Whether you’re looking for a good investment or a new home, it pays to be in the know about the new property hotspots and up-and-coming areas.
Here are eight places where we expect to see big house price rises this year...
Crossrail isn't due to launch until 2018, but the east-west line is already creating property hotspots along its route. We expect property prices in Acton to have risen by at least 15-20% by the time works are complete.
On top of this, nearby Old Oak Common is set to become a “superhub” for Crossrail and High Speed 2, and this regeneration is sure to have a positive impact on the surrounding areas - so Acton’s popularity is further set to soar.
For sale in Acton:
1 Bedroom, 1 Bathroom | Uxbridge Road, South Acton, W3 | £330,000 (Share of Freehold)
2. King’s Cross
King’s Cross is fast becoming a new hub of commercial and cultural activity following recent large investment projects in the acquired land just north of the main station.
Lucy Adamson, our Bloomsbury Senior Sales Consultant, says: “Property prices are starting to reflect the area's growing popularity, and the new luxury flats in the recently completed Plimsoll Building are selling upwards of £1,400 per square foot, which is a record high for the area. This is starting to have a positive ripple effect on the surrounding areas as a whole in all directions: north towards Caledonian Road, east towards Angel, and south towards Bloomsbury. There are still many opportunities to invest with a view to solid capital growth during the next 5-10 years as further exciting projects are completed, including Google’s headquarters, the large Francis Crick Institute medical research centre and various other head offices for well-known brands such as New Look.
I also anticipate that the demand from professional tenants for high quality housing in the local area will sky rocket as a result of the new jobs generated. All of this will add to the existing fact that King’s Cross is in a fantastic central location with one of the best stations for access to multiple transport links across all of London, a connection to mainland Europe in only a few hours via the Eurostar and all within walking distance of the West End.”
For sale in King's Cross:
1 Bedroom, 1 Bathroom | Cruikshank Street, Clerkenwell, WC1X | £500,000 (Leasehold)
3. Elephant & Castle
Elephant & Castle may not look like the most appealing place to live - but this is all set to change! A £3 billion redevelopment is underway, which will see the Heygate council estate and the ugly shopping centre demolished to make way for 1,200 new homes and almost 2,500 new apartments and shops. The regeneration will also include the creation of a new pedestrianised town centre, market square, an integrated public transport hub, and new green spaces.
Tony Chryseliou, Portico’s Dulwich Sales Manager, expects property and rental prices to slowly increase in the area: “Elephant and Castle is definitely an up-and-coming hotspot. Several new luxury developments are being constructed as part of the large scale regeneration project, which are attracting a younger, more affluent demographic to the area. It’s also on the cusp of Zone 1, and has excellent transport links to The Square Mile, so it’s better to buy now while prices are relatively affordable.”
For sale in Elephant & Castle:
2 Bedrooms, 1 Bathroom | Newington Causeway, Southwark, SE1 | £525,000 (Leasehold)
Battersea is getting the Tube! That’s right, the Northern line is set to be extended to Battersea, with two new stations to be built at Nine Elms (London’s biggest regeneration zone) and Battersea Power Station by 2020. The longer-term intention is to extend the Northern line even further to Clapham Junction, which will no doubt push up prices in the area even further.
Luke Parle, Battersea Sales Manager, Portico: “Nine Elms and the new build market in Battersea has taken a bit of a hit recently, possibly as a result of an influx of new builds being offered to the market in one go. This is however having a positive outcome for pre-owned homes, specifically anything that is older than 50 years. People who can’t afford new build stock are buying up the older stock in anticipation of long-term capital growth in the area once the new build projects have been finished (circa 2020).”
Though Nine Elms has been hit recently, Oval and Stockwell have really benefited from being within close proximity to the regeneration zone. Transport links in both areas are brilliant; the only thing which has previously held Stockwell and Oval back is the lack of amenities, but both areas have recently seen an influx of trendy new cafes, shops and bars open up.
For sale in Stockwell:
1 Bedroom, 1 Bathroom | Landor Road, Stockwell, SW9 | £439,950 (Leasehold)
Streatham’s affordability in comparison to neighbouring Clapham and Balham, combined with excellent transport links to London Victoria and a string of highly regarded schools are attracting homebuyers by the bucket load. Property prices in the area are up 10% in the last 12 months, and we expect prices to rise by at least 5% in 2016.
Streatham Hill is also fast-becoming the buy-to-let capital of South London, and a landlord can expect a high yield of 4.4 per cent in the area. Click on our rental yield map to the right to get an indication of potential rental income at the click of a mouse.
Robert Nichols, Managing Director, Portico, said: “Landlords are now looking at Streatham Hill for a strong return, an area gaining the nickname ‘The Clapham Overflow’. Although the area is still cheaper than Clapham, the price divide is getting smaller, and we are seeing a large number of renters move into the SW2 area because Clapham has become unaffordable for some.”
Brixton became popular as a cheap alternative to neighbouring Clapham, but now both homebuyers and renters are moving here because they prefer it - and they love its Zone 2 status at the end of the Victoria line. It’s one of the most gentrified places in London, crammed with contemporary eateries, buzzing bars and nightlife, and trendy boutiques - but, thought its gentrified, locals can still pick up plantain, saltfish or 5 avocados for £1 at its famous market.
The average price of a 1 bedroom property now stands at £400,000, and we expect prices to rise by a further 5% this year.
For sale in Brixton:
1 Bedroom, 1 Bathroom | Ferndale Road, Clapham North, SW4 | £525,000 (Leasehold)
Archway is still inexpensive when compared to its north London neighbours - but our Camden Sales Manager, Stephanie Powell, expects prices to shoot up by at least 5% this year.
Last month, TFL began work transforming Archway, removing the much hated one-way system in the area, and replacing it with two-way traffic lanes, improved pedestrian crossings and a new central piazza. Work is set to be completed by 2017.
8. Tottenham Hale
It may have a bit of a rough reputation, but Tottenham Hale is becoming a first-time buyer haven. It’s still a relatively cheap area to buy and rent in - a 1 bedroom property would cost around £300,000 or £1,400 per month - plus you can get into the City in under 15 minutes on the Tube, and regeneration is starting to smarten up the area.
Tottenham Hale is also undergoing a transport revolution, with £110million investment being spent on a new Tube, rail and bus station, road network improvements and public realm works which will be completed by 2017. It’s also a likely contender for a Crossrail 2 station, which could see property prices rise by a further 10%.
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If you’re interested in any of the properties featured, please give us a call on 0207 099 4000!