As new build homes become increasingly popular among Londoners, developers are taking advantage and seeking new locations in which to meet demand. Kennington is next on their radar. The mayor’s office has identified 33 areas across London as ideal opportunity for investment, with three of these, SE1, SW8 and SW9, surrounding SE11.
In nearby SE1 and SW8, 20,000 private units are currently under construction or in the planning pipeline, the redevelopment of former council housing at Elephant and Castle is well underway and once complete there will be over 5,000 new homes available. While in Nine Elms, we will see over 12,000 new homes built, which will sit on the vastly improved riverside stretch from Battersea to Vauxhall.
In contrast, the Kennington Triangle itself has seen very little development compared to the growing number of development planned in neighbouring postcode areas. There have been just 50 private homes built per annum, with a further 585 private units currently under construction or in the planning pipeline. New homes sold in Nine Elms have reached an average of £832 per square foot, which is a 47% increase compared to the Kennington Triangle, where the cost of per square foot is just £567. The area is hugely undervalued, underdeveloped and currently the largest scheme marketing properties for sale is the Baylis Old School from Henley Homes.
John East, Land and New Homes Director at KFH, says: “Baylis Old School is a key site for SE11. Fuelled by a lack of stock and high levels of demand, prices in the Borough of Lambeth have risen by more than 13% annually, and with prices set to rise further, it’s a popular area for investment. The scheme is ideally placed within a perfect triangle which offers access to Vauxhall, Kennington and Lambeth North Stations while Lambeth Bridge, which offers quick access to Westminster and Victoria is a stone’s throw away. Young professionals and investors are going to find this scheme, with its assortment of apartment sizes on offer, extremely appealing with prices considerably less than those being quoted at nearby developments.”
Set within a 3.2 acre site housed within a Grade II listed former school conversion, Baylis Old School is an exclusive collection of 89 beautiful new homes. Designed by Conran and Partners, properties range in size from between one and four bedrooms, with many offering some form of outside space, while extensive themed landscaping will create lush green gardens providing residents with an array of private courtyards and generous external amenity spaces. Each of the homes is perfectly finished and features higher than average ceilings, clever space planning and expansive windows which flood the interiors with light.
The outlook for London’s house prices look set to rise further, with a 43.5% increase by 2018, says The Centre for Economic and Business Research (CEBR). In 2013 the Bank of England upgraded its forecasts for the UK economy, predicting growth of 1.6% for last year and a further 2.8% for 2014. While the London economy, which has consistently outperformed growth on a nation level in recent years, forecast growth of 1.8% last year and between 2.7% and 2.8% per annum in this year and next.
All of these factors, combined with the unique combination of a central location and value for money, means that the future looks bright for the Kennington Triangle property market.
Sourced by: Dataloft, EGi.