In Conversation With Thomas Grossi, North-West London Sales Manager at Benham & Reeves

As London’s residential market continues to evolve; we sit down with Thomas Grossi, Sales Manager at leading London estate agents Benham & Reeves to understand the latest buyer trends. From the resurgence of location to the growing desire for green space, the priorities of today’s buyers reflect a shift in lifestyle preferences and values.

Amongst this landscape, Silkstream emerges as an exciting neighbourhood poised to redefine modern city living with its distinctive fusion of urban convenience and countryside calm.

What Are Your Five Top Tips for Buying an Investment Property in 2024?

Thomas Grossi, Sales Manager at Benham & Reeves notes:

Define your investment purpose: clarify your objectives from the outset. Whether you’re seeking a property for personal use or rental income, understanding your goals will inform your approach and guide your decision-making process.
Set a firm budget: it’s crucial to establish a clear budget and maximum investment threshold. This ensures financial preparedness and minimises potential disappointment during the offer stage.
Stay informed on mortgage rates: while mortgage rates may be on the downward trajectory, it’s essential to remain realistic about future trends. Alongside this and, to strengthen your bidding position in a competitive market, ensure you have the necessary deposit readily available.
Consult local experts: for those eyeing rental investments, engaging with knowledgeable local property experts is key. A reputable estate agent will be affiliated with the likes of ARLA Propertymark and the Property Ombudsman; they should be able to give you predicted rentals and yields based on real-time transactions in the local area.
Prioritise long-term value: look beyond immediate gains and focus on properties poised for sustained appreciation. Consider areas undergoing significant local investment, as they are likely to experience continued demand for both sales and rentals. Proximity to transport hubs, such as train and tube stops, can also enhance tenant appeal and long-term value appreciation.

Thomas, What Are Buyers Looking for in Their Search for a New Home? How Has This Evolved Over the Last Couple of Years?

Gone are the days where long commutes were merely a part of daily life. In the wake of the pandemic, remote work has reshaped the way we perceive distance and convenience. Today, more than ever, the location of a property reigns supreme as the number one priority for buyers. Homes situated within a 10-15 minute walk of a train or tube station have emerged as hot commodities in the real estate market with demand skyrocketing by an impressive 67% since March 2023. [1]

In Zones 3-5, we have also seen an increase in demand for parking, up a notable 24.5% since March 2023. [1]

With Silkstream Unveiling Its First Podium Gardens Later This Year, How is the Desire for Green Space Impacting the London Property Market?

The ability to have a home that is a peaceful retreat is paramount for many city dwellers and is a sentiment echoed by the ethos of Berkeley Group, renowned for their exceptional placemaking capabilities. It’s one of the main reasons we have Benham & Reeves branches on key schemes such as Beaufort Park, which neighbours Silkstream.

A recent tenant survey of those renting in Berkeley Group developments revealed a resounding preference for proximity to green space with 78% of respondents expressing a desire to be near such amenities*. This growing appreciation enhances the quality of life for residents, while also holding significant implications for the broader property market. As Silkstream prepares to open its podium gardens, it stands poised to meet the evolving needs of London’s homebuyers and renters.

Is There a Price Premium to Green Space? Are You, at Benham & Reeves, Seeing Buyers Prioritising This Over and Above More Traditionally Expected Buyer Requirements?

Buyers are increasingly recognising the premium placed on properties with access to green space. Not only do these areas enhance the overall quality of life, but they also come with added value, reflected in potential price premiums.

New-build properties with green space tend to command higher rental rates compared to similar alternatives. In areas like Hendon, where housing stock is predominantly post-war, the scarcity of quality rental options further boosts the appeal of Silkstream as an investment opportunity.

Sustainability and Biodiversity is Gaining Significant Interest, How Are These Factors Being Incorporated Into New and Emerging Destinations?

Thomas contributes:

As interest in sustainability and biodiversity continues to grow, home builders are increasingly integrating these factors into new and emerging destinations. These initiatives enhance residents' quality of life, while also fostering wildlife habitats within urban environments, catering to the desires of local buyers and renters.

Buyers, especially the younger demographic, prioritise energy efficiency and the environmental impact of new homes. Sustainable energy sources are particularly favoured, as they not only reduce utility bills, but also contribute to a greener ecosystem. Effective waste management practices further underscore the commitment to sustainability. With Silkstream poised to excel in these areas, residents are offered good value for money across the board.

Silkstream is an Exciting New Parkland Neighbourhood. How is It an Evolution of Neighbouring Beaufort Park and What Can Buyers Expect From Joining This Growing Community?

As Thomas Grossi, Sales Manager at Benham & Reeves points out: Over the past two decades Beaufort Park has undergone a remarkable change from the site of the historic RAF aerodrome into a community with a wide selection of homes alongside a new school, shops, cafes and restaurants. The diverse mix of offerings foster a strong sense of community and permanence. Notably rents have surged by 22% at Beaufort Park since 2019, marking a major milestone in the area’s development. [1]

Joining the Silkstream community promises the delivery of a similar mixed-use community, conducive to growth and prosperity.

Why is Hendon – and the Borough of Barnet - a Key London Location to Watch in 2024?

Thanks to its strategic positioning near major transport routes, including the newly-opened Brent Cross West Thameslink Station, Hendon offers superb connectivity into Central London with the likes of King's Cross just 16 minutes away. [1]

Adding to its appeal, Hendon is nestled between two of North London’s largest regeneration areas, Brent Cross and Colindale. The ongoing regeneration efforts here are quickly reshaping the landscape; introducing new living concepts, amenities and attractions. Such transformations not only enhance the local lifestyle, but also drive property values up with prices increasing by an impressive 1.5% annually over and above wider house price growth [2].

As Hendon and Barnet continue to evolve and thrive, insights from Thomas point to them being promising investment prospects and vibrant communities to watch in the London real estate scene of 2024 and beyond.

For more information on the local property market, contact Benham & Reeves info@benhams.com or 020 8732 7980.

To find out more information on Silkstream in Hendon, contact the St George sales team on 020 3797 1971.

Disclaimers

[1] Statistics from Benham & Reeves, 2024. Travel times are approximate only. Source: Google Maps.
[2] Statistics from Berkeley Group Annual Report, 2020. Computer generated imagery is indicative only and subject to change.

Where applicable, images, CGIs and photography are indicative only.
Site Plans / Site Maps are indicative only and subject to change [and subject to planning]. In line with our policy of continuous improvement, we reserve the right to alter the layout, building style, landscaping and specification at any time without notice.
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