London house prices:average cost of a home continues to drop at a slower rate as Brexit and General Election turmoil drags on

https://www.londonperfect.com/investors/buying-a-property-in-london

Property prices in London fell for the 19th month in a row, although at a slower pace than during the summer as home buyers started to sense “the end of the beginning” of Britain’s political turmoil.

The average cost of a home in the capital fell 0.4 per cent to £474,601 in the year to September, according to the latest figures from the Land Registry. The last year-on-year rise in London house prices was in February 2018.

“A surprising aspect perhaps of these figures is that there hasn’t been more of a reduction in view of the recent political turmoil,” said former Royal Institution of Chartered Surveyors Residential Chairman, Jeremy Leaf.

“But what we are finding on the ground is relief that the end of the beginning at least may soon be in sight for Brexit uncertainty. This is resulting in more realism and release of some pent-up demand in expectation of some post-election improvement in activity.”

House prices fell in 20 out of 33 London boroughs, with the biggest drops seen in the two most expensive boroughs — City of Westminster (12.3 per cent), where the average house price is now £897,000, and Kensington & Chelsea (11.4 per cent) where prices fell to £1.23 million.

First-time buyers bought the biggest proportion of homes, reflected by homes in the sector seeing the smallest price falls of 0.1 per cent, bringing the average price paid for a first home in London to £415,618.

However, property experts pointed out that, despite many months of falling house prices, homes have not necessarily become significantly more affordable for many, with high prices underpinned by high demand and lack of supply.

“More subdued numbers from the Land Registry come as no surprise, given the political uncertainty which continues to rage, and values are holding up remarkably well considering,” said Mark Harris, chief executive of mortgage broker SPF Private Clients.

“London is still seeing the lowest annual growth in prices as the capital falls more into line with the rest of the country. While this is welcome for those trying to buy in the capital, let’s not get carried away as it is still difficult to afford property in London and the South-East.”

Josef Wasinski, co-founder of Wayhome home ownership consultants, said: “For many aspiring homeowners, the dream of buying a home is increasingly out of reach. Even if you have a salary that sits above the national average, the gap between that and house prices just remains too wide for some.”

The biggest increase was in the City of London where house prices rose 12.1 per cent, although the low number of residential transactions in the borough means average figures are often skewed by one or two sales.

The other biggest rises were in Hounslow (6.1 per cent), Hackney (5.4per cent), and Newham (4.1 per cent).

https://www.homesandproperty.co.uk/property-news/london-house-prices-average-cost-of-a-home-continues-to-drop-at-a-slower-rate-as-brexit-and-general-a134791.html

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Peckham takes top spot:house price growth in London's hipster hotspot outpaces every UK district

https://www.primelocation.com/to-rent/property/peckham/

Twice Peckham has been named London’s coolest neighbourhood and this month came 11th in a survey of the best urban districts in the world.

Forty years ago, Peckham was one of Europe’s most deprived inner-city areas. Today, as exclusive research for Homes & Property reveals, house prices there have outpaced every district in the UK, scoring the greatest price growth since records began in 1995.

The study by Knight Frank and its head of research, Tom Bill, trawling through nearly 25 years of Land Registry figures, shows SE15 values have exploded by 1,082 per cent.

The high cost of property in the capital has pushed demand into south-east London, “driving the rejuvenation of areas like Peckham and beyond as house price growth ripples outwards from the centre”, explains Tom Bill. 

For generations Peckham had a reputation for poverty, crime and high unemployment. Yet in 20 years it has become a hipster hotspot, attracting artists and musicians to its hot nightspots.

Twice it’s been named London’s coolest neighbourhood and this month came 11th in a survey of the best urban districts in the world.

Journalist and author Liz Hoggard bought the “smallest and cheapest flat” she could find when she moved to Peckham in 1999.

Her street, Bellenden Road, has transformed since then and now has a grocers where the produce is arranged like a still life, a butchers and an independent bookshop, Review. It’s frequently dubbed “artisanal heart of Peckham”. 

When Hoggard moved in, the council was part way through a regeneration which included the futuristic Stirling Prize-winning public library designed by Will Alsop.

Part of that focus was also on improving street furniture so they harnessed local talent, asking renowned artists Antony Gormley and Tom Phillips to design the traffic bollards and lamp posts.

Today, there are art galleries galore. “It’s very entrepreneurial too,” adds local resident, Holly Kirkwood. “From microbreweries to independent shops which everyone supports, Peckham is a self-sufficient community which is very live-and-let-live.” 

Passionate campaigning

Credit for this reincarnation goes to the community. Eileen Conn is the founder of Peckham Vision, a group that rescued key buildings and spaces around Peckham Rye station.

They include the Bussey Building; the Old Waiting Room; Peckham multi storey car park with its popular rooftop bar Frank’s Café and Peckham Levels, and PeckhamPlex — all of which contribute to Peckham’s special identity.

When many of these buildings were earmarked for demolition, Conn challenged Southwark council to rethink its plans.

Standing in busy Copeland Park — an industrial site that was set to be flattened for a tram depot but is now home to local businesses and pop-ups — she says: “Since 2005, the group have campaigned to highlight reuse and restoration. Existing buildings are a record of the local social and visual history — they affect the sense of place and identity of an area.”

Peckham Vision’s methodology is to underline that demolishing buildings produces hundreds of tons of waste and carbon emissions.

“We’ve proved it’s possible to find new, economically vibrant purposes for existing buildings. ”

Price pressure

Many original families have capitalised on their soaring property values and moved out.

“Few young people today can afford to rent, let alone buy a house,” laments Conn. The average price of a property is just under £550,000 according to Rightmove.

Accessibility has been key. The Overground’s arrival in 2012 linking Peckham to Surrey Quays encouraged an influx of successful professionals and young families, pushing up standards in local primary schools.

“Million-pound houses sit cheek-by-jowl with council estates, but communities interact through events,” says Zohra Huda of local estate agents Gareth James, who adds the next area to be “revamped” will be north of Queens Road Peckham.

Alongside the sourdough bakeries and trendy eateries are long-standing markets, cafés and Peckham stalwarts Khan’s Bargain and M.Manze pie and mash shop.

Last year, London’s first dedicated Afro hair and beauty hub, Peckham Palms, opened in a space for firms relocated during the station renovation.

“It’s essential everything is done to protect and preserve this mix and diversity,” says Liz Hoggard.

https://www.homesandproperty.co.uk/property-news/peckham-house-price-growth-in-londons-hipster-hotspot-has-outpaced-every-uk-district-since-1995-a134491.html