When investors turn their attention towards expanding their property portfolio, London is often one of the most sought-after locations. Securing a valuable real estate investment in the city doesn’t have to mean paying luxury-level prices though, and good quality builds in more diverse districts of the city are becoming increasingly popular.
It seems we have Hong Kong to thank for the continual wave of new builds, with Chinese investors invariably keen to support London property developments throughout the city. Postcodes beginning with S1, SW1 or W1 are undeniable status symbols, but they might not actually be the best way to get the most out of your money. As London’s real estate prices continue to rise, alternative areas are rapidly becoming more desirable. Slightly to the east of the centre you’ll find the Old Street area, home to exciting new builds like the 27-story Eagle House. It may have an EC1 postcode, but it’s also a luxurious, modern property with 206 studio and two-bedroom flats, situated conveniently close to several major landmarks. Prices in the contemporary apartment block range from about HK$4.5 to $11 million.
One up-and-coming area that might surprise locals is Elephant and Castle, which is rapidly transforming into one of the most attractive boroughs for investors thinking outside the box. Its prime location just 20 minutes away from Waterloo, Victoria and Piccadilly means it’s always had the potential to attract wealthy buyers, and the current £1.5billion regeneration project is set to finally capitalise on that. In the next 15 years, the value of property in the area is expected to rise by up to 30 per cent, with 3,000 new homes planned. Perhaps the most exciting new build is Trafalgar Place, a septet of towers offering 235 properties ranging in size from studios to three-bedroom homes. The strong sense of community in the area makes this an attractive option for anyone who works in the city and wants to put down real roots in London. Prices in Trafalgar Place begin at HK$3.7 million.
Finally, Kings Cross station itself may have already been immortalised by a certain schoolboy wizard named Harry Potter, but the surrounding area will soon undergo an almost equally magical transformation. With strong links for commuters from across the UK and Europe already in place, the plans include 50 new buildings catering to residential, commercial and retail buyers. Google’s plans to open their £650million headquarters in the area are already well underway, highlighting just how quickly prices in this area are likely to escalate. 2,000 new homes will be built in the area, with some reserved for student housing and affordable housing. However, most of the projects will be along the same lines as Tapestry at Canal Reach, designed with King Cross’ unique and vibrant character firmly in mind. These apartments are expected to sell quickly, with prices starting at HK$11 million.
If you’re looking to invest in good quality property in a great area in London, then Engel & Vӧlkers can help you through every stage of the process to ensure that you find the property that’s perfect for you. The company has a wealth of experience to draw on in both British and Chinese markets, so wherever your inquiries come from, we’ll be well-placed to provide reliable, friendly advice.