Rail and sail never fail: discover the secrets of Walton-on-Thames's property price rises
Walton-on-Thames is the largest settlement located in the Borough of Elmbridge, on the River Thames, with nearly 12,000 dwellings and a population of around 24,000.
It borders the well-heeled London boroughs of Richmond upon Thames and Kingston upon Thames to the east. The wider Elmbridge area is the number one choice of residence for the rich and famous and has been called “the Beverly Hills of Surrey.”
It's not surprising that estate agents are describing high demand for the area. Charlie from Leaders Estate Agent describes “Very high demand for 1 beds in particular, at £850 – £1,000pc with 2 beds averaging at £1,250.”
Karen from APW lettings said: Usual rent achieved for 1 beds in the area are around £900-£1,000, with not a huge deal of newly built apartments in the area, but these are greatly sought after.” Which is great news for investors who specialise in new build.
But the demand isn't caused by Frank Lampard, Ronnie Wood and Ringo living there.
Here are 4 real reasons why Walton-on-Thames has high rental demand.
1. Fast transport links
As well as a train service that takes only 25 minutes to reach London Waterloo, it's great for cars. It has one of the two bridges crossing the River Thames into the borough and is a key crossing point for traffic travelling to and from the M3 to the north.
London Heathrow Aiport is only 6.7miles away, so close there's even a direct bus service that runs from Walton-on-Thames. If the UK's biggest and only hub airport doesn't provide the transport links required London Gatwick Airport is only 19.1miles away and easily reached by the nearby M25.
2. Beautiful town
Walton-on-Thames has benefited from a major environmental improvement scheme called Soul to the Street as well as long-term investment in the town centre that continues to attract visitors, residents and businesses.
Add in the 184 mile Thames Path National Trail that runs between Sunbury Lock and Shepperton Lock and passes by Walton-on-Thames and you've got an attractive area that tenants want to live in.
3. Beautiful neighbours
The neighbouring areas are picturesque and include the village of Cobham and the town of Sunbury-on-Thames. A pleasant stroll along the river will take you to the splendid Hampton Court Palace.
It was originally built for Cardinal Thomas Wolsey around 1514 and was passed on to King Henry VIII as a gift in 1528. Hampton Court Palace, along with St. James’s Palace, are the only two surviving palaces that King Henry VIII owned.
Again, it's that great quality of life and a historic touch of class, that commuters are looking for to balance work and play with city and country.
It's Surrey, but not secluded Surrey.
Walton town centre is the largest centre in the borough of Elmbridge and one that has grown in recent years. It has the perfect mix of amenities that tenants need, all close at hand.
This is primarily through the development of The Heart, a comprehensive mixed-use town centre scheme. It has all the shops, bars, restaurants on your doorstep, so commuters don't need to go to London on their days off unless of course, they want to!
The Heart complex comprises of mixed-use development including 59 retail units, 279 apartments and a 799 space public car park, a gym, and a state of the art library, in a gross floor area of just under 1.1 million square feet. The Heart is a mixture of top high street names and excellent places to eat & drink. The shopping centre is home to about fifty shops, including Accessorize, L.K.Bennett, Next, Debenhams and H&M.
What does this mean for KT12 investors?
High rental demand means properties for sale are snapped up fast, both by homebuyers and by investors looking to supply the rental market. One bed flats for sale stay on the market for a median average of 23 days, showing how quickly properties are bought by keen buyers.
But it's the graph above (taken from www.home.co.uk) that illustrates what you what you really need to know. Asking prices are up by 50% for one bed flats in the year to 2016. As the ripple effect continues, commuter towns like Walton-on-Thames are really taking off.
Property prices in the borough are understandably higher than in other commuter towns due to its desirability. A higher entry price point will obviously reduce your yield even if rents are solid and demand is growing stronger each year. That's why getting in below market value is essential to your success in these areas like these. And that's where we can help.
Give the team a call on +44 207 923 6100 to find out about opportunities in this area and learn how much capital growth you can get in KT12 from day one when buying through Gladfish.