Property firm JLL is expanding its residential agency business and announced a new office in the heart of London’s regeneration area at Nine Elms.
It says that contrary to recent reporting, JLL’s research shows that average new build values and sales rates have remained robust, nearly doubling since the first residential scheme Riverlight was launched in 2011.
Across Nine Elms, average value growth for residential has been nearly 35% between 2011 and the end of 2015, with an anticipated 6% growth forecast by 2020. Furthermore, sales volumes across the area have broadly doubled year on year, with a modest tapering in 2015 in line with slower market activity for all prime markets.
‘Despite some negative reports about the regeneration of Nine Elms, our research shows that property values have shown strong improvement since the first half of 2013. Our new office is home to a team of 30 and is reflective of the ongoing growth of Nine Elms, and JLL’s long-term commitment to the area,’ said Lucy Morton, head of residential agency at JLL.
Andrew Frost, head of residential at JLL, believes that Nine Elms is one of London’s most exciting regeneration opportunities. ‘Regeneration across Nine Elms is a long term commitment and it is typical for price growth in this context to occur in cycles,’ he said.
‘The strong post-downturn recovery of the central London residential market has ensured that average values in the area have nearly doubled since Riverlight launched in 2011 and we are anticipating an overall growth forecast of 6% by 2020,’ he pointed out.
‘With the recent announcement regarding the arrival of Apple, the Northern Line extension and the completion of Battersea Power Station, Nine Elms will transform this part of the capital,’ he added.