Summer 2018 Newsletter
We hope you had a great start to 2018! Here is our latest round up of the current talking points in the London property market.
As the Brexit uncertainty continues to affect property headlines, we continue to see signs of enthusiasm in some areas.
Bermondsey still sought after – Second hand property prices have increased by over 25% over the past 4 years. Prices even managed to increase slightly over the past 12 months, amidst a general softening of the market in Central London. Bermondsey is very central and the mix of architecture, its markets and the regenerated London Bridge area still make it a sought after area. (Savills and FT)
Paddington and the Elizabeth Line – With an average price per square foot under £1,200, the Paddington area still represents good value compared to neighbouring Bayswater (over £1,300 per sqft) or Marylebone (over £1,500 per sqft). The arrival of the new Elizabeth Line (Dec 2018), with direct connections to Heathrow and Canary Wharf, is likely to improve its prospects. (FT)
Creatives to Hammersmith – Relatively low office rents are attracting more and more central London commercial and corporate tenants, anything from small media and creative agencies to Victoria Beckham’s fashion brand and FTSE giants. Add the regeneration of Hammersmith’s food and entertainment scene, as well as its prime transport location and Hammersmith is looking increasingly attractive. (PW)
Tooting – The next Shoreditch? This South West London neighbourhood is seeing a lot of activity, due the relatively good value offered, especially for first time buyer properties. One bed flats to three bed houses range from £600 to £900 per square foot. Tooting Market, with its “not quite as gentrified” Brixton market vibe is adding much character to the area, along with its rich ethnic mix. Hence the local belief that Tooting could become a contender for the title of next trendy London hub. (JWAA)
July is Wimbledon – Two miles west from Tooting, Wimbledon Village offers a more traditional British feel, with price per square foot slightly above £1,000 in the SW19 Wimbledon post code, going down to under £700 per square foot in the Southfields area. Wimbledon is sometimes considered as a more affordable competitor to Hampstead, with a more pronounced country feel. Locals are pleased that the redevelopment of the dog track has at last begun, meaning that AFC Wimbledon will be able to return home (FT, JWAA, PW)
The resilience of prime St Johns Wood – Whilst not “prime central London”, St Johns Wood is an area with a number of prime houses. 29% of properties in St Johns Wood / Regents Park / Primrose Hill sold for over £2M, over the past 12 months. Interestingly their prices appear to have dropped by less than 1.5% over the past 3 years. (Lonres FT)
Marylebone retirement – With its unique offer of high end private healthcare and an unusally high concentration of single storey apartments, Marylebone continues to attract affluent, over-65 downsizers. Nearly 1,000 private homes aimed at retirees have been built over the past 3 years. Average prices per sqft are a little over £1,500, compared with over £1,700 for the wider “prime central London”. (FT, Savills)
Crouch End – for the times, they are a-changing – Good local state schools, relatively good value for money, a creative vibe and now a direct train line to Moorgate have kept Crouch End high on the list of families looking for a home, in this low key North London area. Prices per sqft were £750 in 2017, compared to nearly £900 for Highgate, its close neighbour. And for those of you who were wondering, legend has it that Bob Dylan once appeared, lost, in Crouch End. (FT)
West the new East? Properties in west London are selling significantly faster than their east London counterparts. Between April and June, an average of 20.9% of properties in prime areas of west London sold within the first three months of being on the market. Across the city, in prime areas of east London, that figure is lower with just 9.4% of properties selling within three months, the report said. In the same time frame, the price per square foot of sold properties rose 4.4% in west London, and decreased 6.4% in east London. (Lonres)
According to UK Construction firm Balfour Beatty, “the construction site of 2050 will be human free”. Bricklaying robots are already at work on some US construction sites. Where a human mason can lay 300-600 bricks in an eight-hour shift, robots can now lay more than 3,000.
We very much hope that you find this update concise and informative. However please do let us know if you would rather we did not send this to you.