New Build Investor Guide – Merton
May 2021
Buying a new build property off plan? Check out our Area Guide first
Are you considering purchasing a new build, off plan property in Brent? Want to get the latest information on house prices, demographics and other useful information before you commit to a deal?
Our Area Guides give you the latest relevant information from local governments, the Census and the Office of National Statistics (ONS) data. They’re designed for offshore, new build property investors to help you understand an area in detail so you can make informed investment decisions.
Read on for investor details specifically about Brent but if it’s more detail about the wider UK property market you need, you can download our latest report here. In our report we address two key questions:
1 Is investing in UK residential property still worth it?
2 If so, where are the best opportunities for property investors and why?
Merton, London
Merton is one of 20 outer London boroughs and is located in south-west London. Spanning over square miles, it is the 17th largest London borough by area and has nearly 3 square miles of open space. It borders the the London boroughs of Wandsworth, Lambeth, Croydon, Sutton, Kingston-upon-Thames and Richmond-upon-Thames. The main towns within the borough are Mitcham, Morden and Wimbledon. The borough is host of the Wimbledon tournament, one of tennis’s most prestigious competitions.
Demographics
Merton’s population is forecast to grow by over 11% by 2030
| Population (2018) | 209,421 |
| Forecast Population 2030 | 232,473 |
Source: data.london.gov.uk
Economically Active Population
A largely young, diverse, mobile population.
| Age Range | Percentage of population |
| 16 – 64 | 67% |
| Under 15 | 21% |
| Over 65 | 12% |
| Martial Status: | |
| Single | 40% |
Source: data.london.gov.uk
Average Life Expectancy
The average life expectancies for those born in Merton between 2016 and 2018 are below.
| Males | 81 (UK average is 79). Males born in Merton have the 10th longest life expectancy of all London boroughs. |
| Females | 84 (UK average is 83). Females born in Merton have the 18th longest life expectancy of all London boroughs. |
Source: ons.gov.uk
Population Density (2011)
Merton has 5,490 people per km2. Lower than the London average of 5,701 people per km2 and the 15th lowest density of all London boroughs.
Source: ons.gov.uk
International Migration (2018-19)
2,878 new residents from overseas moved to Merton in 2018 -2019. Twenty-six London borough’s welcomed more new residents from overseas than Merton.
Source: ons.gov.uk
Country of Birth
| Location of Birth | Proportion of Population |
| UK and Ireland | 64% |
| EU | 9% |
| Other countries | 27% |
Source: data.london.gov.uk
Crime & Safety
| Crime Numbers (April 2017 – March 2018) | 13,574 |
| Crime rate per 1,000 population (April 2017 -March 2018) | 66 |
| Merton has the 4th lowest crime rate per 1,000 people of all London boroughs. |
Source: data.london.gov.uk
Education
Schools
| Primary Schools | 62 (11 of which have an Ofsted rating of outstanding) |
| Secondary Schools | 21 (7 of which have an Ofsted rating of outstanding) |
| Schools and Colleges (16-18 years) | 15 (7 of which have an Ofsted rating of outstanding) |
Source: compare-school-performance.service.gov.uk
Hospitals
The Wilson Hospital
Parkside Private Hospital
General Wellbeing
| Population considering themselves in very good health | 52% |
| Population considering themselves in very bad health | less than 1% |
Source: data.london.gov.uk
Employment & Economy
79.8% of working aged people employed (compared to 75% across England 74% across London).
Top 4 Sectors of Employment
| Public administration, education and health | 28% |
| Finance, banking and insurance | 26% |
| Distribution, hotels and restaurants | 14% |
| Transport and communications | 14% |
Source: data.london.gov.uk
Major Employers
In 2020, there were 25 companies in the borough employing more than 250 people and 110 companies employing between 50 and 249 people. (source: nomisweb.co.uk).
Jobs and Job density
Approximately 3,125 residents of Merton also work in the borough. 34,651 people travel into the borough each day for work and 63,608 residents work outside the borough. The daytime population of the borough therefore decreases by 28,957 people each day. (source: data.london.gov.uk).
| Median Gross Annual Pay for full-time employee jobs (2017) | £31,365 |
| Number of jobs in the borough (2019) | 92,000 |
| Jobs per resident | 0.49 (London average 1.03 and UK average 0.87) |
Source: nomisweb.co.uk and data.london.gov.uk
Housing
| Number of residential properties in Merton | 83,950 |
Source: data.london.gov.uk
Property Ownership (2018)
| own property outright (no mortgage) | 32% |
| own property with mortgage | 31% |
| rent from a Housing Authority or the Local Authority | 13% |
| rent from a private landlord (representing approximately 19,400 private rentals) | 24% |
Source: data.london.gov.uk
| Households with no car or van (2011) | 33% |
Source: nomisweb.co.uk
Household Composition
| One person households | 28% |
| One family households | 58% |
| Other (sharers / students etc) | 14% |
Source: nomisweb.co.uk
Average House Prices
Average house prices in Merton are the 11th most expensive of the London boroughs.
| Average achieved price January 2020 | £499,698 |
| Average achieved price January 2021 | £551,175 |
| Increase/Decrease | +10.3% |
Source: www.gov.uk
Volume of Sales
During the COVID pandemic, the number of property transactions in the borough of Merton fell by 22%. Nineteen London boroughs saw larger falls in transaction volumes than Merton.
| Number of residential sales to year ending September 2019 | 2,145 |
| Number of residential sales to year ending September 2020 | 1,758 |
Source: ons.gov.uk
Achieved Rents (January to December 2020)
Mean monthly average rents in the London Borough of Merton:
| London Median Rents (per calendar month) |
Merton (per calendar month) |
|
| Studio | £950 | £980 |
| 1 bedroom | £1,200 | £1,250 |
| 2 bedrooms | £1,450 | £1,500 |
| 3 bedrooms | £1,750 | £1,950 |
Source: london.gov.uk
New Build Developments in Merton
There are five large new build developments in Merton with apartments currently available for sale. Average asking prices for three of these developments are set out below.
Wimbledon Hill Park (Berkeley Homes)
| Total Number of properties | 75 (57 private) |
| First launched | June 2018 |
Average Prices – Wimbledon Hill Park
| Minimum | Average | Maximum | |
| Price | £599,950 | £1,277,772 | £2,750,000 |
| Price per ft² | £891 | £1,088 | £1,219 |
| Area (ft²) | 594 | 1,172 | 2,497 |
source: Molior
| Minimum | Average | Maximum | |
| 1 Bedroom | £599,950 | £659,233 | £799,999 |
| 2 Bedroom | £875,000 | £1,098,383 | £1,525,000 |
| 3 Bedroom | £1.375.000 | £1,628,091 | £1,820,000 |
source: Molior
Wimbledon Grounds (Galliard)
| Total Number of properties | 632 (552 private) |
| First Launched | March 2018 |
Average Prices – Wimbledon Grounds
| Minimum | Average | Maximum | |
| Price | £340,000 | £543,727 | £825,000 |
| Price per ft² | £617 | £729 | £802 |
| Area (ft²) | 442 | 758 | 1,216 |
source: Molior
| Minimum | Average | Maximum | |
| Studio | £340,000 | £340,000 | £340,000 |
| 1 Bedroom | £420,000 | £458,846 | £517,500 |
| 2 Bedroom | £542,500 | £586,846 | £662,500 |
| 3 Bedroom | £670,000 | £738,125 | £825,000 |
source: Molior
Earlsfield Place (First Base)
| Total Number of apartments | 129 (105 private) |
| First Launched | September 2020 |
Average Price – Earlsfield Place
| Minimum | Average | Maximum | |
| Price | £520,000 | £783,125 | £1,150,000 |
| Price per ft² | £631 | £761 | £848 |
| Area (ft²) | 619 | 1,049 | 1,631 |
source: Molior
| Minimum | Average | Maximum | |
| 1 Bedroom | £520,000 | £521,667 | £525,000 |
| 2 Bedroom | £645,000 | £685,000 | £725,000 |
| 3 Bedroom | £775,000 | £1,028,333 | £1,150,000 |
source: Molior
Environment & Leisure
There are nearly 3 square miles of parks and open space in the London borough of Merton including Wimbledon Common.
Facilities in the borough include:
7 libraries
3 leisure centres
Shopping at Centre Court shopping mall, Priory Retail Park and Merton Abbey Mills.
Features of interest in the borough include:
The Championships, Wimbledon, held at the All England Lawn Tennis and Croquet Club in Church Road Wimbledon.
The Baitul Futuh mosque – the largest mosque in western Europe. The mosque can accommodate 10,000 people and has been voted in the top 50 in the world by Spectator Magazine.
Transport
Merton’s overground and underground stations are in Zones 3 and 4.
National Rail Stations
| Tooting | Haydons Road |
| Wimbledon | Wimbledon Chase |
| South Merton | Morden South |
| St Helier | Mitchem Junction |
| Mitcham Eastfields | Rayners Park |
| Motspur Park |
Underground Stations
| Colliers Wood (Northern Line) | South Wimbledon (Northern Line) |
| Wimbledon (District Line) | Wimbledon Park (District Line) |
| Morden (Northern Line) |
Local Government
The Labour Party
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