Most people move to Wimbledon, a suburb in southwest London known for its tennis championships. However, the real estate market has been too slow in recent years. According to LonRes, the number of home sales is 30 percent below the high of 2013. Last year, the number of transactions was at its lowest for a decade.
"Nobody can pretend that it has not been difficult since the last stamp duty increase," says Dominic Pasqua, partner at Knight Frank. The reforms in 2014 and 2016, which initially increased the tax burden on all homes above £ 937,500 and then a premium on all second homes, have significantly increased relocation costs in areas such as Wimbledon, where single-family homes can cost several million pounds.
Wimbledon sellers are increasingly willing to lower prices: According to LonRes, 44 percent of the properties sold so far this year saw a 39 percent reduction in the 39 percent offer price in the first quarter of 2018, with buyers negotiating an average discount of 9.8 percent of the initial listing price ,
However, this has not led to the sharp decline in value experienced by other parts of London. According to Savills, Prime Wimbledon real estate – the best 5 percent of the market price – has fallen by around 3 percent in the last five years. Prime Prime London saw prices fall 12 percent over the same period.
In the first quarter of this year, the average price for a family home sold at Wimbledon, according to the land registry of LonRes with GBP 2.6 million was 3 percent below the value of the first quarter of 2018. However, the values rise across the board: the average real estate price was in the twelve months to April 2019 9.7 percent above the previous year's level – which, however, can be influenced by one-family and two-family houses with a higher proportion.
According to some local real estate agents, the market has turned. "We have had an incredible boost over the last six months," says James Morrison, head of Savills Wimbledon. His agency posted record sales in the fall of 2018, which he believes will continue until the beginning of 2019. A property in Ridgway in the heart of Wimbledon has just been sold for £ 5m – a record for the road.
Many of the area's most valuable homes are in Wimbledon Village, the area between Wimbledon Common and the All England Lawn Tennis & Croquet Club, where the Wimbledon Championships take place every year. The Grand Slam tennis tournament will start on the 1st of July this year.
At Somerset Road, Savills sells a six-bedroom Arts and Crafts style home for £ 4.75m. The house with an indoor pool and private tennis court was designed by architect Mackay Hugh Baillie Scott.
In Crooked Billet, near a pub of the same name, Savills sells a pretty two bedroom cottage for £ 675.00. The house is located near the King's College School, a popular independent day school for boys (which allows girls in the sixth grade). Wimbledon schools attract buyers, even in the slowest times, says Pasqua. "Many people move out of central London for this reason," he says.
Those who move from areas like Fulham get more for their money. Last year the average price for a duplex in Fulham was £ 2.2m, according to LonRes. at Wimbledon it was 1.2 million pounds.
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Wimbledon is increasingly attracting younger tenants due to its lively atmosphere and cheaper rents compared to central areas such as Oval and Clapham.
Wimbledon-born 31-year-old Sam Chedzoy and his friend decided to move to the area as the station worked both for its commuter service to central London and its partner's commuter service to Surrey. After exploring various options, they discovered that "compared to Wimbledon, there is nothing exciting in other areas nearby." In addition to the social appeal of the area, they were able to rent a two-bedroom house and outdoor area in Wimbledon that they could not afford in Clapham Junction.
"When I got there, I was thrilled. I did not even know Wimbledon, "says Chedzoy. Socializing for him and his friends takes place at The Old Frizzle or "The Friz," a pub on Broadway.
In March of this year, Wimbledon's first LGBTQ bar called Bar CMYK opened right next door to the Friz. "The Drag Queen said they are trying to shape Wimbledon's nightlife," says Chedzoy. They seem to succeed.
- Wimbledon is located in the Merton district of London, where the houses of the highest tax authority pay an annual fee of £ 3,097
- The drive from Wimbledon station to the City of London takes about 45 minutes
What can you buy for? , ,
£ 675,000 2-bedroom cottage overlooking Wimbledon Green
£ 2m A duplex penthouse apartment with two rooftop terraces near the All England Lawn Tennis Club
£ 7m A five bedroom Victorian house with large garden in Wimbledon Village
More houses at propertiesylistings.ft.com
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