We asked property experts Matt Cobb, Grace Leslie, Simon Deen and James Robinson to share their London property hotspots. Where should people buy?; Where’s hot? Where’s up-and-coming?
“Buy as centrally as you can afford.” says James Robinson, General Manager at Lurot Brand. “If you are buying for the short term go edgy and get out before the end of the predictable property cycle because these areas are the hardest to shift in a bear market. If you are buying a home with a long term view then Kensington & Chelsea and central Westminster invariably out-perform ‘the next best thing’ – they always have and always will. Of course rental investors complain about the lamentably low rental yields in these areas, but their capital growth more than compensates, you can’t have it both ways so do take good tax advice before you buy one.
OLD STREET AND THE EASTERN CITY FRINGE
Matt Cobb, Director at Hatton Real Estate suggests Old Street as an emerging location “£1 million square feet of new office/retail, £1 billion residential investment along City Road, well located with Shoreditch to East, Angel to North, Clerkenwell to West and City to the south.These are some of the factors which will help transform Old Street to become a location that will rival established areas such as Covent Garden/Soho as a place where people want to live, work and play.”
“In the Eastern City fringe market, £1m can offer a variety of different property avenues worth exploring, for example in EC1 you could consider a one bedroom loft style apartment or small sized two bedroom apartment. In EC2, a budget of £1m opens up a chance to buy one bedroom loft style apartments, or an average sized two bedroom apartment. If you move east into E1, you can choose from one, two and three bedroom apartments located in an area that is evolving and improving constantly. Moving further eastwards into E2/E8 means more space for your money and generous two and three bedroom apartments are within budget. Finally, WC1 is worth considering, but you’re more likely to be looking at a one bedroom apartment, possibly you may find the odd two bedroom. N1 offers one, two and three bedroom options, both apartments and small houses.
With the significant developments and regeneration of these areas in London, all are expected to continue to grow. Shoreditch in EC1 is expected to achieve significant growth still, as well as Old Street EC1. Whitechapel is also one to watch.”
“The success of the Queens Park farmers market reflects the general rise in popularity of the area in general.” says Simon Deen of Aston Chase. “Incoming buyers from areas like Notting Hill, Little Venice and Primrose Hill who are looking to either make the transition from rental to buying, or are starting families and looking for more space within a budget, all have certain expectations of the local amenities an area should offer. Therefore the area has seen a growth in specialist food and wine shops, and the farmers market has gone from strength to strength’
Another suggestion comes from Grace Leslie, Senior Marketing Executive at Londonewcastle: “Flanked by two of London’s best art Universities – Camberwell College of Arts and Goldsmiths – it is no wonder Peckham didn’t take long to establish itself as a spot for the young and creative. Between the two universities on Peckham Road, the award winning Stormer and Alsop designed Peckham library, formed an integral part of the £265m regeneration package commissioned in the late nineties by the Labour council. Completed in 2000, this striking piece of architecture reflects the artistic nature of the community and remains a symbol of the steady rise of Peckham.
Over the years, moving south through the heart of Peckham on Rye Lane, venues such as the CLF Art Café (AKA the Bussey Building), Franks roof top bar and numerous independent bars, cafes and restaurants under the arches at Peckham Rye and spanning Bellenden Road have reaffirmed the area’s entrepreneurial and artistic values. Once very affordable Victorian terraces and conversions lined many of the back streets, but it is Peckham Rye in particular that has seen the most significant change over recent years. Peckham Rye has become very popular with young couples and families, and although prices have increased, it is still undeniably good value for money.
Further improvements are planned for the area around Peckham Rye Station, including the introduction of a station square as well as the redevelopment of some of the surrounding business premises that are need of a new lease of life. Proposals for the extension of the Bakerloo line are also now well underway, and if brought forward this could bring the underground South to Peckham and on through Lewisham and Bromley boroughs.
Given the continued strength of Peckham’s recreational appeal and residential market, together with the prospects of further regeneration in the centre and improved transport links, we feel certain that Peckham will remain on the up for the foreseeable future.”