The property market in London is notorious for its high prices and popular areas. Identifying a new area could be compared to tapping into a gold reserve. Many people are no longer bothered about postcodes in the way that they used to be and so they are happy to look at other areas. So where should buyers invest?
This is the final area around Hyde Park as prices here have never been the same as those in areas such as Knightsbridge or Mayfair. However, more investors are purchasing here because there are older properties such as terraced houses and old hotels that could be converted into desirable properties.
In the past year, house prices in this area have increased by 31%. The area is located close to the North London Line which is undergoing improvement while other healthy price rises have been seen at other London Overground Stations.
The price of property in the area is expected to increase by 25% by the time Crossrail is completed in 2018 but developers have only now decided to consider its potential. This is one of the most interesting markets being developed in London.
Peckham has grown in popularity as the area has been undergoing improvements. It is located close to the city and in the last five years, prices have doubled.
The area has seen trendy apartments spring up in recent years while its impeccable residential streets have a real appeal but prices here are lower than other areas of the city. A profit can be achieved in the long term.
The area has undergone some serious changes in recent years and this is likely to lead to price rises that are on par with the prices in Soho. The area will benefit from the Crossrail project and a new development on the Old Street roundabout will also add to the area.
Nine Elms, Battersea
Experts believe that this area has a lot to look forward to in the future due to the regeneration of Battersea Power Station and the relocation of the US Embassy. The plans to extend the Northern Line will make the area more accessible and so this is an area that could be worth investing in.
This is the perfect area for those investors looking for something priced lower than the more established areas. Prices have increased by 20% in the last year and the new Streatham Park has drawn attention to the area along with good transport links.
Many young professionals have moved to the area and this has means that it is making a name for itself. It is a multicultural area that is being redeveloped offering excellent gains over the long term.
New developments on the south side of the River Thames are now paving the way for other developments and the potential they have. New apartments being built in the area are certainly working wonders for its popularity.
The area is steeped in history but it is now attracting the city types who cannot afford to purchase property in Canary Wharf. It is the ideal alternative.
This is another area that will benefit from the Crossrail project. Investors have already started purchasing property in the area as they believe that they are likely to see a good return on their investment once the Crossrail project completes.
London property hotspots are now reaching wider than ever before. Young people want to live in the area because it is up and coming and has a lot to offer. Lower prices and regeneration are helping investors to benefit from purchasing property in this area.
Prices in the area have increased by 24% over the last year. The area has a huge amount of history mixed with modern warehouse conversions that are fast becoming extremely popular.
Victoria has long been hiding in the shadow of Belgravia but its fortunes could soon be set to change. Regeneration of the Coach station and Victoria Street along with modern buildings replacing tired and worn properties will certainly help to enhance confidence in the area.
Tottenham Court Road
This has always been an area that has not had a huge amount of attraction but perceptions are changing. Redevelopments of existing buildings into classy residential units as well as the tube station will make accessing the city centre a lot quicker enhancing its potential.
Improvements to Honor Oak have really made the difference while links to the city centre are being improved through the Thameslink project. Victorian terraces with huge potential and competitive prices are making this an area to consider.
Mayfair is known to be one of the more expensive areas of London but there is a reason why it is included in this list. It was once home to mainly offices but the residential market is being developed and so it is growing to the point where it will offer great returns in the long-term.
Elephant and Castle
Once an area that was not pleasing to look at, a significant regeneration project has turned this into a desirable area. Property prices are reasonable and new retail space will give the area a new dimension. It is in travel zone one, which is an advantage while it is not a million miles away from other desirable areas.
For more information about property investment in London, please contact Hopwood House