While the London property market might not be growing at the booming pace of the past, it’s still a city where house price growth of note occurs. And, if you’re looking for the next big thing in city regions and want to make a canny investment, we’re here to help you out with the latest London property hotspots.
Knight Frank’s latest London development hotspots report highlights areas which are earmarked for transport infrastructure upgrades. Evidence of regeneration and plans for newly built developments also feature as reasons behind different areas of London being considered an existing, or up-and-coming hotspot.
Let’s take a look at a few of the new entrants to the Knight Frank list.
Lisson Grove, NW1
This area of north west London is less than a 10-minute walk from Marylebone railway station. Knight Frank has identified it as an up-and-coming area that’s still in its pre-regeneration phase.
However, it’s location alone is an excellent reason behind highlighting it as London property hotspot and Knight Frank is anticipating quite a rise in average prices there – from £1,400 per square foot in 2018, to £1,850 per square foot in 2021.
Property investors could do well if they choose to make a move now and that’s even after spending some money ahead of the major planned investment for the area.
Camden, North West London
Another north west London spot enters the list for the first time in 2018. The Borough of Camden is in the early phase of regeneration and the global property management group expects the average price to rise from £1,100 per square foot now, to £1,500 per square foot in 2021.
The Borough is the recipient of a multi-million pound investment from the London Mayor’s regeneration fund. Plus, an additional £1 million has been earmarked for the area to improve public spaces and to invest in local businesses.
Two excellent reasons to make an investment of your own right now to reap some excellent future rewards.
Lower priced areas
Canada Water, Southall, Wood Green and Charlton Riverside are all newcomers to the 2018 London hotspot list. What they all have in common is that they’re outside of zone one and currently have an average property value of less than £1,000 per square foot – in some cases much less.
Crossrail is the main driving force behind Southall’s hotspot status. For Wood Green, a £3 billion development investment from Haringey council is the key. Canada Water, meanwhile, is the subject of a £2 billion Masterplan investment, led by British Land. Charlton Riverside is also earmarked for an investment boost that will see a swathe of old warehouses knocked down to make way for new, low rise developments as part of plans for 5,000 new homes for the area.
Other new hotspots
Knight Frank also identified a further three new property hotspots for 2018:
- West Ham
The re-zoning of West Ham station from zone 3 to 2/3 makes quite a difference to commuter costs. Additional, excellent new transport connections mean this area of London is a major hub to easily travel to many parts of London.
Given the location of Leyton – the edge of Westfield, Stratford International Station and
the Queen Elizabeth Olympic Park – it’s a surprise it hasn’t already been developed and regenerated. But that’s about to change as it has been identified as a priority growth area.
- Hackney Wick
On the edge of the Olympic Park, Hackney Wick is now the subject of broad regeneration plans within the area itself and also surrounding areas, too. All of which will have a significant upward impact on property prices, likely further out than the 2021 time horizon, outlined in the report.
As you can see, there are some interesting areas of London where investment remains a potentially worthwhile consideration. If you want to find out more, take a look at the report or you could visit the area and see what’s going on there for yourself.