Barratt London, part of Barratt Group, the UK’s largest housebuilder, has officially launched its latest development, Sterling Place, in New Malden, in the south-west of the UK capital, with new research revealing the popularity of the location has resulted in house prices to rise by 8.3% in the last year.
Research by JLL has revealed that New Malden is in high demand, with the number of residents predicted to increase by 2.4 per cent between 2021 and 2026. In line with the increase in popularity, average sales prices have also risen by 8.3% in just 12 months – significantly outperforming Greater London’s 3.6% rise. New Malden has also outperformed London and neighbouring areas in the last five, 10 and 20 years.
Leading the sales drive in the GCC is the recently launched Barratt London MENA office, led by UAE-based Hardington Residential, according to the company’s managing director Ian Plumey, there is a lot attracting the interest of investors from the region.
“This development piques the interest of investors from this region for three key reasons. The first is those looking for a home to use during the summer, which is located in a leafy part of the capital but just a short journey by train to Central London or Surrey; the second is education, with south-west London considered one of the most sought-after areas for parents; and finally, the incredible investment opportunities – there very few investment vehicles delivering 8.3% growth in 12 months,” said Plumey.
“We are currently seeing Saudi Arabian, Kuwaiti and UAE investors leading the charge for this type of property, followed by Qatar, Oman and Bahrain,” he added.
Sterling Place will consist of 456 new one-, two- and three-bedroom apartments, replacing a derelict former print works renowned for producing, amongst other things, currency for numerous countries worldwide.
The new apartments will be in seven staggered-height blocks ranging from seven to fourteen storeys. Starting from US$459,600 (£379,000) for a one-bedroom home, the first phase will offer panoramic views over south-west London and towards the City. In addition to views, residents will benefit from open-plan living and landscaped gardens. The first homes will be delivered in Q4 2025, with the site expected to be complete in 2027.
The new residential village has been designed with the environment in mind. Adding podium gardens, play areas, and tree and shrub planting will bring a 10 per cent biodiversity net gain to the area. Each energy-efficient home is predicted to have an EPC rating of B or above, and there are 240 electric charging points, over 900 cycle storage spaces and solar panels across the site.
New Malden is an area that could also benefit from the potential delivery of Crossrail 2. Research by JLL has stated that 76 per cent of areas surrounding the planned Elizabeth Line stations outperformed the regional average in terms of house prices in the decade leading up to its opening, further underscoring the return on investment (ROI potential). The line would also significantly improve connectivity for the area, with up to 30 trains per hour to destinations including Central London, Hertfordshire and Surrey, significantly reducing journey times.
Close to the border into Surrey and conveniently located for both town and country, Sterling Place has four bus routes on the doorstep and three railway stations within a 15-minute walk. The District and Northern lines can also be accessed from nearby Wimbledon and South Wimbledon tube stations.
As well as access into the city, there are several iconic destinations in south-west London. Richmond Park, famous for its deer, is less than four miles away and covers 2,500 hectares, taking in viewpoints, cafés, playgrounds and a Victorian woodland garden. At the same time, nearby Wimbledon hosts the famous annual lawn tennis competition. Vibrant Kingston-Upon-Thames, just three miles from Sterling Place, is the ideal destination for shoppers, with bars and restaurants lining the River Thames.
From an education perspective, the Merton area is home to over 85 schools, and the Borough is in the top 10 in London for Ofsted-rated ‘Outstanding’ schools. The area’s selective schools are also in high demand, with 1,500 students applying every year for the 180 spaces available at the Tiffin School.
Stuart Leslie, Sales and Marketing Director for Barratt International said: “We’ve seen that buyers’ habits have changed post-Covid with the need for a good work-life balance being more important than ever before. In an area like New Malden, you’re at Surrey’s gateway, where you have that perfect blend of the countryside on the doorstep and the buzz of the capital less than a 30-minute train journey away.
“For me, the ultimate draw of New Malden is its location. You’re so close to London’s iconic destinations – the likes of Richmond Park, Wimbledon Village, and Kingston are all on the doorstep. Therefore, it is no coincidence that this area is growing in value as it ticks many boxes needed for 2023 living.”
