London’s property hotspots have been more or less unchanged for the best part of a century, with Mayfair, Kensington and Chelsea the long-established prime locations. With availability in these areas inevitably scarce prices have been unrelentingly high, but it might just be that certain parts of the capital are finally catching them up. The famed Royal borough has continued to see massive growth in recent decades, but other areas in London are expecting to see prices soaring by up to 25% in the next five years, changing the landscape of the city’s most desirable locations.
Kensington and Chelsea should still see a boom in property prices of 25.6%, in keeping with the area’s historic reputation, but Westminster is thought to be well on its way to overtaking them. Prices here are predicted to rise by 26.5%, capitalising on its popular skyline incorporating Big Ben, Westminster Cathedral and the Houses of Parliament.
Perhaps more surprisingly, it’s not just the bustling city centre experiencing this surge in value. Harrow might be most well-known for its boys’ boarding school, but it’s also a big hit with foreign buyers thanks to the extra space and privacy that it offers. Prices here are expected to rise by 20.2%, despite being a Zone 5 tube stop. It’s a similar story with the sleepy riverside borough of Richmond-upon-Thames which will see prices go up by 21.1%, and in Merton prices are set to rise by 20.6% – no doubt helped by its close proximity to Wimbledon.
London’s regeneration schemes have added some even more unexpected areas to the list of popular property hotspots. Often derided in the past, Hackney has become the fashionable centre of East London, and prices here are predicted to go up by 21.9%. Similarly, the Northern Line’s extension to Wandsworth means that the area will soon be a strong contender for families looking to move north of the river, making houses there more desirable almost overnight. Even Camden, once a centre of anti-establishment rockers, is climbing rapidly in value with an expected rise of 23.5%.
Football fans may also find themselves in luck if they live near their favourite stadium: in Haringey, home to Tottenham Football Club, prices are expected to rise by 21.1%, while the home of Wembley Stadium, Brent, is also expected to see a 20.8% price rise.
With so many changes happening in the market, it can be confusing for buyers to determine the best areas for making a long-term property investment. Fortunately, Engel & Völkers are more than equipped to keep up, and we make absolutely sure all our clients are just as well-informed as we are. We take into consideration everything from the current market conditions to proposed future developments, so that you can rest assured your new home will remain in a location and environment you love. Visit our UK site to start searching for your new London property now.