How’s London’s activity doing right now?
According to the Financial Times, the average price of prime central London property has now increased to just under £2 million, a rise of 12.5% from last year. However total transactions in these prime areas have in fact decreased by 8.3% in a tender market. Several experts speculate that these high prices indicate that London is on the verge of a market crash within the next couple of years, as the possibility of a no-deal Brexit becomes a more and more realistic outcome. An outcome that threatens developers, investment buyers, and high street agents.
London’s subdued activity has already been heavily felt by leading estate agents. Foxtons has reported a loss of £2.5m for the first half of this year, following a £3.8m profit last year, citing a significant drop in transaction levels and affordability concerns on buying from consumers as the dominant factors. Similarly, Savills has felt profit losses of 18% so far this year as its transactions are down 7% in the capital and 10% outside.
Where are the best places to live in London?
Richmond has been voted as one of the best locations to live according to a Rightmove survey, with its residents holding the titles of being the happiest and healthiest in the whole capital. Its countryside like character with green open spaces and stunning period properties that boast an average price of £829,533, whilst being only a short journey away from central London, indicate why the fortunate few who are able to live in this prestigious area are so fortunate.
Bermondsey was also named by the Sunday Times as the best place to live in London in 2018 on account of it being an area that “epitomises the modern urban good life.” Bermondsey’s residents are typically young, affluent professionals who often enjoy living in quirky, aesthetic lofts in developed from warehouses, and match this area’s rising persona as disused buildings and railway arches become converted into bars, galleries, and restaurants. Average property price is £562,432, and you’ve got the delights of central London and a whole mix of culture at your fingertips.
We also think that Fulham is one of London’s best areas to buy a home, and it’s hard to argue with our view, even if we are slightly biased. Fulham has some of the prettiest properties in the whole of London, which are broadly 50% less expensive than similar homes in Kensington and Chelsea. An assortment of acclaimed restaurants and cafes, wide open spaces, and great transport links mean that Fulham’s residents enjoy a lovely setting.
If you’re considering buying in Fulham or have a property to sell in SW6, then register with Invisible Homes to find out how we can help you.
Where are prices rising quickest?
Notting Hill has developed into being the fastest growing area of prime central London. Property prices have increased by 2.1% within the past year, exhibiting a drastic turn around from an 11% drop in prices last year. Notting Hill’s rise is even more significant considering that prime areas such as Kensington & Chelsea have experienced a fall of 13.9% according to the ONS.
So why is Notting Hill on the rise when others are on the down? One reason given is that as several east London neighbourhoods grow in popularity and creep towards zone one prices territory, Notting Hill is becoming a more viable alternative for families looking to be somewhere that’s well connected to central London but within easy access of open spaces and good schools.
Where can you get the most for your money?
For those looking to live centrally but escape sky-high prices of prime residential areas, there are several zone 2 and beyond locations that offer great transport links for more reasonable prices.
Finsbury Park is becoming an ever more attractive location. It’s only a couple of stops away from Kings Cross, within 10 minutes of central London and showcases some fantastic Victorian terraced houses with better value for money than other popular areas, with an average property price of £559,992.
As an alternative head slightly further out of central London towards Greenwich where the average property price is only £475,822. You can benefit from a delightful market town setting, an expanse of open spaces on your doorstep as well as the bustle of the O2, whilst being within easy reach of Canary Wharf and central London via direct transport links.
For those who are happy to trade living out on the fringes in order to get more for their money, there are several very affordable areas east and south of the capital. Barking and Dagenham is currently the most affordable location to buy, with an average price of only £291,159 giving excellent value for money. Currently providing access to central London via the District line, transport links from this location will further be enhanced by the addition of Crossrail, making this an area to keep an eye on for the future.