There can be no denying the fact that London is one of the greatest cities in the world, which in turn makes it property some of the most sought in the world, for both foreign and British citizens. Throughout the credit crunch and recession, the London property market remained stable with no price drops and little or no price rises on the whole. So which areas of London are the hotspots? We take a look with the help of property website FabricProperty.
Marylebone:
Perhaps unsurprisingly topping the list is London's very own West End, Marylebone. The main attraction for this location is undoubtedly its centrality, positioned within walking distance of Oxford Street, Regents Park and Harley Street. This is bound to be a favourite for the avid shopper! The area is also fantastically connected with nearby underground stations including Marble Arch, Oxford Circus, Regents Street and Bond Street, making it a prime location for commuters. Transport is unsurprisingly a major factor for many when considering moving home, and as a result, properties located nearer to transport links in the city have seen price increases of up to 20k (according to research by Nationwide Building Society).
Marylebone is regarded as one of the most vibrant and lively districts in the Capital making it a number one choice for many high profile individuals. The main landlords operating in the area are the Howard de Walden family who are ranked tenth on the 'Estates Gazette Rich List 2010'; to label the area as exclusive is an understatement. However, research suggests that the main drivers of the property market in Marylebone are in fact Europeans looking to make secure investments; an estimated 60 per cent of the properties in this area are sold to foreigners.
However, there is an extreme lack of affordable properties to purchase in the area, with the largest revenue actually coming from buy-to-lets. Therefore there is little room for redevelopment and instead proves a desirable choice for the younger generations who cannot jump onto the property ladder in the current market. As a result, the area's buy to let market is definitely one to watch for 2011.
West Marylebone:
For those who cannot quite afford to set up home in the centre of the West End can always venture 5 minutes down the road to its sister town, West Marylebone. Property prices in this area are considerably lower than most other places in London so it is definitely the dark horse to watch in 2011. In particular, Sillibeer Place and York Street who have seen massive redevelopments over the past few years and are proving real favourites with commuters due to their nearby underground link at Edgeware Road.
Hampstead Heath and Village:
The demographic of the people looking to move to this property hotspot is predominantly young families, no doubt attracted to the suburban life while being incredibly close to the city's busy hustle is a balance perfect for new families. With the abundant wide open spaces of Hampstead Heath, it gives Londoners a calmer atmosphere to live and relax, plus a plethora of top state schools and private schools means children in the area can look forward to a good education.
As is going to be the case with all these hotspots, the transport links are second to none, on the Northern Line plus a dozen or so bus routes that link to Camden for good links to a major shopping area can only be a bonus. Rental properties can be forgotten about as availability is at an all time low, but considering the beauty of some of the houses that is understandable, houses on Church Row (considered the nicest road on the Heath) go for a cool 2 to 8 million. With house prices in Camden on the rise again, which is next door to Hampstead Heath, it can only mean good things for this hotspot.
South Hampstead:
South Hampstead is one of the very few areas in London that has managed to maintain its character. The main high street has managed to avoid the takeover of big chain stores which makes South Hampstead quirky, traditional and unique. This makes it extremely popular among the celebs, with Emma Thompson and Matt Lucas being locals. South Hampstead is also known for its centrality with major areas such as West End Lane, Broadhurst Gardens and John's Wood being just a stone's throw distance away. Studio Flats sell for around 200k in South Hampstead - what a bargain!
Covent Garden:
Covent Garden is perhaps one of the more affordable districts for property hunters, and the recognition of this has meant demand in the area is beginning to increase. Covent Garden is all about regeneration and redevelopment following the success of Regent Street's revival. The property market is extremely dynamic with interest coming from international property investors along with Brits. 2011 is bound to be a strong year for the property market in Covent Garden, with future redevelopments already in the planning stages.
Belgravia:
Perhaps one of the most expensive streets of London, with an average property price of around 6m. Belgravia was given the title of the most desirable postcode of 2010 and it looks to continue its reign into the New Year. The area is extremely popular with overseas buyers and those looking for more modern and classy living. Unsurprisingly, its property market has remained relatively unaffected by the recession.
Islington:
The area of Islington is doing particularly well in the letting market at the moment, and as a major hub for the arts, young wealthy students are attracted to the area. The average price to rent a one bedroom flat in Islington starts around 350 a week whereas properties to buy in the more popular streets such as Colebrooke Row price at around 3m. Islington has a total of 3 Underground railway stations in addition to a few over-ground stations but is just a small walking distance from Central London. Islington is one of the only local authorities in the UK that has actually experienced steady property price growth throughout the recession. For this reason, its strong property market makes it a popular borough within the capital and in turn a property hotspot for 2011.
So there you have it, the top London Property Hotspots (for millionaires!) in 2011. The committed interest from international property investors and a scattering of high profile Brit's showing a keen eye in these areas have undoubtedly been the driving forces pulling them through the recession relatively unscathed. It is clear that London property fails to disappoint the property investor, making it a popular area to make one lucrative and secure deal for those who have the money!
Marylebone:
Perhaps unsurprisingly topping the list is London's very own West End, Marylebone. The main attraction for this location is undoubtedly its centrality, positioned within walking distance of Oxford Street, Regents Park and Harley Street. This is bound to be a favourite for the avid shopper! The area is also fantastically connected with nearby underground stations including Marble Arch, Oxford Circus, Regents Street and Bond Street, making it a prime location for commuters. Transport is unsurprisingly a major factor for many when considering moving home, and as a result, properties located nearer to transport links in the city have seen price increases of up to 20k (according to research by Nationwide Building Society).
Marylebone is regarded as one of the most vibrant and lively districts in the Capital making it a number one choice for many high profile individuals. The main landlords operating in the area are the Howard de Walden family who are ranked tenth on the 'Estates Gazette Rich List 2010'; to label the area as exclusive is an understatement. However, research suggests that the main drivers of the property market in Marylebone are in fact Europeans looking to make secure investments; an estimated 60 per cent of the properties in this area are sold to foreigners.
However, there is an extreme lack of affordable properties to purchase in the area, with the largest revenue actually coming from buy-to-lets. Therefore there is little room for redevelopment and instead proves a desirable choice for the younger generations who cannot jump onto the property ladder in the current market. As a result, the area's buy to let market is definitely one to watch for 2011.
West Marylebone:
For those who cannot quite afford to set up home in the centre of the West End can always venture 5 minutes down the road to its sister town, West Marylebone. Property prices in this area are considerably lower than most other places in London so it is definitely the dark horse to watch in 2011. In particular, Sillibeer Place and York Street who have seen massive redevelopments over the past few years and are proving real favourites with commuters due to their nearby underground link at Edgeware Road.
Hampstead Heath and Village:
The demographic of the people looking to move to this property hotspot is predominantly young families, no doubt attracted to the suburban life while being incredibly close to the city's busy hustle is a balance perfect for new families. With the abundant wide open spaces of Hampstead Heath, it gives Londoners a calmer atmosphere to live and relax, plus a plethora of top state schools and private schools means children in the area can look forward to a good education.
As is going to be the case with all these hotspots, the transport links are second to none, on the Northern Line plus a dozen or so bus routes that link to Camden for good links to a major shopping area can only be a bonus. Rental properties can be forgotten about as availability is at an all time low, but considering the beauty of some of the houses that is understandable, houses on Church Row (considered the nicest road on the Heath) go for a cool 2 to 8 million. With house prices in Camden on the rise again, which is next door to Hampstead Heath, it can only mean good things for this hotspot.
South Hampstead:
South Hampstead is one of the very few areas in London that has managed to maintain its character. The main high street has managed to avoid the takeover of big chain stores which makes South Hampstead quirky, traditional and unique. This makes it extremely popular among the celebs, with Emma Thompson and Matt Lucas being locals. South Hampstead is also known for its centrality with major areas such as West End Lane, Broadhurst Gardens and John's Wood being just a stone's throw distance away. Studio Flats sell for around 200k in South Hampstead - what a bargain!
Covent Garden:
Covent Garden is perhaps one of the more affordable districts for property hunters, and the recognition of this has meant demand in the area is beginning to increase. Covent Garden is all about regeneration and redevelopment following the success of Regent Street's revival. The property market is extremely dynamic with interest coming from international property investors along with Brits. 2011 is bound to be a strong year for the property market in Covent Garden, with future redevelopments already in the planning stages.
Belgravia:
Perhaps one of the most expensive streets of London, with an average property price of around 6m. Belgravia was given the title of the most desirable postcode of 2010 and it looks to continue its reign into the New Year. The area is extremely popular with overseas buyers and those looking for more modern and classy living. Unsurprisingly, its property market has remained relatively unaffected by the recession.
Islington:
The area of Islington is doing particularly well in the letting market at the moment, and as a major hub for the arts, young wealthy students are attracted to the area. The average price to rent a one bedroom flat in Islington starts around 350 a week whereas properties to buy in the more popular streets such as Colebrooke Row price at around 3m. Islington has a total of 3 Underground railway stations in addition to a few over-ground stations but is just a small walking distance from Central London. Islington is one of the only local authorities in the UK that has actually experienced steady property price growth throughout the recession. For this reason, its strong property market makes it a popular borough within the capital and in turn a property hotspot for 2011.
So there you have it, the top London Property Hotspots (for millionaires!) in 2011. The committed interest from international property investors and a scattering of high profile Brit's showing a keen eye in these areas have undoubtedly been the driving forces pulling them through the recession relatively unscathed. It is clear that London property fails to disappoint the property investor, making it a popular area to make one lucrative and secure deal for those who have the money!
About the Author:
Howard writes for Just Commercial Mortgages the UK's No1 site for the latest commercial mortgage rates and commercial property finance news.
No comments:
Post a Comment