Years ago, the thought of living and thriving in London—the very epitome of culture, diversity and luxury living—seems like some unattainable (not to mention expensive!) dream. Yet with the Berkeley Group, this London dream has become more than a reality with the introduction of the Oval Village, which takes you not only in London, but at the very heart of it.
Amidst the hustle and bustle of London life stands the Oval Village, which is situated in between Zones 1 and 2, making it a prime location where you can experience all the iconic sights and sounds of the city with all the convenience you need to get there. It is a 10-minute walk from the Vauxhall, Oval and Kennignton stations, keeping you in close proximity to your workplace, world-class universities and other must-see attractions of Central London.
More than its prime location and connectivity, the Oval Village features the perfect balance between modern engineering and environmental sustainability. The Berkeley Group has always been known for its advocacy for biodiversity and green living, and this is evident with Oval Village. The neighborhood itself is developed on a brownfield site and is designed to reduce carbon emission through urban drainage and rain harvesting schemes, combined heat power systems, solar panels and sustainable transport. Similarly, each home is designed with energy- and water-efficiency in mind.
Inside and out, the Oval Village is your perfect gateway to experience city life in a green suburban setting. Yet its benefits extend to more than just health and environment. It also offers sustainable economic gains in terms of the United Kingdom’s property market, allowing you to not only survive but thrive.
London Property Market
England and Wales are currently maintaining a strong demand for rental and buy-to-let properties. Compared to other cities, London offers the most affordable rent price with an increase of just 1.3% in the past years. This, plus the convenience and living offered by the top-tier city, makes London living all the more attractive to both houseowners and investors.
More good news: The property market in the United Kingdom (UK) is currently enjoying renewed demand despite the ongoing COVID-19 crisis, after a slump in May which saw housing prices down by 1.7%. Pent-up demand, along with buyer’s demand to upgrade properties and with the suspending of stamp duty on the first £500,000 of a property purchase in England and Northern Ireland, has pushed the average property price to 1.6% this August amounting to £245,747, according to Halifax.
Investing in a Property
In a recent webinar entitled Living in an Environmentally Sustainable Development, Berkeley Sales Manager of Oval Village Nick Copeland said that now is the best time to invest in property in the UK—and with good reasons. First off, UK housing is predicted to see a 15% price increase by 2024. (Source: Savills 5 year forecast) For interested buyers, this means that today is the best time to buy property before an expected price rise, and for investors, this means a higher potential for income growth in the next five years.
As Copeland mentioned during the Q&A portion of the webinar, COVID-19 hasn’t really impacted property sales. While the pandemic did create a short-term shock to the market—with house prices predicted to fall then rise—, [housing property sales] has now risen above the point the market was in before the pandemic started in March.
Demand for Properties
The same is true regarding the Brexit referendum. Even before Brexit was finalized, the UK housing market has recorded its strongest start since 2016, with prices seeing the biggest annual increase. Brexit did come with its uncertainties, specifically with people hesitant to commit but now that resolutions are in place, the UK property market has bounced back.
The demand for properties has always been there way before Brexit and COVID-19, but it is only now when restrictions have eased that this demand has become evident. As Copeland points out, the Berkeley Group has seen its busiest June on record this year. There has been a surge of visitors and enquiries, ultimately leading to the sale of 55 apartments at Oval Village in just a short period. Added Copeland, interest rates in the UK are very low, making it a wiser choice to invest in property to increase income than to keep money in the bank and rely on earning interest.
In terms of location, London is expected to have the strongest bounce-back in value as the sterling is set to have a 15% appreciation value over the next 2-3 years. Indeed, the best time to invest in property is now, and the best place to look for housing investments is in London, specifically at the very heart of it at the Oval Village.