5 Reasons To Buy In Beckenham Now!
Are you considering purchasing a property? First time buyer? Moving from rented? Starting your buy to let portfolio? Upsizing?
Here are the top five reasons why now is a great time to buy!
1. Capital growth and rising rents
Capital returns on London property are undeniable. According to a report from Nationwide, London house prices are up 76% since the end of 2008, and research shows that, on average, prices have increased by 45.6% since the start of 2010. Additionally, a 5% growth in house prices in the next 12 months has been predicted by some – a very reasonable return when you consider other investment classes.
Similarly, rents continue to rise across all parts of London and the South East, with a 3% increase in some areas. The average weekly rent in the South East is now Â£430 per week and we are forecasting a continuing upward trend for the foreseeable future. It appears that buying a Beckenham home, as opposed to renting, is the sensible solution for those lucky enough to get onto the property ladder. This is further endorsed by recent research that states, on average, Beckenham tenants are paying an additional Â£179 per month on rent, compared to a mortgage, for the same property.
2. Interest Rates and Access to cheap lending
The UK economy is strong, particularly when compared to other European and international cities, and the Bank of England’s base-rate remains low. Mortgage products were at their cheapest in January 2015, and have gradually nudged upwards since – a trend we also see continuing. As such, the mortgage brokers we work with are advising new home-owners to fix their interest rate for as long as possible. Also noteworthy is that many new lenders are entering the market and, with over 17,000 mortgage products available, competition is fierce and access to funds is becoming increasingly easy, so there’s now a solution for most creditworthy buyers.
3. Government Support
Government intervention has been introduced to maximise opportunities for London & The South East property buyers. Many are taking advantage of the Government’s Help-to-Buy incentive schemes, such as the First-Time Buyer ISA, and as a result, we’re seeing many would-be renters taking the plunge into the sales market.
Whilst these schemes are not always helpful for the London market, given the price disparity with the rest of the UK, positivity and activity at the lower end will always aid the wider market, which is good news across the board.
4. Supply vs Demand
With a genuine shortage of property in the Beckenham area prices of good properties are being driven up. That said buyers are still very savvy when it comes to what they will actually pay for a property. Overpriced properties will remain on the market until the market catches up with them or until the vendor becomes wise to the problem.
5. Property Hotspots
As with all areas, properties located conveniently for good schools and transport links into Central London will always command a premium. Most of Beckenham is sought after and properties here will always be in demand whilst the transport and schools are good. Schools such as Balgowan and Langley attract buyers to the area as the catchments become smaller each year. Flats in the Copers Cope Area are another hot spot as the station is nearby and suits commuters.