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What’s hot in 2017- London’s top property spots

What’s hot in 2017- London’s top property spots

 

Last year was full of surprises, many of them the kind some would like to try and forget. But there has been some good news for property owners in up and coming areas. Dalston in North East London was crowned the unlikely winner of the capital’s property hotspot game in 2016, with house prices in the area rising by a whopping 60% since 2011. Shoreditch was a close second, giving homeowners a 58% boost on their investments. The two are very similar- both once seen as “undesirable” areas, today they’re full of markets, vintage stores, artisan bakeries and hipster cafes and known for their trendy, multicultural and arty vibes.  Since they’ve both been subjected to impressive regeneration projects they have become immensely popular with the upwardly mobile, but still manage to maintain plenty of the community feel that they had in older times.  As their popularity grew, so did their price tags- and both Shoreditch and Dalston are fast becoming no-go areas for the average first time buyer.

Brixton estate agent, Eden Harper says buyers are now looking for alternatives. “If you like the trendy vibe of places like Brixton, you’ll do well to keep an eye on the great festivals this year. Prices are set to soar in these areas, so now’s the time to buy.”

New improved transport links are making some of the further afield boroughs more appealing too. Barnet and Bromley are particularly worth watching, says Assetgrove.  “These areas are great for families as they offer larger properties at a lot less than inner London. The average price of a good sized three bed is Barnet is under £600,000, and in Bromley you could find a bargain for as little as £450,000.  Transport links are good and there are lots of great schools and green spaces in both areas.”

Woolwich is also set to become a property hotspot when the new high speed rail service is launched. Its new Royal Arsenal station will connect Woolwich with Canary Wharf, Heathrow and Central London with 12 trains every hour. Prices are still relatively reasonable here at the moment, with the average three bed coming in at around £400,000, but that’s not likely to be the case for very much longer so it’s wise to get in quick.

One thing’s for certain- central London is not an affordable place to live these days and many first time buyers are finding themselves priced out of the market. But as Westminster estate agent Andrew Reeves says, “New improved transport services and shiny regeneration projects are breathing new life into lots of other nearby areas, providing all the perks of London living without the hefty price tag.”

2017 is going to be an interesting year when it comes to property prices, and wise investors are staying one step ahead of the game by keeping an eye on areas that were once seen as the poor relations.

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