Flats from £130,000? Susan Emmett spots a bargain development in the South East Kennet Island is attracting first-time buyers with its contemporary architecture. It would have scored higher if the houses on the development were as well designed as the flats
Finding a home that first-time buyers can afford gives a whole new meaning to the term househunting. As property prices are well beyond the reach of most aspiring homeowners, this is no ordinary search.
In London and the South East the average home costs about £165,000, and though the number of homes being built is increasing, 70 per cent of all new homes are now priced at more than £150,000. It is no surprise, then, that when the Kennet Island development in Reading went on sale, most of the available homes sold almost instantly. Buyers camped out overnight to snap up flats that started at £130,000. All that remains of the first 41 homes put on the market are four three-bedroom, three-storey houses with a £265,000-plus price tag.
The £200 million scheme by St James Homes is huge and will even include a set of lakes for wildlife. Once finished, Kennet Island will have 850 flats and houses, as well as shops and cafés around a central square. It is all happening on the ultimate brownfield site: the former sewage works along the A33 relief road that links Reading to the M4. Set on the edge of Whitley, the area is known for its large spreads of council housing and problems with vandalism and antisocial behaviour. But do not let that put you off. Though Kennet Island is Reading’s largest single-site development, it is also part of a much bigger picture. The so-called A33 corridor in the southwest of town is a new neighbourhood in the making. Other builders are putting up pubs, restaurants, a four-star hotel with a gym and loads of new offices. There are plans for a private hospital. Near by are two large retail parks, where you will find a Morrisons supermarket, PC World and a B&Q. Madejski Stadium, home to Reading Football Club, is also a neighbour.
The scheme has proved a magnet to first-time buyers, who have been priced out of towns along the M4, and some investors aiming to let the homes to students at Reading University. In response to the early demand, the next batch of properties to be put on the market in the next few weeks will all be flats.
In the long term, however, the aim is to create a mixed communtiy with properties of all shapes and sizes. One-bedroom flats cost between £130,000 and £165,000; two-bedders fetch between £160,000 and £195,000. Two- bedroom houses will cost between £195,000 and £220,000; a three-bedroom will sell from £265,000; and a four-bedroom house will start at £275,000.
All the homes have a contemporary feel. The flats are eye-catching and the design includes wood and white render on the balconies to add interest. But the houses tend to be lacklustre, offering nothing but the price to excite the buyer.
St James, which was born out of a joint venture between Thames Water and the Berkeley Group in 1997, promises high quality at an affordable price. Gerry McCormack, of St James, which usually operates at the top of the market, speaks of applying “the same principles we use in our luxury housing”. But don’t get too excited by the glossy marketing. By this he means that the development pays attention to detail and includes good-quality fittings, but not an expanse of parquet flooring or indoor swimming pools.
You do, however, get a few extras that are not normally included in the sales price at new developments, such as household appliances. The other bonus is that even the smallest one-bedroom flat tends to be a little larger than starter homes offered by competitors. Barratt’s iPads, launched with much fanfare earlier this year, are just 380 sq ft, compared with the 519 sq ft for a one-bedder at Kennet Island.
The real attraction is the location and the potential capital growth. In a competitive market, successful developers must have an edge. St James is offering these properties at keen prices in the hope of creating a buzz and attracting enough people to build a new community. This will enable the builder to charge more for future homes on the site. It will also mean that those who get in early are likely to reap decent returns in the long term.
In the short term, however, buyers will have to put up with living in a building site. The scheme is huge and will not be finished for about ten years. If you cannot put up with builders for a decade, there are more pleasant parts of town to choose.
Source: The Times
