We Eli and I started our business in 2008, the plan was to purchase and refurbish small flats in North London. Within a year, we had purchased our first development site in Notting Hill and have not looked back from that day on.
The market has changed considerably in that time. The top rate of Stamp Duty has risen from 4% to 15%, Help to buy has pushed up prices at the lower end and Brexit has made buyers nervous of where London house prices are heading. The only near-constant has been 9 years of exceptionally low interest rates, which has kept the market ticking over as mortgages are still more affordable than ever before.
We launched our Jamm Living brand three years ago with our sold-out Pinnacle N10 scheme in Muswell Hill and we now have a pipeline of over £60 million of stock at new developments in Whitechapel E1, Fortis Green N2 and forthcoming schemes in Forest Gate E7, East Finchley N2 and Barnet.
London has changed almost beyond recognition in the past 10 years. East London areas such as Stratford, Hackney and Whitechapel have been transformed from run-down and forgotten zones into thriving hubs for retail, technology and living. The forthcoming opening of Crossrail will ensure that transport links from the East and West massively improve the way people can reach the City and West End. These are the new growth areas for London. Prices have already risen dramatically from a low base in these areas but will surely rise further once the reality of Crossrail is actually experienced.
The biggest change we have seen over the past 10 years is the appreciation of quality from buyers. Gone are the days where big-box developers can get away with dangling light-bulbs, lino flooring and poor workmanship. it doesn’t stop them from trying though! The majority of our sales come from people who have already viewed larger developments and decide to purchase one of our homes due to the incredible specification, design and locations of our schemes. This is what we describe as real value for money and it rings true now more than ever.
We don’t know what the next 10 years will bring to the Capital but we know that we will still be delivering unique homes for Londoners.
Tim Jackson- co founder