Land Registry have released fresh house price data, revealing some striking trends in annual house price increases. Their “heat map” vividly reveals the difference in rates of increase for London boroughs relative to the surrounding provinces.
However, one borough stands out amongst the others – the London Borough of Waltham Forest has shown price increases far ahead of neighbouring areas during 2014. In fact, in percentage terms, price increases in the borough have outstripped every other London borough, which themselves have outstripped the rest of the country.
According to local property experts, a combination of transport links, flourishing high streets and high quality housing stock has apparently attracted young professionals and city workers to the area and driven an already buoyant local property market in the borough.
A significant contributor to the Waltham Forest market has been the ever popular Warner estate. Chiefly comprising a very large number of purpose built flats, the character and charm of the Warner estate makes it a prime target for purchasers.
Owners of Warner flats have seen their investments rocket in value in the last couple of years, as the Waltham Forest growth spurt has induced double-digit price growth in these popular properties. With equal appeal to first-time buyers and buy-to-let investors, these properties have maintained their position as market favourites with no sign of this trend abating.
However, realising full value is not always plain sailing. A high proportion of the flats on the Warner estate have short leases. In some cases, the leases are short enough to act as a significant bar on achieving full potential in the market. Rather than accept reduced offers for their short lease, most of our clients are investing a bit of time and money now to cure the short lease problem, and then go on to sell for full market value.
We are highly experienced in extending leases on the Warner estate. If you are considering a lease extension, a sale, or a combination of both, call us today to discuss your options. We can explain how, for some owners, serving a lease extension notice and assigning it to your buyer can be the right option. Alternatively, send us a message directly from this website using the link above, and one of our lawyers will contact you.