The average house price in Streatham (SW2) at the beginning of the year was £565,935 and in Stockwell (SW9) it sat slightly lower at £554,872. Both locations, though, were far higher than the average house price for England as a whole, which was £230,630, according to the Land Registry Office last November.
In February 2019, there were 430 properties for sale in Streatham and 270 homes in Stockwell. The average time for a property to sell in the former was 185 days and in the latter 142 days.
Analysis on Streatham
Flats massively outshone all other property types in Streatham, with just over 80 per cent (or 334) properties available to buy. There were 47 terraced homes, 28 semi-detached and just six detached homes.
Two-bedroom homes were the most popular (181 properties), followed by one bedroom (90 properties), 86 properties with three bedrooms and 40 with four bedrooms.
Analysis on Stockwell
In Stockwell, the situation was similar, with just over 84 per cent of properties (226 units) classed as flats/apartments. There were 32 terraced homes, six semi-detached and three detached.
By far, two-bedroom homes were again the most popular with nearly half the market (47 per cent or 123 properties) making up this sector. Next was one-bedroom properties, with 58 units. There were 36 properties with three bedrooms and 32 with four bedrooms.
Private rental market in South West London
In February 2019, the average rent in Streatham was £1,747 pcm. Of the 336 properties available for rent, 122 units had two bedrooms, there were 80 properties with one bedroom, 56 with three bedrooms and 31 were four-bedroom properties. An overwhelming 289 properties were flats, 35 houses and seven were rooms.
Rental prices were higher in Stockwell at £1,969 pcm and where there were 292 properties available. Again, two-bedroom dwellings were the most popular, with 132 such properties for rent. There were 71 one-bedroom properties, 51 with three-bedrooms and 13 with four bedrooms. Nearly all were flats (259), with just 14 houses and three rooms to rent.
Recent investment in the area
Streatham’s High Street has definitely benefitted from the relatively recent £3 million injection of cash via the Mayor’s Outer London Fund and Lambeth council. In property terms, London Square Streatham Hill is the area’s biggest development, consisting of 254 studio flats and a range of one, two, three and even four-bedroom flats.
In Stockwell and nearby, regeneration is rife. According to the Lambeth State of the borough report, published in 2016, the area was more or less the gateway to one of Europe’s largest regeneration zones. It went on to quote a figure of 20,000 new homes in nearby Vauxhall, Nine Elms and the Battersea area.
Best areas for specific property strategies
Without a doubt, the best strategy for both of these areas is buy to let. Bearing in mind the abundant number of flats for sale and which mainly have two and one bedrooms, the areas will appeal to young professionals, couples and even families who find the central London prices just too overwhelmingly expensive.
Speak to Susan Jacobs who specialises in investment property.
Call 0333 123 1330