Despite Brexit UK house prices and rents continue to surge.
And according to the latest survey from the Royal Institute of Chartered Surveyors (RICS), London and the South East will see strong increases in 2019.
In fact, they predict a rise of 5% every year for the next 5 years.
But one place that’s enjoying even higher increases is Richmond-upon-Thames in South London.
Richmond-upon-Thames was once a Royal playground…
King Henry VII built Richmond Palace in 1501 as a weekend retreat.
And today the town attracts wealthy families who want their children to go to the best schools in the UK.
Not surprising when you know schools in Richmond-upon-Thames have topped the national league tables since 2010.
So as you can imagine, property is in very high demand.
But supply is very limited.
Local estate agent, Luke Elwood, tells you why…
“The only brake on the market in Richmond is the shortage of stock. There are never enough houses coming to market. With protected land and the fact that a lot of the buildings have Grade I or Grade II-listed status, there’s not much opportunity to build many more.”
Over the last year the average property price in Richmond-upon-Thames rose by 16.28%.
It now stands at £650,272.
(Source: Plentific 2016 Property Price Index)
And if you look at price movement over the last 5 years the increase is more than 20%.
What’s more, strong demand for housing and a shortage of supply means rents are rising fast.
In fact, in 2017 they rose by 8.00%.
So this year you’ll pay an average of £1,500 for a 1 bedroom apartment.
And it looks like rents will continue to rise rapidly.
Estate agent, Savills, forecast rents will rise by 3.00% in London in 2019.
And other local agents see no sign of the market slowing…
Chief Executive at Dexters, Jeff Doble explains…
“We are seeing resilience to the market and those who have been putting off making decisions are no longer holding back. We anticipate a fast start to the new year with a large number of buyer enquiries.
Tenants have had more choice in the last quarter of the year, but the demand for high quality property from corporate tenants is at an all-time high and, as a result, we are seeing a lot of new landlords. We anticipate both prices and rents to increase by 5% across the capital as demand for London accommodation continues unabated.”
Lettings managing director at Foxtons, Ed Philips continues…
“Landlords and tenants should expect current market dynamics to continue. Improved transport links to central London will fuel interest in Zones 3-6. London’s status as a global capital of finance, media and technology means capital appreciation will endure and gross rental yields will continue to cover financing costs. We expect investors to achieve double-digit returns through the cycle. Studios and one-bedroom flats will still perform best in terms of returns per square foot, with this holding true for both the lettings and sales markets.”
On top of that, the population is expected to increase by almost 8.9% over the next 20 years.
That’s around 15,000 new households.
And with such high demand for property you can see why prices and rents are likely to keep rising strongly.
Take a look at why Richmond is so popular…
- Located on the south bank of the River Thames
- Just 9 miles (14.5km) to Central London
- London Waterloo is 19 minutes by train
- London Oxford Circus is only 31 minutes by train
- The town has the 4th lowest crime rate in London
- Local schools have topped the national league tables since 2010
What can you buy in Richmond?
8 Red Lion Street is a new development of 19, 1 and 2 bedroom apartments.
Cafés, restaurants, banks, boutiques, designer stores and Richmond Green are just 100m away.
And the River Thames, Richmond Museum, tube and train stations are less than a 10 minute walk.
Living space ranges from 441 sq. ft. to 962 sq. ft.
And all the apartments include…
- Fully fitted kitchen with oven, hob, fridge freezer, washer/dryer and dishwasher
- LED mood lighting in select areas
- Central heating and hot water supply
- Solid oak wood flooring with under floor heating
- Double glazed windows
- Communal courtyard for residents
- Video entry phone
- 24 month defects warranty and 10 year Checkmate warranty
Prices start at £465,000 for a 1 bedroom apartment.
And rise to £750,000 for a 2 bedroom, duplex apartment.
Up to 70% finance is available (subject to status).
Secure your unit with just £5,000 down-payment, you have nothing else to pay until completion.
If you’d like to know more just reply to me.
8 Red Lion Street is already complete.
And the in-house management team will look after your investment for you.
So you’ll hardly have to lift a finger.
It’s estimated a 1 bedroom apartment at 8 Red Lion Street will rent for at least £1,900 per month.
That gives you an expected return of £16,510 per year after all costs.
But due to increasing demand and lack of inventory, experts say prices and rents in Richmond-upon-Thames will rise strongly over the next 5 years.
So if you are serious about investing in London property – reply to me now.
There are only 5 apartments left.
So if you’d like to see the full details – just reply to me.
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