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January 27, 2016

This is the year of the owner occupier – a development perspective

Filed under: Latest News — Instinctif Partners @ 3:13 pm

New homes are right at the top of the government’s political agenda and given the continued insatiable appetite for property, 2016 is set to be a very active one from a residential development perspective. We’re not even out of January and there are already several important trends emerging.

Developers spread their wings

Whilst the land market remains buoyant, we have seen a trend of developers looking to move outwards from more established, high capital value and high value per square foot areas into neighbouring postcodes where there is greater affordability and naturally higher levels of demand.

Developers who previously focused on prime central London locations are now spreading their wings and setting their sights on residential developments in areas including Fulham, Peckham and Vauxhall. Developments recently launched, or soon to be launched, in these areas have attracted a good deal of interest from local people.

However, the majority of developers we are working with are maintaining the same or very similar levels of specification as they migrate on the proviso that they want to maintain their brand positioning and the belief that buyers will be happy to pay a premium over the local norm for a higher quality specification and finish.

New London locations

This year will also see the growth of new residential locations in London as the desperate need for new property supply means developers are looking at previously untapped locations in order to satisfy demand. The ‘North Bank’ – the oft overlooked sister of the South Bank across the river – is now experiencing an increase in residential development. And it’s a gem. With exceptional transportation links and property costing up to 40% less per square foot than at Covent Garden, just a stone’s throw away, the North Bank will soon be a mainstay of the common vernacular.

Year of the owner / occupier

Any reduction in demand from investors in 2016, due to tighter regulations around buy-to-let, is likely to benefit owner occupiers where sentiment remains strong. With interest rates likely to stay at historically low levels for the short to medium term, high levels of employment, widespread confidence in price stability and strong demand from owner occupiers, 2016 has all the hallmarks of ‘the year of the owner occupier’ and that is no bad accolade. It does however mean that agents and developers will have to alter their sales and marketing strategies to capitalise on the prevailing market conditions.

JSS- 19 Buckingham Street LR

19 Buckingham Street has recently been converted back to residential use and apartments are on the market with Jackson-Stops & Staff starting at £2,750,000.

 

 

 

 

 

 

 

 

 

 

 

 

 

Ben Babington, Director of Residential Development

January 7, 2016

Dorking commuters have a good deal to crow about!

Filed under: Latest News — Instinctif Partners @ 3:24 pm

Cock

The eye catching Dorking cockerel on the Deepdene roundabout.

The New Year has started with a bang in Dorking – and not just because we have seen the usual January flurry of people looking to sell up and move on, as well as prospective buyers, walking into our branch. We have also come out number one in the ranking of London commuter hot-spots for 2016, following research into property prices and commuting conditions to and from a number of traditional commuter locations orbiting the capital.

 

This week will have been a taxing one for many City workers following the Christmas break, especially given that the cost of train travel has increased again in 2016. Apparently we pay up to six times as much as European passengers, although some might find solace in the fact that the 1.1% increase annual increase in rail fares this month is the lowest in six years.

 

Dorking1

This five bedroom family home in Dorking with fabulous views of Box Hill, is on the market for £1,350,000.

Our market town, nestled beneath the North Downs, has beaten other key commuter locations following an analysis of a range of factors which not only include average house prices in the region, but length of train journey to a London station, cost of annual train fare including travel card, cost of car parking at the station and the length of time between trains.

 

Dorking boasts an average property price of £400,302 (according to Land Registry data) which is significantly lower than the average across the London market, meaning people who choose to be based here can get more for their money than further in.

 

This Victorian period home in Dorking has five bedrooms and is on the market for £1,195,000.

This Victorian period home in Dorking has five bedrooms and is on the market for £1,195,000.

The emphasis on quality of commute is also an important one. Research from the Office for National Statistics shows commuting negatively affects all aspects of personal well-being and given more people are commuting for longer (for 55 minutes a day on average – up three minutes since 20014) ensuring the quality of that journey is as high as possible is paramount. In the morning, from Dorking, you can generally find a seat, the journey is less than an hour and the annual travelcard comes in at less than £3,500.  If you miss a train in the morning you may even be able to board an alternative within three minutes.

 

If you are standing on a platform and have been waiting ages for a train you fear may never arrive, perhaps you should consider moving to Dorking! For the full table of results see the Daily Mail article featuring the research here.

 

Alan King, Partner at Jackson-Stops & Staff’s Dorking branch