New places to invest in property in London
The demand for property in London is soaring and new little nuggets of opportunity are popping up all over the capital as new transport links are opening up making it easier for commuters. If you have some money to invest, it is certainly worth keeping your eye on some of the following hotspots. The new infrastructure will see house prices leap up and you could make a quick penny or two on a home in the following places.
The appetite for London property is stronger than ever especially from foreign investors. Prices in the city are rising fast and this trend is expected to continue as new railway connections, including the Overground, Crossrail and Crossrail 2 open up the far corners of the big city. It is predicted that the property on the outskirts of London will grow inprice and close the gap on those more expensive central London homes.
The new infrastructure will ultimately make the property on the ends of the line more central and will make those less desirable parts of the city wealthier. You need to act quickly because otherwise the market will absorb these developments before your very eyes. Acting now will be a good, profitable investment.
The Overground in London
The Overground opened in 2012 and so far it has been a great success. About 120 million people used the service last year. Why? The Overground has radically improved and simplified the service. Commuters can travel from Wandsworth to Hampstead Heath on a loop including Islington and Clapham Junction.
The loop has also has six arms that reach out to Barking, Stratford, Croydon, Richmond, New Cross and Watford Junction. There is also an additional connection to the huge transport hub, Euston.
These areas were relatively inaccessible before the Overground was built but now they are easy to reach from central London. The property in these areas has also responded appropriately and have risen by nearly 40% since 2007. Developers are busy building the contemporary style accommodation that those richer young professionals love to rent.
Investors are also reacting. Retail investment companies are jumping on the bandwagon and Westfield and Hammerson both announced new regeneration plans including a shopping centre in Croydon. This will be their third shopping centre. Croydon is an appealing new spot for younger professionals as it offers lower prices than the centre of London but the 27 trains per hour to the centre make it very commutable.
Are there any problems with the new infrastructure?
London is a huge city that continues to grow and there is already a lot of pressure on the infrastructure. Every train on the underground is packed. Every train on the Overground is now packed. Buses are still extremely busy and this doesn’t seem to have eased with the new developments. It just means more people are taking public transport. This basically means that there hasn’t been an improvement in the comfort on board the trains, simply more people are travelling by public transport. This pressure will continue to be applied to the infrastructure until another new development arises.
Future of London Property market?
Other improvements are scheduled and the first part of the Crossrail is expected to open in 2015 with the estimated completion date in 2019. This new line will take passengers across the city in several directions from Heathrow to Reading and Shenfield to Gravesend.
The web of transport in London will become even more complex with these trains traveling at 100 mph above ground and 60 mph underground. The result of these plans? Promising property. Places like Wood Wharf have the potential to be the next housing development, especially with its location next to Canary Wharf. The area is expected to develop 4,000 new homes in the next 15 years.
Aside from the excitement surrounding the new Crossrail, The Northern Line plans to extend to Battersea as apart of a regeneration project there. Even though this is still in the planning stage it will create two new stations and both will be in Zone 2. Keep your eye on this!
Have you been considering moving to London or do you have money to invest? Is your tactic to follow the train lines? What other tricks do you have? Tell us below.
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