DIRECTOR, DOUGLAS & GORDON
Q: Do I have a shot at buying a property in one of those new developments on the Riverside?
A: Many people are under the impression that all the Riverside flats have been bought up by foreigners. Many have, proving that Knightsbridge isn’t the only international attraction. Indeed, the strongest growth seen this year has been in what’s known as Prime South West London (PSW). This is now driven to some extent by foreigners entering the market outside Prime Central London (PCL), some for investment and others because they’ve been priced out of the centre by earlier arrivals. Growth outside PCL seems set to continue for the time being and some new builds offer a chance to enjoy capital growth on the total purchase price for a 10 per cent deposit. For developments like Battersea Power Station, this is an attractive idea, but for others where the supply-demand balance is less attractive, care is needed. Local agents will tell you what is happening and it’s useful to look around and see what other developments are being built. Visit your local planning office to see records of new applications that have been submitted.