Latest Property News | Warwick Estate Agents

Details: Published: 06 March 2025; Hits: 193

The arrival of HS2 in west London is creating a new investment hotspot worth £10 billion to the local economy, it’s claimed.

The study, commissioned by HS2 Ltd, shows that construction of Old Oak Common station is driving a transport-led regeneration of the area, helping to create thousands of new jobs and homes over a 10-year period.

It claims planning applications in the 1.5-mile radius around the station site have increased by 22% since Royal Assent for HS2 was granted in 2017, and that HS2 will support the generation of over 22,000 new homes and almost 19,000 new jobs in the local area.

The study, carried out by the consultancy Arcadis, said that the promise of the new station had “galvanised investors, boosting confidence in the positive legacy high speed rail will create locally.”

HS2’s Old Oak Common station will be a super-hub linked to over 100 stations across the UK. The 14-platform station will be served by HS2 services as well as Great Western Mainline, Heathrow Express, and the Elizabeth Line – becoming the 42nd stop on the new London line.

HS2’s new station sits within the economic development zone where the Old Oak and Park Royal Development Corporation (OPDC) is delivering its masterplan for a new district in west London.

OPDC covers an area of 650 hectares and is working to maximise the regeneration opportunities, creating a positive legacy for communities.

An OPDC spokesperson says: “With some 70 acres of development land around the new HS2 station, we have plans for 9,000 new homes and 11,000 new jobs plus new high streets, workspaces, parks and community infrastructure, bringing huge improvements for local communities and substantial growth for the wider London economy.”

London property developers, City & Docklands, have already invested in the area, opening One West Point, London’s tallest residential tower outside of Canary Wharf, in 2022. As London’s 16th tallest building, the new development boasts 701 apartments, with extensive landscaped gardens, courtyards, and roof terraces.

Since its completion, City & Docklands has delivered a further 241 build-to-rent homes at Mitre Yard, together with the delivery of 208 units at adjacent development North Kensington Gate in May, 10 minutes’ walk from Old Oak Common station and has plans for more in the local area.

Imperial College London – a global top 10 university in West London – has identified Old Oak as an innovation zone. Imperial owns four sites, including One Portal Way and Victoria Industrial Estate, purchased in 2024 and announced as part of the UK Government Investment Summit.

The effect of transport led economic activity in the capital is not new – with the recently opened Elizabeth line being directly linked to the development and delivery of 55,000 new homes. Even now, after the line is fully operational, TfL predicts further development in areas connected by the brand-new line, including at Old Oak Common.

Details: Published: 18 February 2025; Hits: 183

More than 140,000 properties were listed for sale in January, the highest number on record for a decade – data from TwentyEA has found. 

The figures showed that supply was running at 7.3% higher than January 2024. This year-on-year growth was seen across all price bands, with the strongest rise of 12% seen for properties within the £350k to £1m price bracket. All UK regions saw an increase in supply with Inner London and the East Midlands leading the way with 11.3% YoY growth. 

In terms of demand (sales agreed), January 2025’s volume was just under 100,000 which is the highest level seen since January 2021 and is much higher than January 2024 by 17.1%.

All UK regions saw an uplift except for Northern Ireland. The strongest growth rate was seen in the East Midlands (27.2%) and the East of England (26.8%) while all price bands benefitted, with the largest YoY growth in the £350k – £1m (28%) price bracket, followed by £200k – £350k (18%). 

Katy Billany, executive director of TwentyEA, says: “Last year, two interest rate cuts and expectations of more to come boosted consumer confidence in the property market. Total transactions for 2024 exceeded 1.1 million, marking a 7.3% increase from 2023. The surge in supply and demand since January 2025 began, coupled with an additional rate cut, is great news for estate agents who have started the year with expanded portfolios and strong sales prospects. We believe growth in transactions will continue well into the year.

“While both demand and supply have increased across all property types, there are still notable nuances in the market. Houses, especially detached ones, are seeing growing popularity. The demand-to-supply ratio for this type of home has risen by 18.4% compared to the previous year, while for flats, it has decreased marginally since January 2024.”

The average original instruction price in January has fallen by 0.6% in the last year but risen by 24% since 2019. On a regional basis, instruction prices continued their 2024 trend and increased in the North and Midlands, while prices in the south were static or falling.

The North East had the largest instruction price increase year on year (9.9%) while Inner London was the only region to see year on year prices fall by more than 1% (-13.9%).

Price reductions on advertised properties were a key feature of the property market in 2024 and this trend has continued into 2025. In January alone there were more than 93,000 price reductions – the largest amount on record – however this was most likely related to the increased volume of supply. In January 2025, 36.6% of concluded listings had at least one price reduction but in January, this was slightly higher at 38.5%. 

Billany adds: “Compared with last year, the price reduction rate in January 2025 reduced in all price bands and in all regions (except for Wales) which is possibly a sign that some sellers are becoming more realistic and accepting that mortgage costs remain high.”

The time to sell in January 2025 increased to an average of 90 days which is the longest period observed in the last six years and 7.6% higher than January 2024 when it was 83 days. Every price bracket has been affected and on average, it now takes 127 days to sell a property for £1m+. 

Most UK regions except for Northern Ireland and the North East, have seen the time to sell increase. The South East observed the largest YoY increase of 14% (+11 days). 

Details: Published: 12 February 2025; Hits: 157

New research has revealed that all London boroughs now have mortgage payments of over £1,000 for an average-priced one or two-bed home.

"For singletons, buying a first home can feel a little bit like dating and just like dating, first impressions matter"
- Daniel Copley - Zoopla

The latest analysis from Zoopla has revealed that Aberdeen in Scotland is the most affordable area for singles when it comes to buying a home in Great Britain.

Aberdeen buyers will need an average of £510 per month to meet monthly mortgage payments for a one or two-bedroom home, based on an average value of £119,350. This equates to 16% of the area's average monthly salary of £3,280.

Whilst Edinburgh tops the list of the least affordable cities for single homebuyers in Scotland, affordability in the city has improved over the last 12 months as a result of slowing house price growth and rising salaries.

Northern England found to be the most affordable region for single buyers

Liverpool has been named the most affordable city for single Brits in England. To buy a one or two-bedroom home valued at £130,800, singles will need to set aside an average of £540 for monthly mortgage payments, 18% of their average monthly salary (£2,980).

Sheffield and Newcastle make the top five on the list of affordable cities for single Brits with a one or two-bed home valued at £156,990 and £150,360 respectively. Single buyers in Sheffield will need to allocate £640 or 20% of their monthly salary (£3,140) to mortgage payments, with those in Newcastle seeing this increase to 21% of their monthly salary (£2,990).

On the other end of the scale, Manchester and York are amongst some of the least affordable areas in the North of England for single homebuyers. A one or two-bed home in Manchester will cost on average £197,400, with mortgage payments of £810 accounting for 29% of monthly salaries (£2,810). In York, the average value of a one or two-bed home currently sits at £263,000, with mortgage payments of £1,070 accounting for 38% of monthly salaries (£3,080).

Affordability in the South improves for single buyers

Over the last 12 months, house prices have risen by just under 1.5% in southern England (excluding London) however, this growth has been lower than earnings growth (5.6%), helping to increase affordability in some areas. Bristol in the South West, Oxford, Portsmouth in the South East and Cambridge in the East of England are amongst the most improved cities for affordability.

In Bristol, the average value of a one or two-bed home comes in at £302,570. Affordability in the city has been improved by the slowdown of house price growth and increased average salaries. Single buyers will need to set aside £1,210 in mortgage payments, 36% of their monthly salary (£3,350).

In Oxford, a one or two-bed home is valued at £364,430 and is the second most improved city for affordability. Here, single buyers will need to set aside £1,470 in mortgage payments, 42% of average monthly salaries (£3,480).

Single Londoners see monthly mortgage payments of at least £1,000

Whilst London is notorious for some of the highest house prices in the country, with average mortgage payments in even the most affordable areas over £1,000 for a one or two-bed home, some boroughs in the city are more affordable for single buyers.

Havering in the East of London is the most affordable borough in the city with average house values coming in at £306,480. Here, single buyers will need to set aside £1,090 for mortgage payments, 28% of average salaries (£3,850). This is followed by Croydon where the fantastic transport links into central London will be attractive to single Londoners, who will need to set aside £1,120 in monthly mortgage payments, 30% of average monthly salaries.

“For singletons, buying a first home can feel a little bit like dating and just like dating, first impressions matter," comments Daniel Copley, Consumer Expert at Zoopla.

However, he adds, "It’s important to dig deep into your potential new home as it’s what's below the surface that determines long-term compatibility. Take your time and do your research before making that ultimate commitment to swipe right on a home.”

Tom Bill, head of UK residential research at Knight Frank said: “The rest of the country is closing the gap with London as demand spreads beyond the capital due to affordability pressures, which are being felt more acutely as mortgage rates rise. The gap will narrow rather than close but we expect stronger house price growth in less expensive areas of the UK during the next several years. The push into more affordable areas will be reinforced by the flexibility more commuters have about how and where they live following the pandemic.”

Toby Leek, NAEA Propertymark President comments: “One of the positive trends that emerges on the back of remote working is that it allows most people to relocate to a more affordable or generally more convenient area based on personal choices and lifestyles.

“This report proves useful for those with such flexibility; however, not everyone is able to relocate with ease, and the fundamental issue of unaffordability and undersupply remains across the UK.

“We need a mix of homes of all types of tenures across the country to address this and we hope that the UK Government set the tone for future housebuilding and its sustainability by enacting the Planning and Infrastructure Bill, which should lead to millions of new homes being built at a much quicker pace across England and Wales. The Scottish Government and the Northern Irish Executive also have their respective housing targets, which will help even out house prices across the board in the long-term.”

Details: Published: 10 February 2025; Hits: 216

1,591 homes sold for £2m or more in 2024, with an average sold price of £2.75m

New research has revealed which prime London postcodes are currently seeing the highest levels of market activity, as well as the postcodes commanding the highest price amongst the capital’s high-end homebuyers.

Sold price records from the Land Registry were analysed, highlighting properties to have sold at £2m or more across the prime London market in 2024 and finding that across the prime London market as a whole, some 1,591 homes sold for £2m or more in 2024, with an average sold price of £2.75m - 438% more than the wider London average.

Most in-demand postcode

When it comes to the sheer level of market activity seen over the last year, the SW6 postcode has proved to be the hottest pocket of the prime London property market. The Fulham postcode saw some 102 homes sold over the course of 2024 at £2m or more, with the Chelsea postcode of SW3 ranking second with 78 transactions, followed by Barnet’s NW3 postcode with 68 homes sold.

Highest average sold price

The highest average sold price across all prime London postcodes over the last year is found within the W1B postcode - which runs from Regents Park to Oxford Circus and Piccadilly Circus. Last year, property sales in the postcode averaged £6.225m.

The WC2H postcode, which straddles Camden and Westminster, was home to the second-highest average sold price for homes priced at £2m or more, coming in at £5.19m in 2024.

Westminster's SW1W postcode ranks third, with an average sold price of £4.545m.

Highest prime postcode premium

However, when it comes to the highest prime London postcode price premium, the E1 postcode of Tower Hamlets tops the table - which includes the city fringe and areas such as Aldgate. Whilst the average selling price for transactions at £2m or more over the last year sits at just £3.38m, this is some 648% higher than the average price across the wider borough of Tower Hamlets.

“Much has been made of the decline in demand for prime London properties but with over 1,500 transactions taking place for £2m or more over the last year, it’s clear that high-end homebuyers still view the capital as a worthwhile investment," noted Director of Benham and Reeves, Marc von Grundherr.

He added, "It’s also interesting to see that whilst the traditional prime heartlands remain the go to for many buyers, there are prime transactions taking place the length and breadth of the capital, with homes selling for £2m or more across the likes of Bromley, Croydon, Havering and Ealing.

"This demonstrates that, whilst the pandemic is thankfully firmly behind us, prime London buyers are continuing to look to the peripherals of the capital in search of larger homes and a greater abundance of outdoor and green space.”