Detailed research from online agency eMoov.co.uk has revealed the spectrum of fortune that London homeowners have experienced over the past year.
Its team looked at figures from the Office for National Statistics, which show that while London as a whole has seen an average property price rise of 13% over the past 12 months (equivalent to £50,000 on the average value of a home), different boroughs have seen some very diverse changes in their local markets.
Among the most successful are Havering, Waltham Forest and Croydon, all seeing rises of 20% over the year, while Newham (home to the Olympic site and its legacy of redevelopment and thousands of new homes) tops the list with annual appreciation of 21%.
At the other end of the scale, two of the capital’s most affluent boroughs saw the worst performance, with prices actually reduced on average – Hammersmith and Fulham went down 3% while Kensington and Chelsea saw average prices drop by 6%, though the latter still maintains the highest average price (£1.21m) by some margin.
Founder and CEO of eMoov.co.uk, Russell Quirk, says: “It comes as no surprise that the only two boroughs to have seen a decrease in values over the last year are two of London’s prime central boroughs. Despite a lot of attempted smoke and mirrors by high street agents in those areas, the decline of London’s most prestigious property markets has been evident for a while now.
“The most prominent factors in this decline have been the changes to stamp duty for buy-to-let and second homes, as well as the reduction of foreign interest in that particular area of London.
“With the capital suffering from an extreme shortage in terms of the supply of housing, some might argue that this might not be a bad thing. If this can go some way in levelling the playing field these properties could potentially be bought by someone who will actually use them as they are intended, as houses to live in all year round.”
Here we take our pick of the best new build homes for sale across a number of boroughs and appealing to buyers within a range of budgets:
The Lanes at Edgware Green in Edgware, Barnet (Barratt London)
This latest phase of the Edgware Green development comprises 37 three- and four-bedroom homes, located near two Tube stations, Edgware and Stanmore, with around a 40-minute commute into central London. These homes all come with allocated parking and a specification with a host of big brand names, including Amtico, electrolux, Nobilia, Grohe and Armarii.
The homes are due for completion in the first quarter of 2017, with the whole 900+ homes on the development completed by the end of next year.
Gary Patrick, regional sales director at Barratt London, says: “With a host of schools and amenities nearby, excellent transport links and a competitive price point, we expect these homes will be particularly attractive to growing families; with an easy commute into key employment areas, this is the ideal combination for London family life.”
Prices: From £590,000
Find out more about Edgware Green from Barratt London
Brunswick Square in Orpington, Bromley (Berkeley Homes)
This development offers a range of one- and two-bedroom apartments, each with a balcony, winter garden or terrace. There is cycle storage and electric charging points, as well as allocated parking for selected apartments, and an exclusive health and wellbeing centre. Located in the heart of the town, this scheme is now 70% sold.
Karrina Oki, sales and marketing director of Berkeley Homes, says: “As the London exodus continues, homes within the capital’s suburbs are in increasing high demand. Brunswick Square offers stylish, new homes, ideal for young professionals in search of better value for money, with quick links into London.
“The development is just a 13-minute walk from Orpington train station, which provides services into the Capital in less than half an hour. Brunswick Square has been a very popular development, which is why we would urge homebuyers to visit now to avoid disappointment.”
Prices: From £340,000
Find out more about Brunswick Square from Berkeley Homes
ASPIRE in Arnos Grove, Enfield (Notting Hill Sales)
The housing provider has now introduced a series of Shared Ownership properties to this development, with14 three-bedroom homes designed with families in mind. These townhouses offer spacious accommodation and a contemporary specification across three storeys, with access to parking and cycle storage.
Simon Neary, head of sales and marketing at Notting Hill Sales, remarks: “The new research highlights how desirable townhouses have become, offering spacious living areas and contemporary designs. Three-storey living is a win/win for growing families, giving them the space they need at a price they can afford. Our Shared Ownership scheme creates another tier of flexibility, and opens up this superb development to more homeowners. There’s already a great deal of interest in ASPIRE, so we would urge people to act quickly.”
A number of Ofsted-rated ‘Outstanding’ schools, are nearby, including Bowes Primary School and Aylands School, as is Arnos Grove station. A number of local bus routes also operate from outside the development.
Prices: From £186,000 (30% share)
Find out more about developments for sale from Notting Hill Sales
'The Lodge' at St Clements in Bow, Tower Hamlets (Linden Homes)
'The Lodge' is a refurbished house with two bedrooms, set in a quiet location at the end of the development and just a three-minute walk from Mile End tube station, its Victorian heritage complemented by its backing onto Tower Hamlets Cemetery Park, one of the capital's 'Magnificent Seven” 19th-century cemeteries.
It is the only refurbished, detached house on the site, tarranged over two floors and boasts a beautiful, vaulted ceiling. It now has a fully fitted kitchen with built-in appliances, two en suite bedrooms and two private terraces.
Sharon Eldred, sales and marketing director for Linden Homes Eastern, says: “The Victorian Lodge House has a charming gothic feel to it from the outside, while the inside is finished in a clean, modern style with classic features.”
Prices: From £1.25million
Find out more at www.lindenhomes.co.uk ; 020 8712 2425
Prospect East in Stratford, Newham (East Thames)
This development offers a range of apartments, maisonettes and townhouses on a site which was once home to one of the largest rail works in Britain. The one- to four-bedroom properties are set among open green spaces and landscaped gardens.
Tony Harker, East Thames’ director of sales and marketing, says: “With an increasing number of savvy house-hunters looking further than just a property’s appearance, Prospect East provides homes with both elegant interiors and practicality built into the design. Ample storage space provides the opportunity for families to enjoy their home, without it feeling cluttered. These design features are essential for inner-city living, and are what sets Prospect East aside from the rest.”
The development is just a short distance from the Westfield shopping centre, Stratford's established High Street and the Queen Elizabeth Olympic Park. Stratford International station is also close by, with a range of National Rail, Tube, DLR and High Speed services.
Prices: From £469,950
Find out more at www.prospecteast.co.uk ; 020 8003 1718
Keybridge in Vauxhall, Lambeth (Mount Anvil/FABRICA)
Located in a prime position in travel Zone 1, close to Vauxhall Bridge and the River Thames, the site of this development was previously occupied by one of the world’s largest telephone exchanges. This new scheme is arranged across four buildings with an acre of open space for residents of the 470 studio, one-, two- and three-bedroom homes. The first completion are due in 2017.
Other exclusive facilities include a concierge, luxury spa with a gym, a 15-metre swimming pool, sauna and steam rooms, the Keybridge Club Lounge, secure cycle storage and underground parking.
Keybridge will provide a new public square, a central garden with a children’s playground, communal courtyard gardens and terraces complete with water features and seating areas. There are also sculptures and artwork by award-winning artist Tom Price.
Buyers will have the choice between three colour palettes, each with individually designed bathrooms, kitchen and wardrobes, with many of the apartments having either a private balcony, terrace or winter garden.
Prices: From £575,000
Find out more at www.keybridgelondon.com ; 020 3553 7086