There has been a lot of attention on London in the last few years for its booming tourism industry during the Olympics and now the property market is seeing a huge amount of investment because Labour’s mansion tax is no longer a threat.
As a contender for the financial capital of the world, property in London is heavily sought after. While everyone is scrambling for property as close to central London as possible, maybe it’s time look at some of the alternative London boroughs that are developing into housing hotspots.
Despite Tottenham’s part in the London riots a few years ago, recent plans for the area promise great things. By 2025 locals can expect 10,000 new houses with almost one million square feet dedicated to commercial and employment space.
A new project for Tottenham Hotspurs will help regenerate the area because the proposed stadium won’t just offer more seats for the fans, it will provide apartments, shops and a technical college for the area.
At the moment the average house price in Tottenham, according to Right Move is around £340,000. With plans for complete regeneration including new developments and Tottenham Hotspur’s 56,000 seat stadium, that number is expected to rise. Exciting things are happening in Tottenham over the next 10 years and it’s exciting to see where this will take the area.
Old Oak Common
This West London gem is another area set for a regeneration thanks to London’s mayor, Boris Johnson. The £5billion plan will turn the area into a ‘superhub’ as it becomes the interchange between the Crossrail and HS2 railway.
Old Oak Common’s proximity to Wormwood Scrubs shouldn’t put buyers off the area because these developments will see the area increase in popularity.
While Whitechapel is still the cheapest spot on the Monopoly board, that hasn’t stopped it becoming a hub for young, home owners who are making their first steps onto the property ladder.
The area has an average house price of £504,000 compared to £357,000 back in 2012. Whitechapel’s property market has already seen a price increase of 41% and with the new developments, it will only continue to gain value. Turning this brown monopoly card into an up-and-coming property hotspot.
Croydon had become a bit unfashionable but if the amount of cranes dotted around the area are anything to go by, big changes are coming to Croydon.
With plans to open up two new big shopping centres, Croydon could soon become a retail haven for those who love to shop. The local council is committed to developing the area with significant improvements being made to East Croydon station.
The most popular property sales in the area over the past year were apartments with an average price of £225,000, while terraced properties sold for just shy of £300,000 and semi-detached selling for around £365,000.
Property Management departments have seen impressive bottom line growth due to the increase in block based developments and new build estates.
While most Estate Agents have spotted this as an opportunity to build on their experiences by jumping ship into other parts of the industry.
With the development of these areas taking place over the next few years, it'll be interesting to see how the property market will continue to evolve for all concerned; developers, residents and those employed across the industry.