The latest research from estate agent Savills shows that there are 58 stations on the Tube network where residential property prices average more than £1m. This staggering figure is up from just 11 in 2010 and clearly illustrates how the last five years have radically changed the property market in the capital, as demand from all over the world – combined with a lacking of new and other housing stock for sale – has pushed new areas into the millionaire league.
While many are in ‘Prime Central London’ – districts around Knightsbridge, Sloane Square and South Kensington, for example – there has been a ripple effect out to Zones 2 and 3 (such as Vauxhall, Finchley Road and Golders Green) and even out to Zone 6, where prices in leafy Moor Park exceed £1.6m on average.
Recent numbers from across the industry have shown that the rate of price growth in the prime areas has diminished considerably, and this may lead to areas outside the centre looking more attractive.
National housebuilder Redrow is now concentrating on suburban districts rather than the capital’s super-prime central quarters. Founder Steve Morgan said: “You can divide London into two areas really. Central London has quite definitely softened since the stamp duty announcement, so high price properties have come off, but in the London markets, which I class ‘London for the Londoners’, where people actually live, demand continues to be very, very strong. It’s definitely a two-tier London at the minute.”
Here are some of the developments currently on offer around Greater London – and you don’t have to be a millionaire to afford most of them!
Barrington Gardens in Balham (Martin Grant Homes)
This development of eight townhouses and one apartment is available under the Home2Home support initiative, a scheme through which purchasers are able to reserve a house at the development prior to the construction completion or the sale on their existing home. Martin Grant Homes will instruct an agent on the buyer’s current property, support the marketing and negotiation process and cover all agent fees.
The three- and four-bedroom houses at Barrington Gardens will offer open-plan living spaces and beautifully appointed bedroom suites. All of the three bedroom townhouses are accessed from the street front and from the rear parking area, secured behind gates, where each of the houses has a private parking space. The four-bedroom homes are accessed from the street front, with a private parking space lying to the front of each home.
Barrington Gardens is a short walk from Balham’s cosmopolitan bars, boutiques, restaurants and cafes and Balham station is less than a 10-minute walk from the development.
Prices: From £1.095m
Find out more at www.martingranthomes.co.uk ; 020 7228 8686
Premier Collection at Hurlingham Walk in Fulham (St James Homes)
These luxurious properties have been designed to echo the grand façades of West London’s traditional Edwardian and Victorian mansion block architecture. In fact, Hurlingham Walk is the first new build mansion-style development to join Fulham’s architectural landscape since the 1930’s.
The new Premier Collection comprises 12 (out of a total of 68) luxuriously finished apartments located on the fourth floor. All the properties have been designed with high ceilings, full-height doors to the balconies and great use of space and light. These enhanced homes will include superior finishes such as a fully fitted Sonos Sound System with built-in speakers in the living rooms, bedrooms and bathrooms; an Italian-style kitchen with marble worktops and integrated Miele appliances; comfort cooling in the bedrooms and sitting rooms; and underfloor heating throughout.
The Premier Collection also benefit from the security of restricted lift key access. There is also a dedicated concierge, 24-hour security, a private landscaped garden with infinity pond and courtyard accessible to residents-only and gated basement parking.
Prices: From £695,000
Find out more at http://whathou.se/V9l9Yu ; 020 3151 7844
The Residence in Southwark (Linden Homes)
Eighty per cent of the apartments have already sold here, so opportunities are limited to grab one of these one-, two- and three-bedroom properties on Blackfriars Road, just a short walk from the Thames.
Ideally suited to investors or young professionals sharing, each of the open-plan properties at The Residence either has a private balcony or terrace, as well as residents-only access to a landscaped rooftop garden.
Dylan May, Linden Homes South East land, sales and marketing director, says: “The Residence offers a particular chemistry of location and quality that has really caught the attention. People can see that the apartments offer an exclusive lifestyle, not just a high quality home.
Prices: From £765,000
Find out more at www.lindenhomes.co.uk ; 02035 533 866
Jessops Building at New Providence Square in Canary Wharf (Genesis)
Currently available at Jessop’s Building is a selection of one- and two-bedroom apartments offering spacious accommodation, with balconies to most apartments. The homes are available through a shared ownership scheme which allows buyers to purchase between 25% and 75% of the property, paying subsidised rent on the remainder. The scheme is specifically designed for first time buyers whose household income is less than £71,000 a year and priority will be given to those who live or work in Tower Hamlets.
The area is bustling with an array of eateries and bars, hotels and leisure facilities, all in the shadow of Canary Wharf. Across the river, the O2 Arena boasts one of the largest live venues, home to various sports and entertainment shows, as well as a choice of bars and restaurants, cinema and the famous Indigo2 nightclub. Less than 30 minutes away from New Providence Wharf by tube is Westfield Stratford City, the largest urban shopping mall in Europe, boasting over 500 shops, a cinema, bowling alley and casino.
Prices: From £95,563 (25% share)
Find out more at www.genesishahomes.org.uk ; 0800 954 0040
Clay Street in Marylebone (Druce)
This is a bespoke collection of five new townhouses in the heart of Marylebone, W1. Each house provides four thoughtfully designed floors of luxurious and meticulously selected finishes, as well as a private parking garage and balconies, set in a sought-after central London address close to the West End and with a multitude of transport connections within a few minutes' walk.
The textured brick façade of the townhouses boasts clean lines, highlighted with rich timber, for depth of character and a welcoming feel. Step inside and there is an immediate feeling of spaciousness, coupled with a sense of privacy and warmth.
Prices: From £3.8million
Find out more at www.druce.com ; 020 7935 6535
Stratford Gate in Stratford (L&Q)
L&Q is currently selling a collection of three one-bedroom apartments and six two-bedroom properties at Stratford Gate, with a minimum 35% share under the government-backed shared ownership scheme. The development offers local renters a chance to step onto the property ladder in this highly desirable location, which just a short walk from Stratford station and the former Olympic Park.
The legacy of London 2012 places Stratford Gate at the heart of Stratford with the wealth of shops in Westfield, the leisure facilities of the Queen Elizabeth Olympic Park and the excellent transport links that connect Stratford to central London, and the surrounding boroughs and counties.
Prices: From £110,025 (35% share)
Find out more at lqpricedin.co.uk ; 0844 406 8706
Rosendale Road in Brixton (Peabody)
Located at the heart of a thriving new community in South London, Rosendale Road is at the centre of popular areas Herne Hill, Brixton, Dulwich and Camberwell. The development comprises a collection of two-bedroom apartments and cottages which border Brockwell Park, home to Brockwell Lido, endearingly known as ‘Brixton’s Beach’. This much-loved local landmark is famed for its Olympic-size 50-metre pool, surrounded by a superb Grade II listed art deco building, which now houses a state-of-the-art gym and studios.
Apartments boast private balconies and cottages with rear turfed lawns and timber picket fencing at the front. Each home is completed to a high specification, with integrated Bosch appliances, Kahrs Oak Weimar parquet flooring and brushed steel switches and sockets
Herne Hill station just a 10-minute walk away and there are National Rail and tube services in the surrounding area in Dulwich and Brixton.
Prices: From £480,000
Find out more at www.peabodysales.co.uk ; 020 7226 6611
Kidderpore Green in Hampstead (Barratt London)
This new development of 128 new and refurbished homes in the sought-after London village of Hampstead, which is launching this month, has been influenced by a unique relationship between the developer and the Hampstead School of Art (HSoA).
Set in 2.4 acres of landscaped gardens, Kidderpore Green is centred on a new state-of-the-art pavilion for the HSoA that will not only enable it to honour its ethos as an independent institution for artistic excellence but provide a heart for the new residential community around it.
Designed by Allies & Morrison, the new-build villa apartments will complement the conversion of the Caroline Skeel Library into apartments and penthouses and the refurbishment of the existing Arts and Craft buildings into duplexes.
The first homes will be ready to move into this autumn, with full completion early in 2017.
Prices: From £675,000
Find out more at www.barrattlondon.com/kidderporegreen ; 0844 811 4321
London Square Hayes in Hayes (London Square)
Launching on 19 September is this development in the borough of Bromley from the award-winning developer.
Set behind gates on West Common Road, the former Grade II listed office building will be sensitively converted into a collection of heritage apartments with style and individuality, while nine new and impressive mews houses and six luxury detached houses will be built in the six acres of grounds. All homes will have views over the green open space and historic lawn area.
Specialist architects, Formation Architects, will retain and restore period features, in the listed apartment building. The architects have experience of working on high-profile listed buildings including Lots Road Power Station, The Berkeley Hotel and The Langham. Another award-winning company, Alexander James, will create the interiors in the contemporary show home.
Prices: From £525,000
Find out more at www.londonsquare.co.uk ; 0333 666 2636