Springfield Place Tooting: A 4.8% Rental Yield and the Prices

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Hello everyone. The largest parkmade in London since 2012, 32 acres, and beside that park a new residential village. Today, Springfield Place is what we are looking at today!

For prices, taxes and the whole buying process, see our guide: UK Property Guide

Apartment types, current price range and location: see the project page

In south west London, between Tooting Bec and Earlsfield, Barratt London a scheme developed with the assurance of. There are both apartments ready to move into and off-plan options. But the real point is the park: at 32 acres this is the largest new park opened in London since 2012. On top of that the scheme includes retail space, a square, restored historic buildings and a new primary school. Yes, you read that correctly, the rental yield comes out at %4.8’e kadar.

Prices

• One bedroom apartments: £470,000and up
• One, two and three bedroom apartments and houses
• Apartment sizes: 52 m², 123 m²
• Rental yield: %4.8’e kadar
• Address: Glenburnie Road, Upper Tooting, Wandsworth, London SW17 7PJ

Barratt London, one of the largest and longest established housebuilders in the United Kingdom; the homes are NHBC Ten Year Warranty. Having both ready and off-plan options gives the buyer flexibility: a completed apartment for anyone who wants to move in at once, an apartment under construction for anyone who wants to spread the payments over time. the advantages of buying a new build home You can live under either model.

Why Springfield Place?

The highest rental yield on this list, 4.8%, markedly above the Zone 1 schemes (3.5-4%). The reason is simple: the entry price is low but rental demand in south west London is very strong. If the mathematics of the investment is your priority, this scheme should be at the top of the list.

• Tooting Bec (Northern Line), within walking distance; London Bridge’e 18 dakika
• Earlsfield railway station, within walking distance; direct to Waterloo
• Wandsworth Common railway station, within walking distance
• direct link to Bank and the City on the Northern Line
• Clapham and Balham a few minutes away

A 32 acre park at your door: housing with a park view or beside a park always carries a premium in London. And the opening of a new park on this scale is a rare event; the kind of investment that lifts the profile of a district permanently. The scheme also gives a private garden, balcony or terrace to every apartment page.

Daily life: the rising star of Tooting

Leave the house at 8:20, take the train from Tooting Bec, be at London Bridge at 8:38. A walk in the 32 acre park at lunchtime. In the evening the district’s famous gastropubs or the Michelin starred Chez Bruce. In the summer, Tooting Bec Lido: one of the largest open air swimming pools in England. Tooting has been named one of the fastest rising districts in London in recent years, and that is reflected directly in its food and culture scene.

Springfield Place rental yield

Schemes a gross rental yield of up to 4.8%, the highest London rate on this list. One bedroom apartments usually let for £1,950 to £2,150, 2+1s £2,500 to £2,800 a month.

The tenant profile is very broad: young professionals working in the City and at London Bridge, staff of the nearby hospital, and young families who favour the family friendly setting of south west London. The trio of park, school and transport makes finding a tenant easier and cuts the void period. For other areas with a similar profile, high yield buy to let areas is worth a look.

The shared areas and the details that set Springfield Place apart

• A 32 acre park, the largest park made in London since 2012; right beside the scheme.
• Private outdoor space for every apartment: a garden, balcony or terrace as standard. In London that is a privilege.
• A new primary school: within the scheme; a decisive advantage for families with children.
• Retail space and a square: you do not need to leave the neighbourhood for daily needs.
• Restore Edilen Tarihi Binalar: listed structures were preserved and brought into the scheme; they give the neighbourhood character.
• Private car park: a feature that is becoming rare in London.
• Enterprise Car Club: a car club service for residents only; it meets your need for a vehicle without buying one of your own.
• Enerji Verimli Konutlar: at the centre of the scheme’s design.

Energy efficiency and comfort

Barratt London standard insulation, high performance windows and efficient heating; the apartments are typically EPC B band and the homes are handed over with NHBC Ten Year Warranty. Against the Victorian building stock of Tooting and Balham the difference in the bill is very marked. If you let the property you are also safe against the tightening energy standards.

Who is buying?

This project of buyers for whom the mathematics of the investment is the priority favourite; a 4.8% return is a strong figure for London. Alongside them, young families who favour the family friendly setting of south west London and first time buyers. A sensible balance for anyone who prefers a large apartment beside a park in Zone 3 to a small one in Zone 1. For international investors it is an attractive starting point in terms of the combination of entry price and return.

Frequently asked questions

Not Zone 1, is that a disadvantage? 18 minutes to London Bridge. Faster than some districts even within Zone 1. In return the price per square metre is far more affordable and the rental yield markedly higher.

Should I buy completed or off plan? If you want to let or move in at once, a completed apartment; if you want to spread the payments and lock in the price, off-plan. Both have their advantage, and we decide together according to your goal.

What is the tenure? The apartments are leasehold, typically up to 999 years, and the detached houses are usually freehold.

Can I buy remotely from abroad? Yes. For the details, our remote property purchase guide page.

Can I use a mortgage? For foreign buyers financing of generally up to 65-75% is possible. In this price band using leverage through a mortgage can raise the net return considerably. UK mortgages for foreign nationals is worth reading.

How much is the service charge? Because there are no costly amenities such as a pool and a spa, the service charge is markedly below the Zone 1 towers, which means the 4.8% gross return carries through to the net more fully.

Total cost: what you actually pay when you buy at Springfield Place

Many overseas buyers look only at the apartment price and meet a surprise at completion. Let us work out the real cost on a £470,000 apartment. Stamp duty (SDLT) in the United Kingdom is banded: 0% up to £125,000, then 2%, 5%, 10% and 12%. On top of that, non-residents pay a 2% surcharge, and if you already own another home, a further 5% additional dwelling rate applies.

With a mortgage there are also valuation and bank charges, and if you let the property, management commission and income tax. The figures above are indicative, based on a £470,000 entry price; we prepare the exact calculation for your own scenario.

The Springfield Place buying process, step by step

If you are buying from another country, the process runs like this:

• 1. Choosing the apartment and reserving it. We go through the floor plans, the aspect and the view. The apartment you choose is usually held with a reservation fee of £5,000 to £10,000.
• 2. Appointing a solicitor. An independent English property solicitor (conveyancer) is appointed. That solicitor acts for you, not for the developer.
• 3. Identity and source of funds checks. You will be asked for a passport, proof of address and documents showing the source of your funds. This step is compulsory in the United Kingdom, and having the papers ready shortens the process.
• 4. Exchange of contracts and deposit. Contracts are usually exchanged within 21 days of the reservation, with a 10% deposit. The signature can be given digitally from abroad.
• 5. Stage payments. In off plan projects these follow the payment schedule; for completed apartments the step is skipped.
• 6. Completion. The remaining balance and the stamp duty are paid and the title is registered in your name. For completed apartments this stage can take four to eight weeks.

You can run the whole process from your own country; you do not have to travel to the United Kingdom.

Risks and what to watch for

We have set out the strengths; in fairness there are points to watch as well. For Springfield Place, these are the ones worth pausing on:

• Zone 3 location: 18 minutes to London Bridge, but it may still feel far for anyone who wants to be central.
• A large, phased project: the residential village is being completed in stages; the park, the school and the shops come into use over time.
• No pool or spa: it keeps the service charge down but falls short for anyone after upper segment amenities.
• Supply bunching at completion: a large number of apartments may reach the rental market at once, so the first letting season can be competitive.

None of this makes the project a bad one, but there is a wide gap between buying with your eyes open and finding out afterwards. We give every client this list up front.

How does Springfield Place compare with the alternatives?

Before you decide, it is worth looking at the other projects in the same budget band:

• Vetro London: an alternative with a view near Canary Wharf on a similar budget.
• Wandsworth Mills: an upper segment alternative with a thermal spa in the same borough.
• King's Road Park: next to Chelsea, for anyone looking for family living inside a park.

We can work out together which project fits your goal, judged on budget, intended use and exit plan. For an overview, our guide to UK property investment for international buyers is worth reading too.

Answers to the most common questions on this topic: Is Buying a Home in London a Good Idea?