A new study by Oxford Economics shows renters are four times less likely to step onto the property ladder than those who already own a home. However, for commercial property expert Max, 31, and his partner Adrienne, 30, who works in commercial operations, moving to the next neighbourhood unlocked their homeownership dream.
After renting in London for nearly five years, they undertook an intensive three-month search to find a home of their own and set their hearts on an apartment with heritage charm at The 1840, St George’s Gardens, in the desirable new Springfield Village development in South West London. Like many London renters, after living in various locations around the capital and watching rents keep on rising, Max and Adrienne decided it was time to start making their money work for them, rather than for a landlord. “We were paying £1,900 a month for a one-bedroom apartment in Balham, but felt it would make much more sense to pay that monthly cost for something we actually owned and would be a good investment with capital appreciation, rather than just renting forever,” said Max.
Back in 2019, the average monthly rent for a one-bedroom apartment in Balham stood at £1,421, however, in 2024 they can range anywhere from £1,500 to an eye-watering £3,500 per month.
Sam Ball, New Homes Sales Director at Rampton Beasley said: “We’ve seen an unprecedented number of enquiries from first time buyers looking to get out of the rent trap and take their next step into homeownership, despite limited support from Government. This interest has certainly been fuelled by falling interest rates and rising rental costs. What’s more, London saw a year-on-year rent increase of 11.2%, with rents in areas like Tooting and surrounding neighbourhoods being impacted by this sharp rise which has exacerbated affordability issues for renters.”
Ball continues: “With average London rents now exceeding £1,500, monthly mortgage payments in areas like South West London often makes more financial sense for these renters. However, areas known for their vibrant high streets and great transport links like Balham and Wandsworth often come with a much higher price tag that may deter buyers looking for value for money. The 1840 St George’s Gardens offers a similar buzz, coupled with excellent amenities and expansive green space, whilst being a financially solid investment. For those feeling squeezed by rising rents, the prospect of buying in this rapidly evolving neighbourhood might just be the perfect alternative.”
After a year of casually looking at what was available, and three months of intensive searching, it was actually Max’s mother who spotted The 1840, St George’s Gardens and sent him a link to Rightmove. When the couple bought the home in early 2023, it was effectively an off-plan purchase, as the transformation of the grand Grade II Listed Victorian hospital into individually designed one-, two- and three-bedroom apartments and duplexes was still underway
When they were able to move into their one-bedroom apartment the following October, they were delighted with their new home. “The development is unique, and we love the building and its heritage,” said Max. “When compared with prices for one-bedroom apartments in Tooting Bec or Balham, we felt The 1840, St George’s Gardens was better value for money and offered more opportunity for capital growth, especially as the surrounding area is being redeveloped and regenerated.”
Max and Adrienne feel like their new home gives them the best of both worlds. “All of our friends live around Balham and Tooting, so we like and know the area very well. We love the building, it’s so cool, with really interesting architecture – it’s nice to be somewhere with character.
“Our old apartment was a traditional end-terrace apartment, but when we were looking to buy, we were considering all options, including new build, although we weren’t really attracted to modern high-rise buildings. The 1840 is the perfect hybrid between modern and traditional.”
The couple were pleased that they were able to buy their own home for almost exactly the same monthly outlay as they had while renting. They had saved towards their deposit with a Help to Buy ISA and other savings accounts and were able to put down a 10% deposit. “We got an OK interest rate as we didn’t buy right in the middle of the worst of the rate hikes, but hopefully by the time the mortgage comes up for renewal interest rates will have gone down again.”
Originally from Newcastle, Max and Adrienne particularly like the area around Springfield Village as it is convenient for public transport, but not too busy. “We like being outside of central London as it’s a quieter pace of life here,” he says. Max works in Regent Street, so catches the Northern Line from Tooting Bec station, then the Victoria Line to Green Park in under 30 minutes, while Adrienne travels to Chancery Lane in just over 35 minutes. They both appreciate the convenience of King’s Cross station, where journeys take less than 40 minutes, to catch a train back to Newcastle to visit their families.
The location is also ideal for Max’s hobby of Padel, as there are plenty of courts around South West London, as well as lots of green spaces for the couple to walk their one-year-old Cavapoo, Bella, including nearby Wandsworth Common. “The eight acres of private gardens and courtyards at The 1840, St George’s Gardens are also lovely, much nicer than what we had before,” Max adds. “In terms of the apartment, it’s similar layout, but it has slightly more space – and best of all, it’s ours.”
Homes at The 1840, St George’s Gardens come with high-quality Amtico flooring throughout, and beautiful contemporary handleless kitchens with stone worktops and a great range of integrated appliances – making them ideal for first time buyers like Max and Adrienne, who don’t have to worry about finding the cash for carpets or white goods.
The latest collection of apartments, Orchid Wing, is now available to purchase. Prices start from £425,000 for a one-bedroom apartment and £660,000 for a two-bedroom apartment.