Matt Aboud is Manager of Residential Sales at Featherstone Leigh in Kingston, Surrey. He gives his view on the local property market.
Kingston upon Thames is soaked in history and blends a vast amount of period charm with a contemporary and eclectic mix of retail, boutique stores and restaurants within – arguably – South West London’s largest shopping district.
Accompanied with this is a wide range of property styles such as converted period flats, luxury riverside apartments, Victorian and Edwardian family houses and substantial and exclusive homes within the Coombe Estate.
The demand for property in the borough of Kingston has soared in the last 18-24 months. Prices in 2014 alone were reported to have increased by 21.4% – a significant amount more than the average 8.5% experienced nationally, putting it in the top five boroughs across the UK to have experienced such a dramatic spike.
Surrounding boroughs include the areas of Richmond and Wimbledon while beyond Kingston is the UK’s most valuable borough outside London – Elmbridge. This encompasses East Molesey, Esher, Oxshott, Weybridge and Cobham, so it is no wonder buyers are now considering Kingston as an extremely good area to invest in, given its affordability and value for money by comparison. Likewise, it offers a wide range of amenities, sandwiched neatly between both Richmond Park and Bushy Park and nestled along the River Thames. Excellent transport links offer up to eight trains an hour direct to London Waterloo, while a comprehensive choice of outstanding state and independent schools cater for a naturally demanding standard of education.
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The majority of properties in Kingston have experienced a strong and steady first six months in 2015. Perhaps not at quite the frantic pace experienced last year, activity seen so far has certainly surpassed expectations after such a meteoric increase across all price ranges. The election saw a notable pause at the upper end of the market, particularly for any properties priced at £1,500,000 or above. Wherever political allegiances are held, as far as the property market is concerned, the subsequent result has certainly had a positive impact on activity overall and not least at the upper end of the market. Those looking to buy or sell are reassured by the news that a mansion tax is no longer on the political agenda. It has eased the pressure on hesitation and confidence has once again returned and in turn, we are likely to see an active summer period.
On the lettings front, a hike in sales prices has resulted in an inevitable increase in demand for properties to rent and with it, we have seen a steady increase in values. Kingston comprises a dense volume of flats and apartments of all calibre and with it a haven for investor buyers, aided further by its ideal transport links and acclaimed university. With sales prices showing no signs of easing in the immediate future and talk of prices increasing by as much as 25% over the next five years, capital return on investment is attractive.
For a comprehensive range of properties throughout Kingston or South West London, please visit us at one of offices situated in prime locations, at featherstoneleigh.co.uk or on 020 8549 9449.
See www.onthemarket.com/newandexclusive. Agents specify exclusivity and are committed to accuracy under terms of use.
