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Tottenham Hale 2019 Focus On: Tottenham Hale 2019 Focus On: Tottenham Hale RESEARCH FOCUS ON: TOTTENHAM HALE 2019 FOCUS ON: TOTTENHAM HALE 2019 FOCUS ON: TOTTENHAM HALE A central theme of London Mayor Sadiq Khan’s strategy to FIGURE 1 FIGURE 3 Forecasts, Greater London 2019-2023 ease the capital’s housing shortage is to “intensify” the use of Average house prices Resales market land close to existing or planned tube and rail connections by building thousands of new homes. % +19Change in average PMS 5425 PMS 2905 The strategy, also encouraged by the previous underway, and a £1 billion redevelopment of house prices, administration, has underpinned a wave Tottenham Hotspur’s football stadium opened Tottenham Hale, of large-scale regeneration projects both in Spring 2019. 2016-2018 + % established and nearing fruition in locations 15.9 The new housing and amenity will cater including King’s Cross, Victoria and Battersea. RENTS to the growing population of the borough Tottenham Hale, already a key transport hub, of Haringey, which is set to expand 7% is one of the first locations in the next phase FIGURE 4 in the coming ten years, according to of this strategy. Plans for redevelopment Average time spent on the market, official forecasts. have been accelerated by Tottenham rental properties + Hale’s selection as a key interchange on the This report is intended to assist decision 9.2% proposed north to south Crossrail 2 route. making by prospective house purchasers HOUSE PRICES and developers looking to invest in land. It As of the first quarter of 2019, almost 40 large residential developments of at least examines local market dynamics, including 50 private units have approval within 3 affordability compared with nearby and kilometres of Tottenham Hale station similarly well-connected locations, the depth compromising more than 10,000 new of the rental market, Tottenham Hale’s position Source: Knight Frank Research homes, to be delivered over the next decade. amid London’s changing infrastructure Note: Price forecasts are for existing homes. Property values in the new-build market may perform differently. Significant commercial regeneration is also landscape and its expanding housing supply. Source: Land Registry PRICES & AFFORDABILITY: House prices in Tottenham Hale have climbed vicinity (fig 3) and compared with other to Brixton in the south (fig 2). The area also of stations have higher average sale prices than two bedroom apartment spends just 3.6 weeks 19% since 2016, outperforming the wider stations along the Victoria Line. scores favourably when compared with Tottenham Hale. on the market before being let, compared to Average weeks on Average weeks on Average weeks on Average weeks on Average weeks on Average weeks on London market, according to analysis of The average price of a home in Tottenham other locations a comparable distance from Prime monthly asking rents for a two bedroom 5.8 weeks in Greater London. The time on the 5.7 3.6 5.7 3.6 5.7 3.6 market, 2 bed flat market, 2 bed flat for market, 2 bed flat market, 2 bed flat for market, 2 bed flat market, 2 bed flat for Land Registry data. Despite this growth, the Hale is £405,162, the least expensive of central London. A breakdown of property flat in Tottenham Hale average £1,650, according market drops to three weeks within 750 meters for rent in London rent in Tottenham Hale for rent in London rent in Tottenham Hale for rent in London rent in Tottenham Hale area performs well in terms of affordability all stations along the line that runs from transactions within 750 meters of the 147 to a study of the top 25% of listings by value. of Tottenham Hale station, highlighting the compared to locations both in the immediate Walthamstow Central, through Oxford Circus, zone 3 stations during Q3 2018 indicates 80% Analysis of the rental market shows the average importance of access to transport links to tenants. Source: Rightmove FIGURE 2 House prices and rents on the Victoria Line Year to December 2018 Walthamstow Blackhorse TOTTENHAM HALE Seven Finsbury Highbury & King’s Cross Euston Warren Oxford Green Victoria Pimlico Vauxhall Stockwell Brixton Central Road Sisters Park Islington St Pancras Street Circus Park Average sale price £440,771 £418,832 £405,162 £462,999 £546,539 £718,902 £905,927 £636,448 £870,378 £1,397,724 £1,419,071 £1,628,579 £961,448 £1,047,973 £551,179 £512,588 Prime monthly asking rent, 2 bed flat £1,500 £1,469 £1,650 £1,495 £1,907 £2,492 £2,817 £2,817 £3,900 £7,800 £10,833 £4,767 £3,467 £3,358 £1,887 £1,907 Zone 3 Zone 2 Zone 1 Zone 2 2 RESEARCH KNIGHT FRANK KNIGHT FRANK RESEARCH 3 Walthamstow Blackhorse Tottenham Seven Finsbury Highbury & King’s Cross Euston Warren Oxford Green Victoria Pimlico Vauxhall Stockwell Brixton Central Road Hale Sisters Park Islington St Pancras Street Circus Park Average sale price £440,771 £418,832 £418,832 £462,999 £546,539 £718,902 £905,927 £636,448 £870,378 £1,397,724 £1,419,071 £1,628,579 £961,448 £1,047,973 £551,179 £512,588 Upper quartile monthly asking £1,500 £1,469 £1,650 £1,495 £1,907 £2,492 £2,817 £2,817 £3,900 £7,800 £10,833 £4,767 £3,467 £3,358 £1,887 £1,907 rent, 2 bed flat FOCUS ON: TOTTENHAM HALE 2019 CONNECTIVITY FIGURE 7 London transport upgrades planned and in progress M ill Hill ! New !! Stansted !! Angel Road Broadway ! Southgate Airport Much of Tottenham Hale already carries Barnet FIGURE 5 HS2 Proposed 2026 – subject to approval Haringey !! Alexandra !! Turnpike Transport for London’s highest rating for Crossrail 1 (late 2019) Harrow Palace !! Lane Tottenham H ale Public transport accessibility map* Crossrail 2 (2033) !! TOTTENHAM HALERedbridge transport accessibility (fig 5). The station is !! Chadwell Crossrail 2 Proposals !! connected to central London via the Victoria Hendon !! Seven Heath Northern Line Extension (2020) Sisters Waltham Forest !! ! !! Line and Stansted Express trains run to the Bakerloo Line Existing Finsbury !! ! Park I !! s Hackney Bakerloo Line Proposed 2030 – subject to approval li airportTOTTENHAM every 15 minutes. Stansted airport HALE Cricklewood !! n g !! Thameslink (£7bn upgrades complete 2019) t Camden ! o !! is just 37 minutes away via train, and both Brent !! ! n ! Dalston !! ! Junction !! Angel Stratford Barking & Dagenham LiverpoolJOURNEY Street and Oxford TIMESCircus can be Hillingdon Euston Old Oak St. Pancras Common !! !! Tower reached in about fifteen minutes. !! Hamlets Newham ! Tottenham Farringdon ! Court Road ! Ealing !! ! ! London City West ! !! ! The area’s connectivity is to be augmented !! !! ! !! !! !! Airport BOND CANARY STANSTED LIVERPOOL Drayton !! !! Acton Paddington !! London !! o further if the proposed north to south !! !! ! West M ainline !! Bridge STREET WHARF STREET !! !! ! Ealing Victoria !! Crossrail 2 route is approved. The Mayor of Langley !! !!!! Elephant & Castle !! ! !! King's Road ! ! ! ! BRUCE GROVE ! Kennington !! ! ! ! Abbey London has submitted a strategic business Chelsea ! !! !! ! Charlton Wood !! !! ! !! !! Battersea ! case to government for the project, which Nine ! N ew Cross Gate Heathrow Hounslow !! ! Heathrow Elms !! !! Greenwich is anticipated to be operational by 2033. ! !! Terminals 2 & 3 !! Terminal 5 ! Clapham !! !! Lewisham Bexley Heathrow Junction Lambeth !! Developers in April began paying the new !! !! Southwark Terminal 4 Wandsworth !! Lewisham Community Infrastructure Levy 2 in order to Tulse !! Catford Richmond Hill !! !! assist in funding the project. Upon Thames Tooting !! !! Broadway TOTTENHAM HALE Teddington !! !! !! !! Crossrail 1, the east to west connection now !! W imbledon !! Sunbury !! !! ! !!! !! ! !! known as the Elizabeth Line, is scheduled to ! !! !! ! ! !! BLACKHORSE !! ! ! !! !! Merton !! !! !! Kingston ! open in 2020. Property values within a ten ROAD Hampton !! !! !! ! !! !! !! !! Bromley !! !! Court Surbiton !! Motspur !! minute walk of stations along the line have !! ! Park !! Gatwick Elmers !! !! 20 37 14 26 ! !! Airport outperformed their local markets by 4% since Shepperton !! ! End !! s ! Worcester !! e !! Hayes Park !! Bromley ! Orpington MINS MINS MINS MINS m! !! ! the project was given Royal Assent in 2008. a! !! h T ! !! n !! ! o ! !! !! p !! !! U !!! ! SEVEN SISTERS n o t s g in K SOUTH TOTTENHAM 20 MINS 37 MINS 14 MINS 26 MINS HOUSING SUPPLY Total average outperformance% of Delivery of housing in Haringey has picked up from a low Tottenham Hale sits in the Lee Valley property prices within a ten minute walk of just 133 additional dwellings in 2014-15. Opportunity Area which itself occupies a of Elizabeth Line (Crossrail 1) stations strategic position in the London-Stansted- since the project was approved in 2008. Source: TFL. * Each area is graded between 0 and 6b, where a score of 0 is very poor access to public transport, and 6b is excellent access Cambridge-Peterborough growth corridor, 4 to public transport. according to the draft London Plan. Tens FIGURE 8 of thousands of homes will be built in the 1,600 Housing Supply, Haringey Lee Valley over the coming decade and FIGURE 6 beyond as upgrades to infrastructure 1,400 Travel times underpin regeneration. Minimum housing requirement 2016-2026 1,200 1,148 Annual housing supply in Haringey has risen steadily from a low of 133 in 2014-15 to 1,200 1,000 in 2017-18. The borough needs a minimum TOTTENHAM HALE 10 15 14 37 37 50 of 1,148 additional homes every year to meet JOURNEY TIMES MINS MINS MINS MINS MINS MINS 800 basic housing requirements, according to official estimates of housing need. 600 Net additional dwellings The area around Tottenham Hale station is 400 to become a focal point for new residential KINGS CROSS OXFORD CIRCUS LIVERPOOL STREET CANARY WHARF STANSTED HEATHROW development. Almost 40 large projects 200 have been approved within 3 kilometres of Tottenham Hale station, compromising more 0 than 10,000 private units, to be delivered over 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 the next decade.
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