With some industry insiders foreseeing a significant decline in overseas interest in the Prime Central London (PCL) property market, with one of the most significant factors the hikes in stamp duty on luxury homes introduced in December 2014. But buyers are still likely to want to buy if they can find good value for their property, perhaps in less expensive areas close to the most sought-after addresses.
The latest research from estate agents Kay & Co, with data analysis by Dataloft, reports residential property in Bayswater and the Hyde Park Estate districts in the W2 postcode remain undervalued compared to neighbouring areas in western central London, and that as a result, values transaction levels are starting to rise there. The research shows an average price of £1,342/sq ft compared to £1,729/sq ft across the PCL area and are around 20% less than in Marylebone and 40% lower than comparable homes in Mayfair.
Martin Bikhit, managing director of Kay & Co, says: “New luxury developments throughout the W2 postcode will reach build completion in 2016 and this will boost prices even further. Given the current lull in the market there is now an opportunity for buyers to purchase at a discount and reap the rewards over the next 18 months to two years.
“Homes in highly desirable roads such as Connaught Square and some buildings facing Hyde Park can be purchased for between £2,000 and £3,000/sq ft. – a healthy discount on 12 months ago. During 2016 we forecast that price growth will be steady and sustainable.”
As ever, there is plenty going on all over Greater London when it comes to new homes, and our pick shows there is something to suit a very wide range of buyer budgets:
King’s Cross Quarter in King’s Cross (Regal Homes)
King’s Cross is fast becoming one of London’s core business hubs, with Facebook, Google and Amazon relocating their head offices to the area. Located just minutes from King's Cross and St Pancras International stations, this luxury scheme is not only close to these major employers, but well linked to destinations in and out of London.
This development comprises 118 Manhattan suites (studios), one- and two-bedroom apartments and three-bedroom penthouses. A high-quality specification resonates throughout each apartment, ranging from integrated kitchens fitted with matte German designer units, quartz stone worktops and Bosch appliances, to hotel-inspired bathrooms. Each apartment also has access to private outdoor space.
Residents-only facilities include a state-of-the-art fitness suite, a spa, complete with swimming pool, Jacuzzi, sauna and steam room, and a cinema room. There is also a 24-hour concierge and round-the-clock security.
Prices: From £740,000
Find out more at 020 7328 7171
Cedarwood Square in Deptford (Lendlease)
Just launched for sale. Cedarwood Square is the first collection of 203 homes at The Timberyard Deptford, providing a collection of one-, two-, three- and four-bedroom apartments and four bedroom townhouses, surrounded by 28 acres of green space.
The development will create a new Waterline linear park, which will run the entire length of the historic route of the Grand Surrey Canal, allowing residents to enjoy riverside and parkside living.
All apartments and townhouses will also include either a balcony or terrace is addition to light and spacious open-plan living spaces and interiors finished with timber flooring and floor-to-ceiling double glazed windows. The whole development is powered by an eco-friendly on-site energy centre.
The High Street is a short walk away and there are excellent transport links to Canary Wharf and London Bridge (12 mins).
Subject to final planning consent, construction will start on site in mid-2016 and the first phase of homes is expected to be completed in winter 2018.
Prices: From £399,950
Find out more at www.thetimberyard.london ; 020 3815 9000
Vita, Ruskin Square in Croydon (Places for People)
Vita is a 22-storey tower taking shape next to East Croydon train station, with a nine-storey plinth with 161 luxury one- and two-bedroom apartments and penthouses, Designed by Stirling prize-winning architects AHMM, the scheme is scheduled to be complete by the summer. All of the properties have large private balconies and benefit from a roof garden and landscaped private garden at ground level.
Elliott Stiling, sales and marketing director at Places for People, says: “Vita has attracted strong interest from local people and first-time buyers, with 60% of apartments already sold.”
The new marketing suite is now open at this development to help potential homebuyers get a taste of the luxury accommodation available at Vita, open seven days a week from 10.30am to 5:30pm.
Find out more at www.vita-ruskinsquare.co.uk; 020 8681 8132
Quebec Quarter in Canada Water, Southwark (L&Q)
This low-rise scheme will comprise 240 apartments in seven blocks, with 151 one-, two- and three-bedroom apartments for private sale and 69 one- and two-bedroom homes available via Shared Ownership.
L&Q’s research has ascertained that the price per square foot of property in Canada Water rose about 19% in 2015, but is still some 25-40% less expensive than neighbouring areas such as Bermondsey, Wapping and Canary Wharf.
Cathy Lloyd, sales and marketing director for L&Q, says: “Quebec Quarter makes a major contribution to the regeneration of this increasingly popular area. The three-bedroom private sale units, a number of which are available in the first release, are considerably larger than the average for London, so we anticipate a good deal of interest from young families, as well as young professionals and first-time buyers for the smaller units.”
Prices: From £770,000
Find out more at www.quebecquarter.co.uk ; 0333 0033 663
Panorama in Uxbridge, Hillingdon (Howarth Homes)
The developer will be launching this development this Thursday 10 March, providing a substantial collection of new build apartments to join the town’s property landscape. These new homes will provide views across Fassnidge Park, with the majority benefitting from their own private balcony or terrace.
The development is only a couple of minutes away from local shops and restaurants, including two major shopping centres, The Pavilions and Intu.
Dale Wagstaff, finance director for Howarth Homes, says: “For investors keen to exploit the anticipated capital growth potential in Uxbridge, Panorama provides a great investment opportunity. With properties being launched off-plan, there is the potential for a rise in capital value prior to completion in 2018.”
Prices: From £224,995
Find out more at 01895 233999
The Liberty Building in Limeharbour (Telford Homes)
Launched at the end of February, this 25-storey tower provides residents with exceptional views of Canary Wharf and The River Thames. The development will provide a mix of one-, two- and three-bedroom apartments, each with its own private balcony or terrace. The top two floors of the building are taken up by a duplex with a substantial private terrace and two balconies, providing far-reaching views across London’s skyline.
Residents will have a 24-hour concierge service, private gymnasium and a tree-lined, landscaped piazza with fountain jets.
With Crossharbour DLR station is just a minute’s walk from The Liberty Building, it’s a perfect base for commuters, with Canary Wharf just four minutes away and Bank only 15 minutes away. When Crossrail arrives in 2018, journey times from Canary Wharf through Central London will increase dramatically, with Liverpool Street six minutes away, Bond Street 13 minutes and Heathrow 39 minutes.
First completions at The Liberty Building are expected from Spring 2019.
Prices: From £495,000
Find out more at www.telfordhomes.london ; 020 3538 4859
The Village Green in Mill Hill (Vision Residences)
This is a collection of eight new and renovated three-, four- and five-bedroom lifetime family homes, situated on the former grounds of the Sisters of Charity of St Vincent de Paul convent and school.
Located on The Ridgeway – one of the most sought-after areas in Mill Hill – these homes are set around a delightful village green and the backdrop of a historic Victorian chapel. These properties are close to excellent schools, local amenities and transport links and provide both privacy and high security with a gated entrance, underground parking and video entry system.
Luke Winham of Vision Residences says: "The Village Green is a very special place to live. The setting of the development has been enhanced by the stylish balance between traditional build and contemporary design, so that each home benefits from exceptional attention to detail and the latest technology.”
Prices: From £1.795m
Find out more on www.thevillagegreennw7.com ; 020 8731 9500 (Glentree)
Bentley Place in Bentley Heath (Heronslea Group)
Bentley Place is an elegant collection of new homes in the sought-after area of Bentley Heath, north London. Situated in between Barnet and Potters Bar, Bentley Heath offers a peaceful setting with green open spaces on the fringes of Wrotham Park Estate. The development features just nine detached three- and four-bedroom family homes, set in landscaped grounds with off-road parking and garages arranged around an attractive private avenue.
Each home has been individually designed, built and finished to Heronslea Group’s exacting standards, with bespoke interior design and layouts perfect for modern family living, the highest specification and the latest appliances.
The development is close to Hadley Wood station with connections to Moorgate in just over 30 minutes.
Price: From £750,000
Find out more at www.heronslea-group.co.uk ; 020 8441 9555 (Statons)
Jessops Building in New Providence Wharf, Poplar (Genesis)
Currently available is a selection of one- and two-bedroom apartments offering spacious accommodation, most with private balconies. Just a few minutes’ walk away, Canary Wharf offers plenty of bars and restaurants and a high-end shopping centre. Westfield Stratford City is under half-an-hour away – Europe’s largest urban shopping mall, with bars, reastaurants and casino in addition to its huge range of retail units.
The homes at New Providence Wharf are available through a Shared Ownership scheme allowing buyers to initially purchase between 25% and 75% of the property, paying a subsidised rent on the remainder. The scheme is specifically designed for first-time buyers with a household income of less than £71,000 a year.
Prices: From £101,875 (for 25% share)
Find out more on www.genesishahomes.org.uk ; 020 3773 1509
Horizon London in Seven Kings, Redbridge (Surrenden Invest)
Another development ideally placed to benefit from the Crossrail/Elizabeth line services being introduced in 2018/19, this east London scheme is just a short walk (5-7 minutes) from Seven Kings station and a 10-12 minutes from Ilford station. It offers a range of studio, one- and two-bedroom apartments that will make excellent rental properties for young professional commuters
Environmental matters have been critical to the development’s design, including green 'living' walls, photovoltaic cells on the upper levels, rainwater harvesting and a centralised heating system. These features will ensure that less heat escapes from the building, lowering energy consumption and reducing residents' energy bills.
Prices: From £233,000
Find out more at www.surrendeninvest.com ; 020 3372 6499