Long before Andy Murray secured his second men’s singles title on Centre Court at the All England Lawn Tennis & Croquet Club earlier this month, Wimbledon held a unique status in London.
Wimbledon is not just a suburb of London containing some of the capital’s most sought-after homes, it is a brand that is known the world over.
1. Wimbledon is a high-value brand
Well-known brands have a high value. As the world’s most valuable brand, Forbes says technology giant and iPhone maker Apple is worth $154.1bn.
Wimbledon will forever be associated with the world’s most famous tennis tournament. This is why homes in exclusive Wimbledon Village, with its chic shops, cafes and bars set among handsome period buildings on the edge of the Common, will always be in demand.
And not just among tennis enthusiasts.
Homes in Wimbledon Village have long been popular with families because many are built on larger footprints than other parts of London, offering more interior space, large gardens and space to park multiple vehicles.
2. Prices will rise when Crossrail 2 opens
Schools in the local area are also well-regarded, while the journey time to central London is just 15 minutes by train from Wimbledon station.
That transport hub – which is also served by the District Line and a Tramlink service – is set to expand if proposals for Crossrail 2 that will see 30 trains per hour pass through get the go-ahead.
Crossrail 2 will dramatically cut journey times from Surrey to central London. When it gets up and running, property values in the areas it serves will increase substantially, particularly house prices in Wimbledon because this part of London will benefit from journey times to the West End of under 10 minutes.Strict planning regulations applied to Wimbledon Village ensure new developments will not take over the open space in the area that residents value so highly.
3. Brexit opens a window of opportunity
However, political and economic events the UK is currently experiencing open a window of opportunity for families, young professionals and investors to secure a home of their dreams at a value unlikely to be repeated any time soon.
The UK’s decision to leave the EU has had the after-effect of making borrowing cheaper and reducing the value of sterling.
4. Weak pound encourages overseas investment
Overseas investors – who have been buying homes in and around Wimbledon Village since before Boris Becker won his first men’s singles title age 17 in 1985 – have more spending power when it comes to buying property in the UK.
This is already generating more enquiries from property buyers based outside the UK who are confident that Britain will remain an economic and financial powerhouse after Brexit is confirmed sometime in 2018.
5. Mortgages rates have hit a record low
Competition for luxury homes in Wimbledon Village is also coming from UK-based families and investors who want to take advantage of cheap mortgages or take their savings out of accounts paying a miserly amount of interest.
It is uncertain how long this window of opportunity will remain open but when competition for luxury homes in Wimbledon Village outstrips their supply, prices rise.
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