The Pro’s And Con’s London Property As An Investor, A Buyer Or Someone That Just Loves Property
In the capital’s central areas, only the wealthiest can afford to purchase property, with prime London’s boundaries becoming increasingly more elastic.
“Prime,” up until a couple of years ago, strictly referred to those golden postcodes of Chelsea, Kensington, Knightsbridge, Belgravia, and Mayfair, but now wealth and desirability have spread and created “outer prime” areas stretching from Wapping to Wimbledon, taking in areas such as the burgeoning South Bank, Battersea, and Fulham.
House prices for prime central London are forecast to increase by an average of 12.5% over the upcoming five years. That compares with an average house price growth in the UK from 2018 to 2022 of 2.5%.
New high-profile developments are redefining areas that were once overlooked and setting new local price levels. For example, Stratford’s Manhattan Loft Gardens is part of the new cultural hub of east London.
Former industrial areas, which include Greenwich Peninsula and King’s Cross, are attracting current aspirational workers. The City Road area near Old Street is as well, which in the past was known for just being a grey and vast roundabout.
These areas have recently developed a new identity as a kind of dynamic tech hub, earning a following among those young financiers, who want to be near their City offices to walk to work.
Just the walkability factor alone has been a driver for City Fringe growth, where new high-rise luxury apartment blocks, such as Shoreditch and Aldgate, along with some of London’s most culturally diverse communities and historic streets.