Many property consultants in the capital believe the doom and gloom of Brexit is overblown, and that property ownership in prime locations is still a great investment. But property developments in London are redefining those prime locations, and it is important to stay on top of the trends.
A new wave of ‘prime’
Central London properties remain unaffordable to all but the very wealthiest, although the boundaries of prime locations are becoming increasingly flexible. Not long ago, the only regions considered ‘prime’ in London were deluxe postcodes in Mayfair, Kensington, Knightsbridge, Chelsea and the like. But now, the wealth and desirability has spread to a range of areas like Wimbledon and Wapping, and that trend is spreading to the likes of Battersea and Fulham.
Central London house prices are expected to continue increasing over the next five years, even if other parts of London don’t perform so well. But high-profile new developments are reinventing areas that were once overlooked, meaning local price levels are growing healthily. The new Manhattan Loft Gardens development in Stratford, for example, is a part of an expanding cultural hub in East London. Stratford is also the setting for our fantastic Fusion Court development; a stunning block of 20 luxurious apartments in the heart of the city.
Furthermore, industrial landscapes like the Greenwich Peninsula and King’s Cross are attracting the modern industrial worker. The same is true of the City Road area around Old Street, which was once known only for a huge, grey roundabout. Now, it is carving out an identity as a dynamic tech hub, attracting young financiers who want to live close to their city offices.
The City Fringe is undergoing significant growth driven by that walkability factor. New high-rise luxury apartments in areas like Shoreditch and Aldgate sit cheek-to-cheek with some of London’s most buzzing communities and historic streets, and it seems the city is moving outwards and, particularly, eastwards. Canary Wharf and south-east London are awash with new property developments; just look at our impressive new development The Park, Ealing where 8 new homes are becoming available for people wanting to set roots in a new prime London location.
Bringing the world to London regions
As new areas are being developed from scratch, they are attracting big companies or cultural institutions. The US Embassy and Facebook have laid anchor in Nine Elms, while the English National Ballet has settled in London City Island. This builds confidence that developers and investors will continue showing interest.
Brexit uncertainty may be slowing the market, but a buoyant market for the prime and super-prime has emerged. And once the Brexit turmoil settles, would-be buyers will begin to make their plays in the market once more. Investors who take advantage of newly-emerging prime areas now could see great results in the not-too-distant future.