As 2015 draws to a close and we look towards the New Year, there’s lots of good news for property sellers and investors.
House prices are up nearly 5% on last year, according to the Land Registry, and regionally London has continued to see the strongest levels of house price growth.
Even with the recent stamp duty changes that have put a slight damper on the market for £1 million-plus properties, homes in the £300,000 to £750,000 range are still selling fast.
With the launch of Crossrail and the expansion of the Northern Line edging closer, areas on the edges of London are tipped to perform particularly well.
Here at Settled we recommend the following five hotspots to keep an eye on in 2016:
You might think Ealing Broadway in Zone 3 of the underground is already well connected by the Central and District Lines, but the arrival of Crossrail in 2019 will reduce travel time to Bond Street from 25 minutes to just 10 minutes. Crossrail has also promised a wider development project to improve the area around the station, increasing the town’s appeal for people wanting to live west.
Crossrail will be an even bigger game-changer for this West London town, which is currently only served by Great Western railway at Hayes & Harlington station. In 2018 it will be suddenly connected to central and eastern London with journey times 35 minutes or under. Since Crossrail’s announcement the area has had a huge amount of interest from developers and buyers and subsequent regeneration plans are to follow, which should encourage further growth.
Known mostly for an area to find a good curry and the home of the Royal London Hospital, Whitechapel is tipped to rise dramatically over the next year as investors suddenly realise it’s potential with its proximity to the city and Shoreditch night-life as well as the arrival of Crossrail due in 2018. The new developments planned and investment in the area make Whitechapel a secure choice for growth.
With the regeneration of Battersea Power Station, the US Embassy moving south of the river and the addition of two tube stations, there is no doubt that this area has a solid future. The popularity of nearby Clapham has already had a strong influence on the Battersea housing market, but with the addition of the New Covent Garden Market and upcoming development in the area, Battersea’s residential streets are a sure investment for the next few years.
Hither Green, in the borough of Lewisham, is still a somewhat undiscovered area of London but with families being priced out of nearby Blackheath and Peckham, it has recently been declared an ‘up and coming’ area. It has good transport links too with trains reaching London Bridge in 10 minutes, or a short walk to Lewisham offering access to the DLR. Several new developments and numerous cafés and bars popping up are slowly putting Hither Green on the property map.
*This article was written by Jessica Pearn, Head of Content at estate agents Settled