The latest figures from the Office for National Statistics put the average price of a London property at £470,025, up 14.5% year-on-year but just 0.6% higher than the previous month, indicating a marked slowdown in the months approaching the referendum vote.
Paul Smith, CEO of haart estate agents, responded to the figures by saying: “It’s no surprise that people are holding off on buying, particularly as the ‘Remain’ campaign are focusing so much on house prices and the economy. Whatever the result, house prices will bounce back from the current uncertainty as the age-old problem of a disparity between supply and demand will once again come to the fore.”
Stuart Law, chief executive at Assetz for Investors, said: “With the average property price in London now reaching £470,025, up by 14.5% year-on-year in April, it is also clear investors are becoming unsure whether they will continue to get enough bang for their buck, especially in the capital where the outcome of the referendum could have a significant impact on the housing market.”
Some experts believe that the fallout of a vote out of the EU – a move fuelled predominantly in the build-up the referendum by talk of reducing pressure on housing and other sectors by immigration – might actually attract more foreign buyers than if the Remain side won. “This is the big irony of the leave campaign – which is anti any foreign influence. In the event of a Brexit we may see a price correction in property and a fall in sterling which opportunistic international investors will view as a chance to pile in,” Guy Grainger, head of Europe, the Middle East and Asia for JLL, told the Telegraph.
For all buyers in London, here we pick our favourite new builds across a range of boroughs and for different budgets:
Westbourne Place in Maida Vale, City of Westminster (Redrow Homes)
This collection of 49 luxurious one-, two- and three-bedroom apartments is at the Grade II listed former police station on Harrow Road, Maida Vale, a building originally built in 1911. The conversion properties are complemented by neighbouring new build homes.
A new show home was recently unveiled on the site, demonstrating the mix heritage architecture and contemporary interior design. The specification includes oak-finished doors, engineered oak flooring in the open-plan living area and hallway, a fully fitted contemporary kitchen with integrated Smeg appliances, quartz worktops and a wine cooler, and chic white sanitaryware in the bathrooms and en suites. All residents share a large, communal landscaped courtyard.
No fewer than five London Underground stations are within a short walk of Westbourne Park, making it ideal for those who need flexible travel across the capital.
Prices: From £550,000
Find out more about Redrow’s current range of developments
Jigsaw in West Ealing (FABRICA/Rydon)
Developers FABRICA and Rydon have joined forces for this development, where a pair of three-bedroom duplex apartments have been unveiled, a perfect option for family buyers looking for a well-linked west London home. For buyers with a young family, the opening of a new primary school with nursery facility nearby in 2017 will be another great attraction to this popular development.
Each duplex offers over 1,100 sq ft of accommodation and has its own private entrance and balcony, which overlooks the parks and plazas of the scheme, with an en suite master bedroom and impressive general interior specification.
The Elizabeth Line (Crossrail) will operate from West Ealing station from 2019, just a few minutes’ walk from this development. The service will reduce journey times to Bond Street to just 13 minutes and to Liverpool Street to 21 minutes.
Prices: From £780,000 for duplexes (£435,000 for one-bedroom apartment)
Find out more at www.londonjigsaw.co.uk ; 020 8003 0701
Acacia in Isleworth, Hounslow (Thames Valley Housing)
The government-backed Shared Ownership scheme brings these new homes within the budget of many more potential buyers, with a minimum initial purchase of 40% required on this collection of one- and two-bedroom apartments.
Kush Rawal, sales and marketing director at Thames Valley Housing, says: “Acacia provides a fantastic opportunity for buyers looking to get their first step on the property ladder. It offers everything people want from urban living - a great location within easy reach of central London, smart design and an affordable price. With the recent shake up in the Shared Ownership rules, more buyers than ever are eligible and we’re expecting very high interest in these stunning homes.”
Each home has plenty of storage and a private outdoor balcony There’s an Alno fitted kitchen with a full range of appliances to reduce extra expenditure for first-time buyers and the master bedroom includes fitted wardrobes. Each buyer also benefits from an allocated parking space and cycle storage.
Prices: From £126,000 (40% share)
Find out more at www.tvhsales.co.uk ; 020 8607 0550
Horizons Tower in Poplar, Tower Hamlets (Notting Hill Sales)
Horizons Tower is located in a prime position next to Poplar Dock Marina and offers a collection of one-, two- and three-bedroom apartments overlooking Canary Wharf and the River Thames. Some of these waterfront homes are available through a Shared Ownership option to eligible buyers.
This 25-storey tower is an ideal development for young professionals looking to take their first step on the London property ladder, with excellent access to the Docklands area. Blackwall DLR station is only 0.3 miles away and offers quick access to the Underground network via the interchange at Bank. Canary Wharf DLR station is 0.8 miles away and connects to the Jubilee line and, from 2018, the new Elizabeth Line route. The development is also served by extensive bus routes.
Each property has floor-to-ceiling windows, luxury kitchens with integrated appliances and quality bathroom fixtures and fittings, while every home also has a terrace or balcony of its own. There is also an on-site gym, 24-hour concierge service, cycle storage and communal children’s play area.
Prices: From £151,000 (40% share)
Find out more about all the current developments from Notting Hill Housing
King’s Cross Quarter in King’s Cross, Camden (Regal Homes)
This development will provide 118 one-, two- and three-bedroom apartments along with a host of facilities for residents only, including a pool, spa, cinema room, gym and a landscaped communal garden. These homes are located just minutes from King's Cross and St Pancras International stations, providing excellent transport links across London, the UK and onto the continent.
The specification of each home includes German kitchens with built-in Bosch appliances, quartz stone worktops and hotel-inspired bathrooms. The 24-hour concierge offers a high degree of security as well as flexible assistance for residents.
Paul Eden, joint chief executive at Regal Homes, says: “The stylish apartments have been intelligently designed to maximise space and are equipped with a luxury finish that sets a new benchmark in quality for the area. With the capital’s attention focused on the regeneration of King’s Cross, now one of London’s hottest residential destinations, we expect high interest in these homes and for savvy buyers to recognise the opportunity that they represent.”
Prices: From £730,000
Find out more at 020 7328 7171
Bentley Place in Hammersmith (Bellway)
Buyers can expect to find contemporary kitchens, appliances and bathrooms at this collection of apartments, with underfloor heating, a video entry system and cycle storage in the basement for every resident and the option of a parking space to purchase for those that need one.
For those that wish to use London’s growing collection of cyclist-friendly routes, these one-, two- and three-bedroom flats provide an excellent base, with a quite location close to the centre of Hammersmith and its excellent range of transport links.
Zoe Dobbs, sales manager at Bellway Homes North London, says: “Our Bentley Place apartments are close to many routes used by cyclists in the borough. In the coming years more money is likely to be spent by TfL on improving these routes too. The apartments at Bentley Place are ideal for those who would rather take a bike than commute to work, especially for those working in Fulham and West London, and for those looking for contemporary homes with outdoor space.”
Prices: From £599,995
Find out more at www.bellway.co.uk ; 0333 202 5173
Sundridge Park in Bromley (Millgate)
This luxury development is a collection of 14 townhouses, 25 apartments and two detached mansions within a gated community. These properties will have particular appeal for retirees wanting a high-quality ‘lock-up-and-leave’ home in the UK, perhaps to enjoy another property overseas for some times of year.
Set in 275 acres of parkland, these homes are reached via a half-mile long secluded driveway, with extensive landscaped grounds including large green lawn areas, small private gardens and areas of seclusion. All this can be enjoyed all year round with no upkeep. For those intent on enjoying their free time, the development is nestled between the grounds of the prestigious Sundridge Park Golf Club in Bromley which boasts two championship golf courses.
Jonathan Cranley, sales and marketing director for Millgate, says: “The homes at Sundridge Park exude exclusivity and luxury. The properties are ideal for retirees who enjoy a busy lifestyle and despite often travelling, are looking for a base to call home, without compromising grandeur. Only nine miles from Canary Wharf, this idyllic and iconic location offers the best of both worlds: the hustle and bustle of the nearby city within a countryside setting.”
Price: From £695,000
Find out more about Sundridge Park from Millgate
The Beaumont in Golders Green, Barnet (Glentree International)
Recently unveiled to house-hunters is this development of 21 two- and three-bedroom apartments and four three-bedroom duplex apartments situated just a five-minute walk away from Golders Green Tube station. A show apartment is open for viewing by appointment.
The scheme has been split into two specific collections: Iconic Court and Infinity Court, both designed by LTS Architects and constructed to eco-friendly Code for Sustainable Homes Level 4 accreditation. This means that each home has cross ventilation, low-cost energy sourcing as well as Low-E glazing which keeps the home warm during the winter and cool in the summer months.
Each apartment also has underfloor heating throughout, high-quality carpets to the bedrooms and bespoke fitted wardrobes to the master bedrooms. There is also a video entry phone system, day concierge and secure underground car parking, complete with electric vehicle charging points.
Lauren Abrahmsohn of Glentree International says: “Whether you are looking for the ‘buzz’ of cafés and shops at Golders Green or the peace and quiet of Golders Hill Park, this development can deliver. It has been designed to the highest specification and provides luxury living at every level.”
Prices: From £1.24m
Find out more at www.glentree.co.uk
Elliott Apartments at Harvard Gardens in Elephant & Castle, Southwark (L&Q)
These attractive apartments – from one-bedroom layouts to four-bedroom duplexes - offer spacious, open-plan living in one of London’s most noted regeneration schemes, where some 3,000 new homes will be built over a period of years altogether, along with new employment opportunities and much-improved infrastructure.
Cathy Lloyd, sales and marketing director at L&Q, says: “With property prices still growing fast in London, getting on the ladder in an area with good investment potential is vital, and where better than an area like Elephant & Castle, where residents are already seeing the benefits of getting in early. In addition to the new facilities coming over the next few years, Southwark Council has recently renovated Burgess Park just south of Harvard Gardens, and the revamped Castle Leisure Centre has just opened, offering state of the art health and leisure facilities for residents to enjoy now.”
This development is a short walk to Elephant and Castle station, with its Tube and rail links, as well as no fewer than 33 different bus routes in the vicinity. The development also offers secure communal cycle storage.
Prices: From £450,000
Find out more at www.harvard-gardens.co.uk ; 0333 003 3640