There’s nothing more satisfying than identifying a property hotspot.
And as the average London house - now standing at £531,000 - grew by 7% last year, there’s a lot to gain from buying or investing in the affordable areas and watching the value of your property grow quickly over time.
Here are 5 areas that our resident property experts have tipped for house price growth…
“Having worked in Walthamstow for the past 15 years, I’ve seen the area change beyond recognition, and I’ve seen prices increase by more than 50% in most parts of the area in this time. Although capital growth has grown more quickly than rents in the area, (meaning that annual yields have fallen slightly), buy-to-let investors are just as keen as homebuyers to purchase property in the area. The general consensus is that Walthamstow still has further growth to come, thanks to improving transport links into the City and the sheer amount of investment in the area, making it a fantastic place for young professionals to live.” Sean Hewitt, Spencers.
As well as offering affordable housing, Walthamstow dubbed the ‘new Shoreditch’, offers great schools, a diverse and vibrant community feel and numerous galleries and alterative bars and restaurants.
4 bedrooms, 2 bathrooms | Waverley Road, London, E17
“All eyes are on Forest Gate, as Crossrail has caused house prices to rocket by 65.49% in the area since work began in 2009. Gentrification is now in full force here too, with trendy eateries opening and foodies moving into the area, and I believe prices will continue to rise as more people move in and discover what a fantastic and well-connected area it is to live in.” Rashad Cheema, Spencers.
New build properties around the station are extremely desirable, and are being snapped up almost instantly by City workers looking for affordable accommodation and a quick commute.
5 bedrooms, 2 bathrooms | George's Road, Forest Gate, E7
Manor Park is also an area to have benefited from house price growth since work began on Crossrail. Property values have shot up by a staggering 57% since 2009, but the average house price is still under the London average at a reasonable £341,253.
The line isn’t set to open until 2019, so there’s still time to see further capital growth in Manor Park. With the abundance of beautiful parkland, the area is popular with families and we are seeing a lot of interest into large, three or four bedroom homes.
SE1 has shot up in popularity over the last year, thanks to extensive generation around the Shard and infrastructure improvements.
It’s a fantastic area to both live and invest in, thanks to its central location (young professionals can walk into work in the City), fascinating history and vibrant foodie scene. Residents here can enjoy strolling through the popular Maltby Street Market on a Saturday, which offers some delicious street food, have a wander down Bermondsey Street and stop in one of the many boutiques, or mosey around Borough Market which is one of London’s most popular attractions.
We anticipate demand for housing and prices to continue to rise, as the Thameslink upgrade and improvements to London Bridge station continues.
Hackney is still the number one location for London’s hipsters, and house prices are rising in line with demand. The area bordering Islington is a real hotspot, offering handsome Georgian and Victorian terraces and warehouse conversions, as is the area around London Fields, which has seen huge regeneration in recent years.
The area provides direct connections to the City, Docklands and West End, fantastic schools, and a number of parks, shops, bars, bistros and restaurants.
If you would like to find out more about these up-and-coming areas, give us a ring today on 0207 099 4000.