The last 12 months have been an interesting period in the London property market. Firstly, the stamp duty reform meant that buying an average priced flat in Streatham (currently £363,888) would be £2,722 cheaper, whilst buyers paying over £925,000 would pay more under the new regime. Secondly, the government’s Autumn Statement announced the phased reduction of mortgage interest tax relief for buy-to-let investors and the removal of the ‘wear and tear’ tax relief. The most recent blow to landlords is the additional 3% stamp duty imposed from April 2016.
How has this affected the Streatham property market?
Property prices in Streatham are up 11.25% in the last 12 months, putting growth ahead of pricier neighbours Balham, Clapham and even property hotspot Brixton. New developments such as Streatham Hub, and a surge in new cafés and restaurants has prompted an influx of house-hunters attracted by Streatham's varied housing stock and access to green spaces. Future developments such as Streatham Hill's London Square are further proof of SW16’s popularity.
“We’ve had a busy start to 2016 in Streatham with buyer and tenant registrations at record levels. In January we achieved £685/sqf on a one-bedroom flat, 19% above the average price/sqf over the last year. Rental demand is also strong with professional sharers paying up to £780/tenant”, says Misty Dowson, Streatham Branch Manager.
“After five years of double-digit growth in Streatham it is becoming more difficult for first-time buyers to get on the property ladder but, with the recent buy-to-let tax changes, first-time buyers may have more choice in 2016 if landlords start selling up.”
“Overall, Streatham continues to outperform surrounding areas and remains an excellent 5-year investment. Rents increased by around 10% in 2015 and, with a limited supply of properties and increased demand, are likely to rise further.”
This article first appeared in Heart Streatham magazine's February 2016 edition
Why Use Beresford Residential to Sell your Property
Why Use Beresford Residential to Let your Property
Contact Us
If you think you could benefit from any of these services we would be happy to hear from you. Our Brixton office primarily serves the SW2, SW9, SW4 and SW11 postcode areas, our Streatham office deals with property in SW16, SW17, SE27, CR4 and CR7, and our Camberwell office handles property in SE5, SE24, SE15, SE17 and SE21. Click here for full contact details of your local branch.
Brixton Estate Agents: 91 Acre Lane, SW2 5TU / 02073267450 / brixton@beresfordresidential.com
Camberwell Estate Agents: 8 Camberwell Green, SE5 7AF / 02073587979 / camberwell@beresfordresidential.com
West Norwood & Streatham Estate Agents: 471-473 Norwood Road SE27 9DJ / 02086559000 / westnorwood@beresfordresidential.com
Registered Office Address: Beresford Residential Limited, The Old Vicarage, Ston Easton, BA3 4DN. Registered Number 7052432 England and Wales. VAT Number 982 6174 88
© 2018 Beresford Residential. All rights reserved. / Site Map / Estate agency websites by