New homes in Sutton

Jul 25, 2017
Why Buy New Homes in Sutton

Spotlight on Sutton

Like many boroughs in Zone 5, Sutton is now in demand. Families and first-time buyers are drawn to its good-value homes and peaceful way of life within easy commuting distance of the city centre. Prices are still relatively low but they are rising fast, so now could be a great time to invest in this up-and-coming borough. A magnet for first-time buyers According to emoov, demand for property in Sutton rose by 110% in 2016 – making it one of only two London boroughs to have seen a year-on-year increase.[1] A majority of this demand is from those looking to get on the ladder for the first time. Recent research by Hamptons International shows that Sutton is one of the Capital's most popular boroughs for first-timers. Of all the flats sold here, 63% are to first-time buyers.[2] Transformation of Sutton town centre Since it became a Business Improvement District (BID) in 2012, Sutton has been developing ambitious plans to transform its town centre. It has so far benefitted from over £400m of private investment with more on the way.[3] The town's largest new development is Sutton Point, a mixed-use scheme opposite Sutton railway station.  Due to complete in autumn 2018, it offers 332 one-to-three-bedroom flats in two tower blocks along with an 80-bed hotel built around a new public square.[4] In a separate £50m scheme at the other end of the high street, the site of a former gas works is being transformed into a 181 residential flats alongside new retail units and a supermarket. Sutton's popular pedestrianised shopping area, London's sixth most important, is also getting a makeover. A council-led £500k regeneration of the market place is about to get underway, while the £4.4million redevelopment of Times Square Shopping Centre is nearing completion. There are also potential plans to revamp St Nicholas Centre Shopping Centre after it was recently bought by a property development company. [5] A hotspot for families Sutton is one of the best places in the Capital to raise a family according to a recent report. Researching locations that offer the ideal mix of family-friendly factors, such as availability of high-quality education and affordable childcare, low crime rates, access to amenities and affordable housing, the 2015 Family Hotspots Report concludes that Sutton postcodes SM2 and SM3 were in the top ten places for families to live in London.[6] Sutton is known for the quality of its schools with several performing exceptionally well. In July 2016, two of its schools won national awards. Stanley Park in Carshalton was named best secondary school of the year and Limes College in Sutton scooped the alternative provision school of the year in the Times Educational Supplement 2016 Awards.[7] Village feel and low crime enhance Sutton’s quality of life Despite its close proximity to central London, many parts of Sutton look and feel more like leafy Surrey. The borough was once made up of rural villages, and places like Carshalton, Cheam and Belmont are still referred to as such. Sutton is also one of the top three safest boroughs in London.[8] Its residents enjoy access to 89 different parks, with over 1,500 acres of green space and one of the highest densities of tree cover per hectare in London.[9] Good transport connections Trains from Sutton station to Victoria and London Bridge can take less than half an hour, and there are nine other stations within the borough providing direct connections to London Victoria, London Bridge, London Blackfriars and St Pancras International.[10] Sutton also has rail connections with Epsom, Dorking and Guildford. The borough's road network provides easy access to the M25 and M23, while Gatwick airport is 30 minutes away by car and Heathrow is 60 minutes.[11] A possible tram link to Wimbledon Sutton Council and neighbouring Merton Council are both lobbying hard for an extension of Tramlink to run from Wimbledon to Sutton, which would be especially useful when Crossrail 2 comes to Wimbledon around 2030. While no decision has yet been reached, a spokesman for the Mayor has made it clear that if an agreement on an acceptable business case and funding package can be reached, funding could be available through TfL's Growth Fund.[12] Current asking prices and rental yields As of February 2017, the average value of properties in the London borough of Sutton is £401,939. It has increased 5.43% in the last 12 months and 40.85% in the last five years. For a two-bedroom apartment, the average asking price is £321,050 and the average asking rent is £1,240pcm, which means the gross rental yield is currently 4.60%.[13] This content is correct as of February 2017