My recent blog explained how pied-à-terre’s in Enfield had become very popular with family buyers. Recently, however, I have seen a surge of interest for those wanting Pied-à-terre’s in London, in Ealing and I believe that this is due to the following reasons:
- Personal use i.e. when working late or for evening engagements in London
- Housing for children studying in London
- A temporary base when using one of London’s airports
- Long term investment
- Gaining a foothold in London – fear that in future decades this will be unaffordable
Buying a pied-à-terre in Ealing – Advantages for the savvy investor
Ealing is an interesting area because it could serve as a good pied-à-terre location or a flat to live in.
It certainly has many of the qualities that many Garrington clients look for in both categories:
- In terms of value for money, prices are still below £900 per square foot (Rightmove) and, in many cases, below £800 per square foot
- In our experience, gross rental yields of between 3.5-4.0% are achievable for the right property
- Not only does Ealing represent good value for money, but the absolute prices are quite low. One can find many 1 bedroom apartments below £500,000, which is perfect for a pied-à-terre. 2 bedroom apartments can be bought for less than £600,000, which is why we believe Ealing is also suitable for home owners
- Ealing is full of open, green spaces and small parks, such as Ealing Common, Lammas Park and Walpole Park, which makes it ideal for families and young professionals who want to enjoy life away from the urban bustle
- Ealing has many amenities, such as the Ealing Broadway shopping centre and an overall high density of shopping, retail, restaurants and nightlife
- Ealing is undergoing regeneration, especially going West along the Uxbridge Road
- Transport links are second to none. There is a plethora of existing tube stations, covering the Central, Piccadilly and District Lines, such as Ealing Broadway, Ealing Common, North Ealing and South Ealing. In addition, there are quite a few Overground stations such as West Ealing.
- Crossrail 1 will stop at Ealing Broadway and Hanwell and provide super-fast connections to Heathrow, Central London and Canary Wharf
Garrington’s experience with investors in Ealing
Over recent years, Garrington has had extensive experience helping buyers in Ealing.
Furthermore, with Outer London prices outperforming Central London prices in recent years (annually Outer London prices are approx. 10.8% and Central London prices are approx. 5%), many areas in Outer London have become unaffordable already.
London’s population continues to grow by roughly 100,000 per year and is projected to do so every year until 2041; adding another £2.5m residents. While Central London prices are stagnating due to higher stamp duty and the uncertainty of Brexit, Outer London prices are flourishing due to population growth.
I believe the days of being able to afford a pied-a-terre in London are numbered, as buyers increasingly focus on the Outer Zones that still represent good value for money and low absolute prices.
 Referring to Ealing Common in the East to Hanwell in the West and South Ealing in the South to the A40 in the North