Berkeley has launched Hertford Locks, a 446-home riverside development aimed partly at renters and first-time buyers seeking a more affordable alternative to London.
The scheme will deliver one and two-bedroom apartments alongside three and four-bedroom townhouses on a brownfield site near Hertford town centre. Homes can be reserved off-plan, with prices starting at £294,000.
Its launch comes as private rents in East Hertfordshire average £1,064 a month for a one-bedroom property and £1,356 for a two-bedroom home, according to the latest Office for National Statistics data.
At those levels, a tenant would pay £38,304 or £48,816 respectively over three years, excluding any subsequent rent increases. However, buyers must also account for mortgage interest, deposits, maintenance and transaction costs when comparing renting with ownership.
COMMUTER DEMAND
The development is seeking to capitalise on demand from people moving beyond London while retaining access to the capital.
Average private rents across London reached £2,294 a month in May, compared with £1,503 across East Hertfordshire. Average property prices were £553,000 in London and £455,000 in East Hertfordshire.
Steve Hibbert, Partner at Steven Oates estate agents, says: “People want to buy, they want to live in a nice town, and they want to have commutable access to London. Hertford serves all three of those criteria.
“It has always attracted people moving out of London, but affordability is making that decision increasingly relevant to younger renters and first-time buyers.”
Hertford has two railway stations, with Hertford East offering direct services to London Liverpool Street. The station is approximately five minutes’ walk from Hertford Locks, while the town centre is around 10 minutes away.
RIVERSIDE SCHEME
Hertford Locks will include landscaped areas, riverside walks and a new public park. Residents will also have access to a concierge, lounge and gym.
Hibbert adds: “The apartments are part of a wider riverside neighbourhood, with communal spaces and routes that connect into the surrounding area, rather than sitting behind the closed doors of a standalone block.”
Berkeley is contributing more than £4m through its Section 106 agreement towards local transport, education, healthcare, community facilities and green infrastructure.
