There is no denying Enfield needs more homes to meet the demands of buyers. It looked as though more than 350 properties would be added to the area, but recently, there has been a twist to this story.

Enfield Council’s planning committee had approved plans for 351 homes to be added to the area. The homes would have been available in a tower block standing at 14 storeys high.

The key issue of complaint relates to the reduction of car parking space at Cockfosters Station. The tower block would have been built on car park space, reducing the number of public parking spaces from 370 to 47.

Political impact shapes the housing market

As is often the case, political factors influence decisions, and the Transport Secretary Grant Shapps announced he would block the approval.

In his letter detailing his opposition to the tower block, Shapps wrote,

I am writing to inform you that I have taken the decision to reject the application submitted by Transport for London under Section 163 of the Greater London Authority Act 1999. This sought my consent to dispose of operational land at Cockfosters Station and car park. Thank you for raising your concerns on behalf of your constituents and for your previous correspondence on this matter. My department is committed to supporting Londoners to return to the public transport network and has provided close to £5billion in emergency funding to TfL over the last two years. I have taken the decision to reject this application as I am concerned that the parking provision at the station would be inadequate following the development proposed by TfL.”

A TfL spokesperson responded to the news, saying; “We can confirm that on 25th February we received the decision from the secretary of state. We are now taking the necessary time to understand and consider the implications and available next steps that result from the decision.”

Demand for homes is high

While there are legitimate reasons to oppose the new homes, there is still a shortfall of property in Enfield, and across the UK. This great demand is impacting property prices, which continue to rise.

According to the Halifax, house prices reached a record high in February 2022, standing at £278,123. Property prices were also recognised as increasing at their fastest annual pace of growth in 15 years.

The rate of house price growth as of February 2022 stood at 10.8%, the strongest level since June 2007, when it stood at 11.9%.

Seven parts of the UK are witnessing double-digit annual house price inflation. This shows that these increases aren’t solely to a few outlier locations, there is significant growth across the country.

Russell Galley, Managing Director, Halifax, spoke extensively on this subject, saying: “The UK housing market shrugged off a slightly slower start to the year with average property prices rising by another 0.5% in February, or £1,478 in cash terms. This was an eighth successive month of house price growth, as the resilience which has typified the market throughout the pandemic shows little sign of easing. Year-on-year prices grew by 10.8%, the fastest pace of annual growth since June 2007, pushing the average house price up to another record high of £278,123. Two years on from the start of the pandemic, average property values have now risen by £38,709 (+16%) since February 2020. Over the last 12 months alone, house prices have gained on average £27,215. This is the biggest one-year cash rise recorded in over 39 years of index history.”

Contact Atkinsons Residential for any move in and around Enfield

If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinsons Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.