The capital’s property market appears to be suffering as the effects of the Brexit vote become clearer against a background of political change and economic policy decisions.
With the Bank of England base rate remaining at 0.5% for the time being, contrary to some predictions of an incremental fall with the last Monetary Policy Committee meeting, there seems to be little encouragement for UK buyers to buy against the uncertainty of the long-term effect of the referendum vote.
The latest research from Hometrack showed an 8% relative fall in sales in the capital in the last three months compared to the 12 month average. Richard Donnell, insight director at Hometrack, says: “It is still early days, and seasonal factors also need to be considered but the growth in new listings and slower sales points to slower price growth in the months ahead. This growth in supply reflects a mix of new homes filtering through from London’s expanded development pipeline, investors looking to take capital gains, or selling to de-leverage their investments following the reduction in tax relief on mortgage payments for buy-to let investors.”
Part of the solution may be to reprioritise London’s property supply, to build more homes for buyers on a modest budget. The Mayor of London Sadiq Khan has already noted the need to focus more attention on the affordable homes market in London, rather than the luxury sector that many of the headline-grabbing developments target.
He said shortly after his election: “I am determined to fix London's housing crisis and ensure that all Londoners have the opportunity to rent or buy a decent home at a price they can afford.”
Here we pick our favourite new build homes for sale across a range of boroughs and appealing to different budgets:
Kilburn Quarter in Kilburn, Brent (Network Homes)
The developer recently launched this collection of 126 private one-, two-, three- and four-bedroom apartments and duplexes in NW6. Designed by the award-winning Lifschutz Davidson Sandilands and Alison Brooks Architects, homes at Kilburn Quarter are set around a landscaped, gated courtyard garden, a nod to London’s famous garden squares and parks.
Each home at Kilburn Quarter features a balcony or terrace, complemented by the fine interior specification. The development is taking shape in a vibrant area that is in the midst of growth as part of the wider £600m South Kilburn Regeneration Programme, led by Brent Council.
Three Underground and Overground stations within walking distance ensure easy access across London – with the West End less than 15 minutes away.
Prices: From £525,000
Find out more at www.kilburnquarter.com ; 020 3846 8500
Aberfeldy Village in Poplar, Tower Hamlets (Prime Place)
Just a few apartments remain at this landmark scheme in east London, close to the transport hub of Canning Town and conveniently close to both Docklands and The City.
Sue Gresswell, sales and marketing director at Prime Place, comments: “Aberfeldy Village is a magnet for young professionals looking for a smart contemporary home at an affordable price close to Canary Wharf. It ticks the boxes with an excellent specification, parking spaces and great transport links, but more than this it’s becoming a real community.
“We recently opened our linear park, an open green space running through the heart of the development where residents can relax and socialise. And with more community facilities planned in future phases, this is a great time to buy.”
The specification includes higher-than-usual ceilings, floor-to-ceiling windows, full-height glazed doors on to a large balcony or terrace, contemporary kitchens, integrated appliances and fitted wardrobes in the master bedroom. As an added bonus, private parking is available with allocated spaces in the underground car park.
Prices: From £304,995
Find out more at www.primeplace.co.uk ; 020 7515 1491
Brook House in Mitcham, Merton (Surrenden Invest)
Situated at the heart of Mitcham, Brook House is comprised of luxury one- and two-bedroom apartments, surrounded by greenery and historic buildings and overlooking the Mitcham Cricket Green. In fact, the apartments’ idyllic location has been celebrated on the big screen, featuring in Steve Coogan’s Alan Partridge film, Alpha Papa.
A short walk from the Mitcham Tramlink stop and Mitcham Eastfields station, the development is conveniently situated within easy commuting distance to the city whilst offering the benefits of living in a very green borough. There is a parking space for every apartment, contemporary fitted kitchens and bathrooms, spacious bedrooms, a communal area and an audio/video door-entry system for added peace of mind.
Prices: From £220,000
Find out more at www.surrendeninvest.com ; 020 3372 6499
Royal Wharf in Royal Docks, Newham (Ballymore/Oxley)
Last week, some new properties were launched at this scheme, which will eventually build around 3,300 homes at this waterside location. The new launch includes three- and four-bedroom apartments and three-bedroom townhouses.
Royal Wharf will include a new 2.4 acre park - in addition to a second park, three pocket parks and garden squares throughout the 40-acre development, leading to a 45% proportion of public space on the development as a whole. The new homes will be served by new cafés, bars, restaurants, school and leisure facilities.
Sienna House includes 120 apartments over 11 storeys, most with 83 sq ft terraces, spilt over 11 storeys. Inspired by the rich heritage of traditional architecture, Thameside House has access to a private balcony which will offer direct views on the riverside and the courtyard.
Prices: From £399,995
Find out more at www.royalwharf.com ; 0800 160 1200
Queenshurst in Kingston (Berkeley Homes)
This new release from the award-winning developer is situated in a prime position near Kingston’s town centre, which is creating a new residential quarter in the Royal borough. It will offer Manhattan suites (studios), one-, two- and three-bedroom apartments and duplexes – all of which feature a private balcony or terrace.
Tim Pettman, sales director at Berkeley Homes (West London), says: “Queenshurst will set a new benchmark for Kingston; it marries Berkeley’s renowned high-quality specification with a range of exclusive residents’ facilities and peaceful outdoor space to create a contemporary yet calm new place to live just minutes from the bustling town centre.”
These new homes will be set around a private landscaped courtyard, complemented by a new linear park, restaurant and commercial space along the east side of the development. Just five minutes’ walk from the town’s railway station, there’s clear appeal to a commuter audience.
Prices: From £420,000
Find out more about Queenshurst from Berkeley Homes
77 Muswell Hill in Haringey (Hamptons International)
This new development is built on the foundations of the famous Ritz cinema, the scheme combines unique elements from the original building along with contemporary features to result in a one-of-a-kind design.
The building’s distinctive red brick facade has been specifically created to match the colour and texture of the original cinema, while internally a three storey high dual central atrium illuminates the common areas with an abundance of natural light.
Each of the development’s 36 one-, two- and three-bedroom apartments is complete with high-quality, bespoke fixtures and fittings, and features a balcony or Juliet balcony.
Prices: From £560,000
Find out more at firstname.lastname@example.org ; 020 3451 1544
Royal Dock Gardens in Custom House, Newham (East Thames)
Launched on 23 July is this collection of 18 one- and two-bedroom Shared Ownership apartments which are ready to move into this autumn at the development within easy reach of the ExCeL centre and Prince Regent DLR station. It will also be just a stroll away from the new Custom House Elizabeth Line (Crossrail) station from 2018.
Tony Harker, East Thames’ director of sales and marketing, says: “Newham has benefited hugely from the investment in transport, infrastructure and leisure facilities since the Olympics. Royal Docks is an up and coming area in this borough, but with the investment and regeneration plan that is now spanning from Canning Town eastwards, including the much-awaited Crossrail, this area is becoming a rising hotspot for first-time buyers looking for a fast commute into the city, but not the usual zone 3 price tag.”
The homes are laid out over four storeys with the benefit of lift access, bicycle storage and communal gardens, with some apartments getting a private balcony or terrace and some getting views of Canary Wharf.
Prices: From £115,500 (35% share)
Find out more at www.east-thames.co.uk ; 0300 303 7333
The River Gardens in Greenwich (Bellway)
The final phase of this development has been designed by BPTW Partnership and RMA Architects and comprises 252 one-, two- and three-bedroom apartments across five residential buildings, ranging from two to 11 storeys high. These homes are in addition to the 800 apartments already in place at the waterside community and are expected to go on sale in spring 2017.
These waterside homes give residents access to a swimming pool, gym and four riverside landscaped gardens as well as a new upgrade to the Thames Path.
Greenwich is well connected on public transport, with links on National Rail, DLR and numerous bus services.
Ian Gorst, managing director of Bellway Homes’ Thames Gateway division, says: “To be completing this sought-after scheme with the final phase of homes is a great accolade, with a thriving community already established. We’re looking forward to progressing with the construction and launching the new collection of modern apartments next spring.”
Find out more at 01689 886400
Le Mare Terrace in Bow, Tower Hamlets (Countryside)
Help to Buy London is available on this new phase of apartments in theSt Paul’s Square development, E3, allowing buyers to purchase with a 5% deposit and the assistance of a 40% equity loan repayable on the future sale of the home.
Andrew Loveday, sales drector at Countryside commented: “The Help to Buy scheme has helped a vast amount of people fulfil their ambitions of jumping on the housing ladder and this was evident when selling the first phase of apartments at St Paul’s Square, as they were very popular with young professionals. With brilliant transport connections all over London, nearby open green space and affordability… the homes at Le Mare Terrace will no doubt prove attractive to those looking to find their feet on the property ladder and invest in this trendy area of East London”.
The development comprises 32 one-, two-, three- and four-bedroom properties each with balconies or terraces, stone grey fitted kitchens with stone worktops and integrated appliances, and master bedrooms with fitted wardrobes.
Prices: From £420,000
Find out more at www.countryside-properties.com ; 07900 769752
Douglas House in Westminster (Hamptons International)
This luxury central development is a collection of just 10 two- and three bedroom apartments. Set in a peaceful residential enclave, it offers easy access to many of the capital’s notable attractions including West End shopping, its world class theatre and galleries, and all the historical landmarks.
To the north lie the open green spaces of St James Park, Green Park and Hyde Park while to the south the River Thames glides past a few hundred yards away. Close to Victoria Station, it also means that all of London and much of south-east England is on your doorstep.
Price: From £1.53m
Find out more at email@example.com ; 020 3451 1544