We have put this series of posts together on London’s 32 boroughs to give you a picture of what is happening in the new build market and where the opportunities will be in 2023. This guide focuses on the London Borough of Enfield.
Information and timing are critical to generating wealth when it comes to investing in new build property. Most investors simply don’t have access to enough information to make an informed investment decision buying off plan. High quality information is reserved for big investors who get all the best deals.
2023 The year of the investor
Many are pessimistic about the short-term prospects for the London property market. We think it provides one of the best buying opportunities for buy to let investors in several years.
Good property investors make investments in times of uncertainty, the key to making a good decision is having access to all the information.
[H2] Enfield – New Housing Analysis
Enfield has average 190 sales p.a. in the new build market. Over the same period construction starts have been 232 p.a. And during the same period 400 new properties have been built.
New planning applications have been on average 743 p.a. However, significant applications have been made in:
- 2019 – 1,809
- 2020 – 1,994
- 2021 – 1,420
Enfield – Properties due to complete but unsold
At the end of Q3, 2022 there were just 13 complete and unsold properties. Whilst there is a relatively modest amount of complete and unsold property there is a significant amount of property due to complete in 2023.
There are currently 9 schemes which are currently under construction and due to complete in 2023. Two of these schemes are yet to launch and two are on hold. There are currently 460 properties due to complete in 2023 which are currently on hold. These properties are currently being promoted at £695 per ft².
Opportunities for investors in Enfield
Enfield has only a small amount of unsold but complete property, however, it has a huge amount of property due to complete in 2023 which is currently unsold. These properties are likely to be priced significantly above the average price in the secondary market. There is likely to be significant discounting by developers to close out their unsold positions.
Enfield is certainly a market to watch for investors.
Risks for investors in Enfield
There are certainly risks for investors looking to buy in Enfield, the major ones are likely to be the following:
- Pricing – there is a significant opportunity for price declined in the new build market in Enfield in 2023. So, investors need to push hard for a deal, there is a real chance they will overpay.
- Rents – there may well be pressure on rents as new supply comes online. There is a significant amount of new planning applications which have been made in the past 5 years.
Enfield is a market that investors should certainly watch over the coming year.
If you want to find out more about which developments are likely to come to market next year in Ealing email us at [email protected]. You may be interested to read our detailed guide to the London Borough of Enfield, which contains economic and demographic data to help investor make informed investment decisions.
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