the horrors of the Wandsworth one way system if they want to drive into town. Finch, however, points out that it is less expensive than many new build options coming out of nearby Nine Elms or east London. “And there are plans to redo the gyratory system,” she said. “This is something which Transport for London is doing so we do not have a definitive plan or date but they are looking at making parts of it two way, and traffic calming, which should really improve the area.” TFL plans to begin public consultation on its ideas to improve the area this winter.
Who will my neighbours be? Finch expects a “young audience” to move into the Ram Quarter – first time buyers assisted by the Bank of Mum and Dad, young couples and perhaps families with a small child since some of the flats have four bedrooms. There will clearly be some investment purchases, as with all new London schemes, and it is also inevitable that many of the residents will be commuting to work in the West End or City.
What is Wandsworth like? Once a bit of a poor relation compared to its swishier neighbours, Wandsworth has been enjoying a ripple of regeneration and gentrification. There are cute independent shops and cafes in Old York Road, and stacks of chains at the nearby (and recently done up) Southside Shopping Centre. The nearby Wandsworth Park is small but perfectly formed, one of only a handful of Grade II listed parks in the capital, with views across to the Hurlingham Club on the north bank of the river at Fulham.
Is it any good for kids? Since this phase is all about flats the developer expects it to appeal to the child free. Families won’t love the local roads, which are busy, but there is plenty of green space within walking distance (Wandsworth and Clapham Commons). Teenagers will adore all the local shops and entertainment. Nearby schools include St Anne’s CofE Primary School, rated “good” by Ofsted, and Ashcroft Technology Academy (seniors) which the Government’s schools’ watchdog considers to be “outstanding”.
How are the public transport links? Fantastic. Wandsworth Town railway station is a five minute walk away, with services to Waterloo taking around 15 minutes.
Is it up and coming? Very much so. Average prices stand at £811,524, up a resounding 18.07 per cent in the last year.
I like the sound of Wandsworth, what else is on sale there?
1. SW18 is the focus of frenzied new building, including this three bedroom penthouse with great river views, on the market for £1.295m.
2. Alternatively pick up a one bedroom flat in The Schoolyard development, on the market for £480,000.
3. Of course Wandsworth isn’t all modern – there are streets of lovely Victorian houses too. This two bedroom flat in a corner building is on the market at £695,000.
House prices hit a new record high in August but the booming London market showed signs of slowing down, figures revealed today.
The average cost of a home in Britain rose by 0.6 per cent during the month to stand at £274,000, according to the Office for National Statistics.
The annual rate of growth was unchanged from the previous month at 11.7 per cent, as the housing market recovery continued to ripple out across the country.
London remained the key driver of growth, with prices in the capital soaring by 19.6 per cent year-on-year.
But property values in London dipped by 0.1 per cent during the month to stand at £514,000 or 39.5 per cent above their pre-crisis peak.
In the South East and the East annual house price growth picked up slightly to 12.3 per cent and 11.6 per cent respectively, while it was 9.6 per cent in Northern Ireland and 9.3 per cent in the South West.
But growth was more subdued in other regions, with prices edging ahead by just 3.8 per cent year-on-year in the North East, while they were 4.7 per cent higher in Wales and 5.6 per cent up in the North West.
Property values are now above their pre-crisis peaks in London, the South East, East, South West, East Midlands and West Midlands.
“For six regions of the UK, average property prices achieved on completion are yet to match their pre-crisis score.”
Meanwhile, estate agent Knight Frank forecast that the cost of a home would rise by only 3.5 per cent in 2015, as the market pauses for breath.
In regional terms, the group expects house price gains in all areas of the country to be in the 3 per cent to 5 per cent range.
The South East is expected to see the strongest gains at 5 per cent, while growth will be slowest in the North East, North West, Yorkshire & the Humber and Wales at 3 per cent.
Despite the predicted slowdown in growth next year, the group still expects house prices to rise by a cumulative 18.2 per cent in the five years to the end of 2019, which would represent a 12 per cent gain in real terms.
The prediction comes amid growing evidence that the property market is beginning to cool as more homes come on to the market.
At the same time, survey evidence suggests demand is reducing as potential buyers are put off by the high house prices currently being demanded by sellers and the prospect of interest rate rises next year.
Mortgage lender Halifax last week said annual house price inflation may have peaked at 10 per cent, although it still reported a 0.6 per cent price gain for September.
Nationwide reported a 0.2 per cent fall in property values for the same month, with annual growth also slowing.
Property is significantly more affordable than at the start of the financial crisis in all areas of the country except London, research showed today.
Low interest rates have ensured it is easier for people to get on to the property ladder or trade up it in all regions outside of the capital, despite recent strong house price gains and stagnant wage growth, according to estate agent Hamptons International.
The group has created an affordability index, which not only looks at the house price to earnings ratio, but also factors in changes to the cost of living and mortgage rates.
The group said the amount of income families had left after paying for essential items, such as food and utilities, had fallen by 6 per cent or £60 a month since the start of the financial crisis in 2008.
This drop was largely due to the fact that post-tax income for a full-time working couple had increased by just 9 per cent in the past five years, but spending on essentials had soared by 28 per cent.
But despite recent house price rises, the average cost of a home is still 5 per cent below its pre-crisis peak, while low interest rates mean mortgage repayments account for a significantly lower proportion of people’s income than in 2008.
Fionnuala Earley, director of research at Hamptons International, said: “Our analysis shows that ability to buy across the country, but excluding London, has improved since the start of the recession when both house prices and interest rates began falling.
“London is the stand out exception. Here ability to buy is now worse than it was before the crash.”
Northern regions have seen the biggest improvement in the affordability of property since the financial crisis started.
Hamptons International estimates that affordability for first time buyers has increased by 305 per cent in Wales since 2008, while it is 212 per cent better in the West Midlands and 190 per cent better in Scotland.
But the group admits these figures do not take into account the large deposits people currently need in order to obtain a mortgage.
Other groups have not fared as well, with families with young children seeing the least benefit.
Although their ability to afford property has only deteriorated in London, the improvements seen in other regions have been far more muted, increasing by an average of just 27 per cent across Great Britain as a whole.
Looking ahead, as the economy improves, the group expects wages to rise in real terms, increasing people’s ability to buy a property, but it added that some of the improvement would be offset by higher interest rates.
Meanwhile, research carried out by the Daily Mail found that foreign buyers, particular Chinese and Russian investors, were turning their attention to properties outside of London as they looked to cash in on Britain’s strong housing market.
It said houses in South Wales and Weston-super-Mare, and flats in Manchester, Liverpool and Sheffield were being offered at foreign investment fairs and on estate agents’ websites in China and Russia.
The number of homes bought with cash had increased by over a fifth in the past year, according to estate agent Savills, and many of these purchasers are thought to be wealthy foreign buyers.
But there are fears that an influx of foreign investors will push up prices for first time buyers and families outside of the capital, which has recently seen strong growth in property values, largely due to demand from overseas buyers.
House prices hit a new record high in September, as property values passed their pre-crisis peak in a fourth region of the country, research revealed today.
The average cost of a home in the South West rose to £241,927 during the month to stand 0.6 per cent higher than before the housing market correction, according to LSL Property Services.
London, the South East and East Anglia are the only other regions of England and Wales in which house prices have risen above their previous highs.
But in other parts of the country prices continue to lag behind their pre-crisis levels.
Property values in the North have the most ground to make up, with values still 8.3 per cent or £13,400 below their March 2008 high.
In Wales the typical cost of a home is 6.8 per cent lower than before the market downturn, while prices in the North West and Yorkshire and the Humber are 5.8 per cent and 5.5 per cent lower respectively.
By contrast the typical home in London now costs £578,377, 47.3 per cent more that it did when prices previously peaked in 2008.
Across England and Wales as a whole the value of the average home reached a new record of £275,820 in September – £26,440 more than in the same month of 2013.
But there were further signs of a cooling in the property market, with prices rising by just 0.5 per cent during September, the lowest increase since November last year.
There was also a fall in the annual rate of growth, with this easing to 10.6 per cent, down from 10.7 per cent in July, the first decline recorded since May 2013.
The slowdown was most pronounced in London, where property values edged ahead by just 0.1 per cent.
David Newnes, director of Reeds Rains and Your Move estate agents, said: “September saw the lowest monthly increase in property prices in 2014 so far, as a new spell of market adjustment sets in for the autumn.
“But while price growth dulls, activity in the market is still vibrant, and total house sales completions are up 16 per cent year-on-year in September.”
Chartered surveyor e.serv also reported a pick up in market activity during September, with the number of mortgages approved for house purchase increasing for the first time in three months.
A total 65,469 mortgages were in the pipeline for people buying a property, 2 per cent more than in August, although the figure was 1.8 per cent lower than in September 2013.
Within the total, 11,600 loans were for people borrowing 85 per cent or more of their property’s value, the second highest level since June 2008.
It was also the tweentieth consecutive month during which high loan-to-value lending has increased on an annual basis.
Richard Sexton, director of e.surv, said: “Approvals declined over the summer, as demand dropped off over holiday season.
“The changes introduced in the Mortgage Market Review also took a few months to settle down.
“But looking ahead, the road looks steady. We are still a way off where we should be, but there are reasons to be optimistic.”
A flat in London has gone on the market for less than £100,000, it has been revealed.
The property in south London has recently seen its asking price reduced, making it significantly under the amount buyers can expect to pay in the capital.
But the Streatham property is currently listed at £99,950, having been reduced from an initial asking price two months ago of £129,950.
Jacksons, the estate agent handling the sale, described the property as “a bijou flat” as it is a studio with an open plan kitchen and separate bathroom.
It is on the first floor and covers a total area of 194 sq ft.
The studio is on the corner of Babington Road and Ambleside Avenue, providing good access to many of Streatham’s facilities.
The typical price of a flat in the area is £323,000, while a detached property goes for almost £1m.