The affordability of homes in London – or lack of it in many cases – has been highlighted by the latest data from online estate agency HouseSimple.com, which found a quarter of the capital’s boroughs without a single home for sale under the national average property price.
The company’s research found nine of 32 boroughs lacked a property for sale under the Land Registry’s national average price of £191,812. Bexley had the lowest price – a studio flat on the market for £94,995 – while Tower Hamlets pipped Kensington and Chelsea to the post by a fiver with the priciest cheapest home at £250,000.
Alex Gosling, CEO of online estate agents Housesimple.com, says: “These figures reveal how desperate the plight is for ordinary Londoners on average salaries, hoping to buy their first property. How can they feasibly afford to buy when average property prices in the Capital are over £530,000?
“Although this research reveals there are properties for sale below the UK’s average house price, the pickings are extremely slim and you’re getting very little square footage for your money. It’s a studio or nothing in many boroughs.
“It’s not surprising that more and more people are starting to move out of London for value. Why pay £200,000 for a studio flat when you can buy a house for the same money just an hour commute away. It’s likely in the future we will see less and less people putting their first foot on the property ladder in London.”
The following pick of high-quality new builds will suit a wide range of budgets, including a few at well below the current average London price…
Riverside Quarter in Wandsworth (Frasers Property)
Once complete, this development on Osiers Road will provide a new Thamesside destination of residential, retail and leisure facilities, with nine elegant apartment buildings containing over 400 one-, two-, three- and four-bedroom apartments and penthouses. In the apartments facing the Thames there are winter gardens, a fusion of conservatories and balconies.
The apartments and penthouses all have an open-plan kitchen/dining/living area, complete with underfloor heating and floor-to-ceiling mood lighting. Each kitchen has a Corian worktops and integrated appliances, while many master bedrooms feature an en suite bathroom.
The development also offers secure underground parking, 24-hour estate management including a concierge and porterage service, as well as a video door entry system. Residents can use a range of private leisure facilities including a gymnasium, Jacuzzi and an indoor swimming pool.
Prices: From £720,000
Find out more at www.savills.co.uk ; 020 7499 8644 (Savills)
The Residence in Southwark (Linden Homes)
This scheme offers a choice of one- and two-bedroom apartments from the winner of Silver for Best Sustainable Developer at the WhatHouse? Awards 2015. The development is situated on Blackfriars Road, just three minutes from Southwark station and within easy reach of London Bridge and Waterloo.
Darren Maddox, managing director at Linden Homes South East, says: “Increasingly, people living outside London are looking for a city home to enjoy on the weekends. Due to its enviable location, The Residence can provide just that. The apartments are incredibly popular and only two of the exclusive homes remain, so we’d advise people interested to get in touch to avoid missing out.”
Both remaining apartments feature a private outdoor space, as well as access to the beautiful communal rooftop garden with views to the Shard and across the capital’s skyline.
Prices: From £799,950
Find out more at www.lindenhomes.co.uk ; 020 3553 3866
15 Grove End Road in St John’s Wood (Harrods Estates)
This boutique development is a collection of four two- and three-bedroom lateral apartments, including a duplex penthouse, each occupying a single floor. The price includes secure underground parking and car lift. The penthouse offers a wraparound glass living area with views across St John’s Wood and London beyond.
Simon Barry, head of new residential developments at Harrods Estates, says: “15 Grove End Road offers a unique boutique development in St John’s Wood, which would very much suit young professionals, businesspeople or company lets; the apartments offer ample entertainment space and easy connections to the business districts of London.”
The specification includes bespoke kitchens with Corian worktops and Miele appliances, fresh air heating and cooling, underfloor heating, large fitted bedroom wardrobes and engineered dark oak flooring. Each apartment also has its own outdoor space. Car parking is large enough for luxury cars and includes a car lift from the front driveway of the development.
Prices: From £2.95m
Find out more at www.harrodsestates.com ; 020 7409 9001
Harvard Gardens in Elephant & Castle (L&Q)
Harvard Gardens is the latest and final phase of the Albany Place scheme which offers a range of apartments and duplexes within walking distance of regenerating Elephant & Castle, on the edge of travel zone 1. This final collection was launched at the beginning of April.
Harvard Gardens provides a total of 71 properties for private sale, a selection of one-, two-, three- and four-bedroom layouts, each with airy open-plan living areas, fully fitted kitchens, generously sized bedrooms, modern bathrooms and a private balcony or patio. The development incorporates central landscaped courtyard gardens and is next to the green open spaces of Burgess Park.
Cathy Lloyd, sales and marketing director at L&Q says: “With its two earlier phases now sold out, Albany Place has established itself as one of the most vibrant and well-serviced new communities in central South London. Harvard Gardens represents the final opportunity to buy a home in this award-winning development and is ideally located for all that London has to offer.”
The homes are incredibly accessible and have superb zone one travel connections. As one of the capital’s up and coming hot spots, the future certainly looks bright for Elephant and Castle.”
Prices: From £450,000
Find out more at www.harvard-gardens.co.uk
Hadley Manor in Hadley Wood, Enfield (CALA Homes)
The luxury home builder launched this exclusive development in March. It comprises ten two- and three-bedroom apartments in one of the most sought-after locations on the Enfield/Hertfordshire border.
Helen Colman, regional sales and marketing director for CALA Homes Chilter, says: “As always, our show home scheme has been put together by a professional interior designer, showcasing the lifestyle on offer here - whether you are downsizing or looking for a spacious apartment with an easy commute to London.”
One example of what is on offer is plot 3, a spacious ground floor two-bedroom apartment priced at £1.35m, with an impressive master bedroom complete with en suite and dressing room, an opulent sitting room with French doors to the garden, and a large kitchen/breakfast room with folding doors onto a generous private patio.
Prices: From £1.35m
Find out more at www.cala.co.uk ; 020 8440 8605
Manhattan Plaza in Canary Wharf (Telford Homes)
The developer has followed a successful first phase with the release of the second phase of apartments here, with equal appeal to professionals, first-time buyers and investors. Completion is expected in autumn 2017 to spring 2018.
Manhattan Plaza has been designed by Barton Willmore architects, takes inspiration from the iconic buildings of New York’s trendy Meatpacking District.
Each apartment comes with a contemporary kitchen by Urban Myth, boasting sleek stainless steel appliances, stone worktops and handleless fitted units, chic contemporary bathrooms and en suites, underfloor heating, video entry phone systems. The penthouse goes one step further, providing comfort cooling and an overall higher specification.
David Campbell, group sales and marketing director at Telford Homes, says: “The opening of Crossrail in 2018 will have a dramatic impact on the way that people travel, making it a convenient and efficient way to get around and this has been a key influencer in people’s decision to purchase a new home in the area.”
Prices: From £690,000
Find out more at www.telfordhomes.london ; 020 3538 0719
Balham Walk in Balham (Taylor Wimpey)
There’s a mix of two- and three-bedroom apartments to choose from in this popular part of Wandsworth, which has benefited in recent years from significant regeneration.
Susan Joseph, regional sales manager for Taylor Wimpey, says: “This is a superb chance for purchasers to secure a fabulous apartment in the up-and-coming area of Balham. Demand continues to run incredibly high at this popular development and we don’t expect these amazing properties to be around for long – so I’d urge anyone hoping to secure their dream plot to get in touch without delay!”
There are plenty of amenities nearby, as well as a good social life on offer and a choice of schools for children of all ages. Balham’s Leisure Centre boasts a gym, two workout studios, a sauna and a steam room, a boon for fitness fanatics.
It’s a short stroll to Balham station, with Tube and National Rail services available, and plentiful options on the bus network.
Prices: From £640,000
Find out more on www.taylorwimpey.co.uk ; 020 3837 7069
Kings Park in Harold Wood, Havering (Countryside)
Crown Mews is the eagerly awaited addition to this popular parkland-style development, consisting of the Windsor Apartments and Chatsworth Mews, a collection of one- and two-bedroom apartments, together with 52 three- and four-bedroom houses.
There’s great appeal to commuters here, with a 35-minute journey via Stratford to Liverpool Street and the Elizabeth Line (Crossrail) coming in the next few years to Harold Wood’s zone 6 station. The A127, A12 and M25 are also all within easy reach from home here.
Andrew Loveday, sales and marketing director at Countryside comments: “This development is an attractive proposition for any buyer looking to enjoy great connections to the city whilst being surrounded by a scenic green environment. The new phase at Kings Park gives buyers a range of stylish and modern properties to choose from, that are well suited to both young professionals and families.”
Price: From £340,000
Find out more at www.kings-park.co.uk ; 01708 348578
Foundry Mews in Walthamstow (East Thames)
Launching on 16 April is this collection of Shared Ownership properties in Walthamstow, located between Wood Street Library and Woodside School, with a choice of four townhouses, six apartments and two maisonettes.
Each home benefits from its own outside space; balconies or terraces for the apartments/maisonettes and gardens for the townhouses. There is also cycle storage, a children’s play area and allocated parking for the houses and maisonettes.
Foundry Mews is a nine-minute walk away from Wood Street station, which is served by London Overground and is a 21-minute journey from Liverpool Street. The area also offers Central and Victoria Line Tube routes through the West End.
Epping Forest offers acres of diverse landscapes close by, a fantastic escape from the everyday hustle and bustle of city life.
Prices: From £118,750 (for 25% share)
Find out more on www.foundrymews.co.uk ; 0300 303 7333