Clapham Common has always been a popular area, and as property prices in central London continue to rise, the area has become incredibly popular amongst buyers and tenants alike. Rightmove notes that property prices in the area have risen by as much as 14% year on year. The nearby underground transport links of Clapham Common, Clapham North and Clapham South (Zone 2 Northern Line), with the addition of the Overground train links at Clapham Junction and Wandsworth Road, make for a convenient commute into the City.
At 220 acres in size, the Common is one of London’s largest open spaces and for the active amongst us, it provides countless activities and sporting events throughout the year, which makes it a major draw for those buying and renting in the area.
Clapham Common will see some regeneration work take place this year, with £2.8 million allocated to redevelop The Pavement, a popular street near Clapham Old Town. The building work aims at reducing some of the current roads in The Pavement area, effectively making it more pedestrian friendly and increasing footfall in the area.
Clapham Common mainly attracts young professionals and families eager to enjoy the Clapham lifestyle. With its good range of schools, green open spaces, village style atmosphere and a weekend market to boot, the area has easily maintained its sought after status.
Although some tenants rent in the area out of choice as it allows for a more flexible lifestyle, there are still many who rent out of necessity, in hopes of buying their own property one day. This saturation of unsuccessful homeowners has meant that there is now an abundance of high calibre tenants looking to rent. This is set to increase as we move into the busier summer months.
Since opening our doors in February this year, we’ve seen 68% of our lettings valuations come from current homeowners who, for work or personal reasons, are either moving abroad or outside of London. Thanks to the attraction of Clapham to a range of high calibre renters, over half of these owners have already chosen to rent their homes out. For renters moving into these once owner-occupied homes, they can sometimes see a higher quality finish that one normally would not expect in a standard rental property. Typically, a one to two bedroom garden flat will cost around £1,500 per month, while a four bedroom family house could be priced in the region of £4,600 per month.
Leigh Munday, Sales Manager at Clapham Common notes, “We’ve seen a surge in the number of buy to let investors looking for decent yields and first time buyers, sometimes with deposits of between 50% to 100%.There has also been an influx of cash buyers, making up 25% of all registrations. These buyers give themselves an edge on the competition and so other buyers reliant on mortgages with higher loan to value ratios sometimes struggle to keep up. With Clapham High Street and Clapham Old Town appealing first time buyers, second steppers, families, rental investors and developers, every part of the market is covered and demand is currently outweighing supply.”