Move over PCL, Greater London’s suburbs take the lead this summer
- Pockets of the UK capital still undervalued and can offer investors attractive opportunities (Surrenden Invest)
- Rental yield in Mitcham is well above the London average at 6.1% (London Property Watch)
- Brook House provides a rare opportunity for investors wanting to buy within Greater London (Surrenden Invest)
As London’s extreme house price growth continues to dominate market news, investing in the capital seems unreachable for many prospective buyers. However, with the knowledge of where to look, there are still areas within its suburbs that present enticing opportunities.
Jonathan Stephens, Managing Director of property consultancy Surrenden Invest, explains,
“The current London market is saturated with overpriced stock as PCL sales fall by 50-60%. Overseas investors have decreased dramatically, no longer prominent in propping up London’s new build market. However, it is not a disaster. There are pockets within the capital that are still undervalued and can offer investors exceptionally attractive opportunities. In the early stages of gentrification, Mitcham for example in south London, has the ability to become the capital’s next success story.”
Although Mitcham is only 7 miles south of the city centre, it appears to have been completely overlooked. Other suburbs much further out have enjoyed a property boom in recent years, yet Mitcham is still waiting for its moment. Its Zone 3 neighbour Tooting has experienced rapid gentrification during the past decade and some of the highest property increases in London, with the average selling price now reaching just above £625,000 according to the latest figures released by Home.co.uk.
However, these rapidly increasing prices are now causing the market to become inaccessible and subsequently creating a huge demand from young professionals who cannot afford to buy or rent in the more expensive areas. This demand is drifting to nearby towns and with recent London Property Watch figures reporting the average rental yield in Mitcham at 6.1%, well above the London average, its future looks increasingly bright.
To enhance the outlook further, a £6m regeneration project with an emphasis on town centre improvement is currently underway in Mitcham. Due to be completed in 2018, this will not only develop transport links and give the town centre a welcome makeover but also be of great support to local businesses.
Excited to witness the transformation, Jonathan continues,
“There is so much scope for improvement within the district and it’s really only a matter of time before savvy investors capitalise on its potential. However, it is not simply investors showing an increased interest in the area. We have been inundated with enquiries from young professionals and first time buyers who are hoping to call Mitcham home, highlighting further the impending demand for property as this London suburb evolves.”
Situated at the heart of Mitcham, Brook House is comprised of beautifully designed, luxury one and two bedroom apartments. Surrounded by luscious greenery and historic buildings whilst overlooking the Mitcham Cricket Green, Brook House development provides a rare and highly sought after opportunity for potential investors wanting to stay within London’s borders.
A short walk from the Mitcham Tramlink stop and Mitcham Eastfields station, Brook House is conveniently situated within easy commuting distance to the city whilst offering the benefits of living in London’s greenest borough. The apartments’ idyllic location has been celebrated on the big screen, featuring in Steve Coogan’s most recent Alan Partridge film, Alpha Papa.
With prices ranging from £220,000 to £300,000, Brook House boasts unrivalled facilities including a parking space for every apartment, beautifully furnished kitchens and bathrooms, spacious bedrooms, a communal area and an audio/video door entry system for added peace of mind.
For further details, visit www.surrendeninvest.com, email info@surrendeninvest.com or call 0203 3726 499.