Choose your next property purchase tactically by buying in locations due for transport developments in the coming years. We’ve done the research for you and pulled out the best areas to invest now. Whether you’re looking to buy property for price growth profit or as a buy-to-let investment, keep an eye on these spots and get ahead of others by grabbing property here whilst prices are low and demand is growing.
Already offering the highest rental yields in London and reasonable property prices, Barking has been on our radar in the last few months but with the Gospel Oak to Barking Overground Line due to be extended (starting in 2018 and completing in 2021), popularity for the area is only going to grow. The extension will put Barking Riverside on the map, which the Mayor of London has claimed will offer up to 10,800 new homes and new healthcare, shopping, community and leisure facilities. With these parts of Barking easier to commute from, thousands of jobs set to be created by the project and a thriving community development set to make the area more attractive the area is likely to become a hotspot in the next five years.
Average house prices in Barking are £315,069 according to Rightmove data, cheaper than nearby Upney and Faircross. Overall sold prices in Barking are up 28% from 2015. Rental yields in this area are 6%.
Old Kent Road
The Old Kent Road area is currently a blind spot on the map. You can take a train out of London Bridge which takes you to New Cross, Deptford, Greenwich and Lewisham in under 10 minutes but Old Kent Road is reachable by Northern or Overground Line and then a bus. Keep an eye on the proposed Bakerloo Line extension which will see it extended down Old Kent Road to New Cross Gate and Lewisham. If approved, work will start in 2023 and be completed in 2028, making this a fantastic long-term property investment spot to benefit the ever-growing demand here.
Average house prices on the New Cross Gate side of Old Kent Road are £457,065 according to Rightmove data, more expensive than New Cross but cheaper than Brockley and Ladywell. Overall sold prices are up 15% since 2015. Rental yields in this area are 5%.
Plans have been drawn up for a new road tunnel under the Thames which will link Silvertown and the Greenwich Peninsula. Once the required consultations have been completed, the work should begin in 2019 and the tunnel ready to open in 2024. Since the O2 first opened its doors as the Millennium Dome 18 years ago, the area has seen dramatic regeneration, with thousands of homes built here and many local amenities built. The link will see the area grow in popularity and thrive even more as it will offer easy links to East London and to Canary Wharf by road from an area with more property availability than its neighbours. As more people move to the area, the area is bound to development more of a community feel, putting it firmly on the map as an area to watch over the coming years.
Average house prices in Greenwich are £536,822 according to Rightmove data. Overall sold prices are up 7% from 2015. Rental yields in this area are 4%.
Another area which has been thrust into the spotlight in the last few months after it was confirmed it would be the site of another runway, this is a great area to invest. With a higher footfall heading through the area, more jobs created and regular business travellers looking to locate nearby, this is bound to become a more in-demand area. Also, with the Crossrail opening here in 2019, that’s also going to draw people’s attention to moving into the area for the convenient transport links, so now is a great time to invest in property here before it becomes more popular.
Average house prices in Heathrow are £306,250 which is cheaper than nearby Harmondsworth, Longford and Sipson. Rental yields in this area are 4.9%.
Are you looking to sell your property? Get a free Instant Valuation today from Portico or visit our website to find properties for sale across London.