Co-organised by The Standard and Sing Tao The Standard Overseas Property Online, the Overseas Property Facebook Live gathers insights from industry professionals and introduces outstanding property projects from top markets around the world.
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In the latest episode of Overseas Property FB live held yesterday, Isabella Po, Head of International Lettings at CBRE Hong Kong, shared her views on the UK property market, and introduced High Wycombe in Buckinghamshire, UK.
Those considering a move to the UK may be put off by London’s high cost of living and property prices, but Isabella said choosing a nearby countryside suburb such as High Wycombe can be a good alternative for those on a budget. High Wycombe, just northwest of London, is a vibrant, historical community town in Buckinghamshire with much to offer: a superb railway system, a choice of ‘Outstanding’ schools, and acres of green open spaces.
High Wycombe’s town centre is currently undergoing a major £15 million regeneration plan, aiming to renew the heart of the town with more shopping centres, local businesses and enhanced public spaces to promote new opportunities for economic growth.
Isabella noted that High Wycombe is mainly composed of young professionals from London, or young families who have deliberately moved here for the renowned educational network. Those not looking to travel all the way to London for work can be assured of plentiful employment opportunities with High Wycombe. Isabella says the town offers jobs within four main sectors – engineering, IT, pharmaceuticals and F&B.
The suburbs of High Wycombe are extremely popular over other London’s surrounding cities for its vast woodlands and greenery, offering the perfect retreat for those who want a quick getaway from the concrete jungle. All necessities and amenities can be found in High Wycombe’s town centre, the two main shopping destinations of The Eden Shopping Centre and Chilterns Shopping Centre with their many family-friendly eateries, supermarkets and high street brands.
The High Wycombe railway station in the city centre takes residents to London in about 30 minutes with a monthly pass at £150. While driving to London should take about 45 to 50 minutes, Isabella advised that taking the train can avoid traffic congestion and is much more convenient.
The exceptional education in High Wycombe is one of the many reasons many young families own a home here. Their nearby outstanding primary and secondary schools include Abbey View Primary Academy, Chepping View Primary Academy, Wycombe High School, John Hampden Grammar School and Royal Grammar School. While there are also good choices for universities within the district such as Bucks New University, University of Reading, and Royal Holloway University, University of Oxford is slightly further away and will require around 45 minutes of commute, said Isabella.
Recent research by CBRE estimated the house price in the southeast of the UK (including High Wycombe) would increase by about 25% over the next five years. Last year, High Wycombe’s average entry price was around £373,000, compared to the figures 5 years ago at £340,000, a significant growth of 10%. A 1-bedroom apartment in High Wycombe is around £211,000, compared to other popular cities such as Reading or London which can reach a staggering £244,000 and £500,000 respectively. For those with a budget, this is a good consideration, said Isabella.
Built by award-winning developer, Berkeley, Abbey Barn Park offers contemporary homes with a gorgeous backdrop against a vast green woodland. Their first released collection, the four-storey tall Mirabelle House has 16 high-quality apartments, each with its own parking space, and most apartments have its own private balcony or terrace.There is a mix of 1-bedroom (505-537 sq ft) at £257,500 up and 2-bedroom apartments (704-749 sq ft) at £357,500 up.
Berkeley earns its undisputed reputation from the exceptional standards of its products and its great aftercare services. All the homes enjoy exceptional finishes, complete with a set of kitchen and bathroom appliances and underfloor heating, plus a 10-year Premier guarantee for extra peace of mind. The property also has a direct shuttle service to the train station, taking residents there within 10 minutes.
With a number of homes already occupied, this fast-growing community shows the great demand for apartments in this area. Leasing periods normally only last for 2 to 3 weeks, said Isabella, seeing great rental yields at around 5%. One-bedroom apartment rentals range from £950 to 1,100 per month, and a 2-bedroom at £1,250 - 1,300 per month.
The amenities and facilities are different from the properties in London, said Isabella. Instead of a pool and gym, there is a 34-acre country park for residents to explore the various fitness trails and enjoy relaxed countryside living at its finest. Management fees for a 1-bedroom apartment is £1,600 per year, and a 2-bedroom at £2,200. The council tax is £3,000 per year, and if landlords are leasing out, the tenants are required to pay this tax, reminded Isabella. The estimated completion of phase 2 will be from Q2 2023, while the entire project will be completed in 2028.
