As a member of the Wimbledon Village Business Association, Robert Holmes & Co is active in promoting this unique part of London’s blend of chic shops, cafes and bars set among handsome period homes and open spaces.
Fears have, however, been voiced that the election of Sadiq Khan as the new mayor of London could have a negative impact on this part of London, which offers more space for growing families and a slower pace than much of the capital.
The mayor, who stepped down as Labour MP for Tooting on 10 May, beat Conservative Party rival Zac Goldsmith by 1,310,143 votes to 994,614 on the back of a campaign that promises to tackle London’s housing crisis.
At the height of campaigning, Khan said that renting a home in London is more expensive than staying in a four-star hotel in Paris, Rome, Berlin, Warsaw and Prague.
Khan’s campaign team says the average rent in London is £1676 per month – or £55 per night.
The new mayor has also suggested it is cheaper to buy a private island in the sun than to get on the property ladder in the capital.
To address these issues, Khan has a 10-point action plan…
- Switch conversions of affordable rent homes back to social rent
- Refuse planning permission for developments that have separate entrances for private and social tenants
- Set up a New Homes Team in City Hall that would act as a developer of new homes for social rent, London Living Rent and first-time buyers
- Introduce a 50% affordable housing target for any new development
- Use mayoral planning powers to prevent buy-to-leave housing and put first-time buyers and local tenants first
- Invest unspent cash in the London Affordable Homes Programme and develop London Home Bonds and pension fund investments
- Bring forward more land owned by public bodies like Transport for London for development, and work with boroughs to identify all available brownfield land in public and private ownership that is suitable for development
- Introduce London Living Rent, with rent linked to a third of average incomes
- Set up a London-wide not-for-profit letting agency
- Campaign for the power to limit rent rises
Khan’s property plans centre around “seeking out new sources of investment and using planning powers effectively to raise the number of new and affordable homes London builds”.
But with an average of 19,571 homes per year built under Ken Livingstone and 18,364 per year under Boris Johnson, many question whether mass housebuilding can be achieved.
Christine Whitehead, a professor in housing economics at the LSE, has said that Khan’s target of building up to 80,000 homes in London each year would “result in an initial fall in development activity and would make many sites financially unviable”.
Demand exceeds supply
Property values in the mature residential markets of Wimbledon Village have been rising because of a dire shortage of quality homes for sale and rent.
Developments of the size planned for West Ham United Football Club’s former Upton Park home – where it has been reported that more than 25% of the 844 new homes planned for the east London site will be affordable – could help the mayor deliver on his property pledges.
But the property market in the E13 postcode is far removed from its counterpart in SW19. Similar schemes are unlikely to take place in Wimbledon Village, Coombe Hill and other nearby areas because strict planning controls restrict large-scale developments of the size that can help the mayor deliver on his pre-election promises.
This means that residential property in Wimbledon Village will continue to be in demand long after Sadiq Khan’s initial four-year term as London mayor comes to an end in 2020. And as a result is likely to rise further in value.
To discover how much your home could be worth, contact Robert Holmes & Co today for a free market appraisal of the property.