A range of newspaper reports have shown that people recently queued overnight to purchase a flat in a West London property development.
As Simon Morris recently explained, UK house prices are rising at a phenomenal rate right now. New figures from Halifax Bank show that the typical cost of a UK residential property expanded 9.7% in the year to October 2015, so now the average UK house price is £205,240.
People in London would dream of an average residential property price of £205,240. Various indexes have illustrated that the average London house price is far closer to £500,000 – driven by high demand for homes in the UK capital, which has a low supply of housing stock.
A number of London property developments have been initiated to address the city’s housing shortage, especially in the West End, which attracts some of the richest tenants in the world. The Daily Mail reported that Galliard Homes recently put the flats at its Trinity Square development, located in Hounslow, West London, up for sale.
It has been billed as ‘London’s cheapest development,’ with prices starting at just £199,000. Over 40% of the flats cost less than £250,000, and the one bedroom flats are priced between £300,000 and £315,000. Stephen Conway, chief executive of Galliard Homes, was quoted by the Daily Mirror saying: “Trinity Square is part of our ‘Get on the Ladder’ Campaign to provide hundreds of new homes priced below £300,000 in order to help Londoners get a foot on the housing ladder.”
Reports suggest that over 2,000 people registered interest in the Trinity Square development, which isn’t due to be completed until late 2017. Galliard Homes launched the sale of just 228 flats at the development at 5pm on 5th November on a first come, first serve basis.
According to the Mirror, people interested in buying one of the flats started queuing at the development at 9am on the morning of Wednesday 4th November. They camped out overnight for the launch of Trinity Square at 5pm the next day, with the Mirror saying it “resembled the launch of a Harry Potter book or new iPhone.”
Simon Morris’ explanation
In Simon Morris’ opinion it’s fairly obvious why people went to such lengths to secure a flat at the Trinity Square development. There’s a strong demand for moderately priced flats in the UK capital – which are currently in very short supply. A London property development such as Trinity Square, especially with its prime location, was always destined to generate overnight queues.
Find more London news on the Simon Morris blog.