The market in Clapham is experiencing more normal conditions. The urgency felt earlier this year has lessened and we are currently taking on double the levels of stock year on year however, it is also worth noting that around this time last year stock levels were at an all time low. Despite tighter lending conditions, buyers have recognised that now is a good time to buy and sell – interest rates are low and there is more choice available. So who is buying in Clapham?
Our cash rich young families tend to look for spacious three to four bedroom mid terraces. These are usually priced between £1.3million and £1.6million, offer good proportions and can typically be found on quiet streets away from traffic but near enough to good transport links such as Clapham Common and Clapham South underground stations. Houses located nearer Abbeville Village, such as Franconia Road, Narbonne Avenue and Abbeville Road, are very popular as they offer a range of local pubs and highly regarded restaurants.
‘Parent investors’ have become quite common in Clapham and even more so towards Brixton. In this instance, parents will invest in a property where their children can live and pay towards the mortgage and bills instead of paying rent to a Buy-to-Let landlord. In general, they invest in two and three bedroom maisonettes with outside space, which typically cost in the region of around £500,000 and £800,000. Mandalay Road and Hambalt Road are particularly appealing and offer a good range of these types of properties. In the long run, these properties can offer parents a good return on investment as along with capital appreciation, if they continue to let the house after their children move out, the rental income will likely offer a good yield.
Brixton continues to be sought after. Its superb transport links, rows of pretty Victorian streets and the transformation of the Brixton Market have inspired a change in the demographic of buyer here. The new profile tends to be young professionals who make up around 65% of our buyers in the area. Many are lucky enough to be supported by the ‘bank of mum and dad’, while the other half are first time buyers dependent on a mortgage and tend to buy in the £400,000 to £500,000 bracket. Brixton has become an extremely trendy location that rivals both Shoreditch and Hackney where a similar transition has taken place over the last few years.