We sat down with our New Homes expert John Ennis, Director of Central and New Homes & Investments at Foxtons, to discuss why New Homes are the future of London.
As London's population fast approaches the 9 million mark, supply and demand is at an all-time peak with the level of supply versus the level of demand having never been so extreme. The good news is that house builders have reacted positively with the London development program at its highest levels for the last decade.
Despite some buyers perceived concern about the imminent election the current market is incredibly active. The many factors that make the London housing market one of the most stable economic investments currently available means that optimism in the three to five year outlook for London's prices always drives buyer confidence. And as confidence in the market grows, so does everything else; since the beginning of January we have seen a consistent increase in registration levels, purchase levels and house prices. This will only continue to grow as we reach the traditionally busy spring market.
Saying this, 2015 is much more focused on steady growth rather than the rampant developments that we experienced within the property market of 2014, and as to be expected in this now steadier climate, well-priced one bedroom flats priced around £400,000 and two bedroom flats below £550,000 are extremely popular and selling faster than most other property types.
We're currently selling some fantastic developments throughout London, offering a range of accommodation for residential or investment purchasers alike. Just fifteen minutes from Central London, in between Crouch end and Muswell Hill is the fantastic new residential development of one and two bedroom apartments, Smithfield Square. With a concierge service, resident's gym and all apartments fitted with stunning high spec features, they are proving to be incredibly desirable.
Our Wimbledon office is also having great success selling one, two and three bedroom flats off-plan for Hero, a fantastic new development in Wimbledon Chase. This is a striking new development and is proving extremely popular; we sold 10 units in the first couple of weeks!
Our Kew Bridge Apartments development in West London is also generating a huge amount of interest. With its spectacular riverside location and fantastic views, it has been designed with all the amenities to be expected from a five star hotel such as 24 hour concierge, resident's gym and luxury accommodation set around a European style public piazza. As you can imagine they do not stay available long and we now only have a handful of apartments left.
The New Homes market in London has never been more exciting and these are only a few of the developments we are currently marketing. We have properties in every postcode, some that don't complete until 2017 and others that you could move into this weekend, and so whether you are looking to buy off plan or completed accommodation please do have a browse, I know we will have the perfect property for you.
Like the sound of these developments? Why not take a look around Smithfield Square , Hero and Kew Bridge
To search Foxtons entire database of New Homes and Developments, please visit our dedicated New Homes department.
