Over 60% of the new build properties sold in RBWM since January 2011 were flats, and new builds in the borough command the highest prices in the county, according to Land Registry transaction data.

Within the borough, the areas of Sunningdale & Windsor in particular represent the higher end of this luxury flat market, where many of the highest achieved sale prices for new build property can be found. Buyers are willing to pay a premium for the best riverside locations. For example, at the Eton Thameside development the show apartment achieved a sold price in excess of £3 million at over £1,300psf, with other units sold offplan at over £1,000psf.

Other developments in the area achieved between £400 and £600psf for properties that were sold during 2013, and with floor areas of up to 2,800 sq ft, many property sales of over £1 million were recorded. At a local level there is evidence that the best developments in Windsor are now catching up with prime Sunningdale locations in terms of achievable £psf. Across all prime property types, prices in Windsor have also recently grown particularly strongly, with prices up 6.8% over the last year.

Equity the key factor

Unlike other areas just outside London offering good transport links (labelled as the “Inner Commute”), few buyers of new properties in Windsor and Sunningdale fit the profile of the typical daily commuter.

Although proximity to London remains important, travel in to the capital may be limited to infrequent trips either for business or pleasure. A typical buyer tends to be over 40 and a business owner or semi-retired, attracted by the local amenities and requiring high standards of build and finish.

Reasons for buying include “emptynesters” downsizing from a previous family home or people looking for second homes. Many purchasers are equity-rich and do not require a mortgage, so the market is not particularly debt-driven. Over 90% of new properties sold through Savills in the area went to owner occupiers.

p>Developments in the area reflect these trends, mainly consisting of small numbers of luxury apartments with some offering on-site services such as concierge, gym/spa and sports facilities. Over the last three years, new build sales in the borough have consistently attracted a premium compared to the general second-hand market.

Take up of Help to Buy has been very low, with only two completed transactions across the borough in the first six months of the Equity Loan part of the scheme.

By way of comparison, there were 77 Help to Buy-assisted completions in the nearby but lower value, higher volume market of Reading, which has boosted recent levels of new build sales quite dramatically.

Taken from
Spotlight: Sunningdale & Windsor Residential Development Sales