The property market in the borough of Barnet is proof that property prices will not decrease during 2010, according to Chris Crook, managing director of the house-building division at Countryside Properties. He has spoken out against recent reports that house prices will decrease in 2010, arguing that a housing shortage will prevent prices from falling and cites Barnet as an example of a location where the shortage is already acute.
“Changes in demographics, increasing population and a restrictive planning system will collectively ensure that unsatisfied pent-up demand will underpin the housing market for many years to come,” says Mr Crook.
The recent collapse in new home production will only exacerbate this situation, particularly in London and the South East.
“Despite glimmers of hope from the mortgage market, the recent economic climate has seriously restricted the volume of production from housebuilders and demand for new and affordable homes is massively outstripping supply,” he says.
Mr Crook points to Countryside’s Ridgemont development in Mill Hill, north-west London, which is selling because of the scarcity of high-quality housing in Barnet: “Having sold most of the one- and two-bedroom apartments off-plan, Countryside launched four-bedroom townhouses late last year, three of which sold off-plan immediately.”
Ridgemont comprises a selection of apartments and houses. The new houses are being built by Countryside Properties and joint venture partner, Annington Homes.
Each townhouse features a large kitchen/dining area, separate living area, four bedrooms and two bathrooms. The modern kitchen includes a granite worktop, cream gloss fitted units, gas hob with glass splashback, stainless steel oven, extractor hood, fridge/freezer, dishwasher, washer/dryer and a microwave.
The houses also benefit from individually landscaped rear gardens, garages and off-street parking. Prices for the four-bedroom townhouses at Ridgemont start from £550,000.
Further south, developer Dekra is hoping for the same success at its new penthouse in St John’s Wood, north-west London. Dekra builds luxury apartments that perch on top of existing buildings. Its latest three-bedroom apartment, The Penthouse London, at Wellington Court, showcases this unusual development idea. Spread across the rooftop of this art deco apartment building, the property offers a 360-degree vista across London, enjoyed from the 580 sq ft wrap-around private balcony.
The penthouse has its own personal concierge service, via a complimentary Vertu mobile phone. Off the entrance hall, the living space (which includes a built-in plasma TV) has a black-and-white colour scheme. The kitchen includes Gaggenau and Siemens appliances.
From the master suite, you can see both Lords Cricket Ground and the famous towers of Battersea Power Station. The price is £4.25 million and agent is Knight Frank.