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Regeneration in Tottenham
Despite the uncertainty surrounding the property market, Tottenham is set to become London’s biggest regeneration story, with a £1 billion regeneration schemed called ‘High Road West’ set to transform the area into a modern and desirable place to live and work.
Though the scheme will take up to 15 years to complete, the council plan to deliver at least 10,000 new homes and 5,000 new jobs by 2025, as well as a new public square complete with shops and restaurants.
Tottenham Hotspur’s new £400m stadium development will also be a catalyst for wider regeneration, breathing new life into the area, creating jobs and boosting property prices.
The ambitious regeneration plan includes a new local centre with new library and learning centre in a new public square with shops, restaurants and community park.
Property Hotspot - White Hart Lane
Homeowners living in the areas surrounding White Hart Lane have seen their property prices rise by a staggering 655% over the past 20 years, according to new data.
The average home value in the postal district surrounding Tottenham Hotspur’s stadium has risen more than seven and a half times since 1997, from £59,638 to £450,104 today.
Figures collated by Halifax using Land Registry data show that Spurs are the winners when it comes to house price growth, while West Ham, Chelsea and Watford have also seen a surge in local property prices over the past two decades.
Thomas Oliver: Seek Mortgage Advice If You Are Re-Mortgaging Soon
In the next few months many mortgage deals will be ending which could mean clients may face potential problems re-mortgaging.
The reason for such a high number of mortgage deals finishing in the next couple of months is due to what happened two years ago. On April 1st 2016 the new stamp duty legislation was introduced which meant individuals who were looking to purchase a buy-to-let or second home had to pay an additional 3% in stamp duty. As a result we saw a record breaking number of mortgage completions in March 2016 as landlords tried to avoid the stamp duty hike.
As many investors look to only tie themselves in to a two year mortgage deal this has resulted in numerous buy-to-let fixed rate mortgages coming to an end in the next couple of months.
Rightmove: Asking Prices Hit Record High in Key Sectors
Average asking price of newly-marketed property have jumped
1.5% - or over £4,500 - in the past month, says Rightmove.
The portal says the first time buyers and second-stepper sectors
have hit all-time price highs of £189,840 and £272,031
Overall, average asking prices also hit new record in four out of 11
regions as the market has been hit by a 5% dip in supply
compared to the same period a year ago.
The 1.5 per cent increase this month is the largest seen at this
time of year since 2007, says Rightmove.
However, over the first quarter of 2018 the price of property
coming to market is up by 3%.
This is a stronger performance than the first quarter of 2017 but
weaker than the 3.6% rise in 2016 which was inflated by the rush
to beat the stamp duty deadline on second homes.