There are many housing micro-markets that are being rediscovered in London, offering those looking to invest in property opportunities to spend low in areas with a strong potential for capital growth in the near future. New building projects, employment shifts, cultural shifts and improvements in transportation systems are the factors behind the many new hotspots coming up and if you can get there ahead of the inevitable rush, you could reap some major benefits in the future.
Upcoming Transport Upgrades
The reputation of any area is bound to improve when there is improved accessibility as seen with the recent Overground upgrades. Here are a few places that will soon be witness similar improvements in transport systems.
1. Kennington: This area has been stuck in the past for a while but, in 2020, the northern line extension from Kennington to Battersea will be opening and with this, the area is bound to become more popular. There are already several new building schemes in the area such as St Agnes Place and Palace View.
2. Abbey Wood: This area will be benefitting from an Overground extension that will be opening in 2021. The extension will be running to Barking Riverside. Property in this area is still relatively cheap despite a new Crossrail station being put up. There are already plans for a new homes scheme in the area, 208 flats in a 29 storey skyscraper.
3. Barking: There is a water-front project already underway in Barking and it comes with 11000 homes. The town centre is being given a facelift. Residential towers with sky gardens will be coming up right next to the station in a project dubbed 360 Barking with flats now going for £280000.
4. Royal Docks: This area is benefitting from the presence of the London City Airport. The airport is due for an expansion that will result in 2000 more jobs for locals and this area is now changing into a livelier part of the city. You can still get property at a good price here and they come with amazing views such as the Royal Albert Wharf where apartments overlook the docks.
More people are getting to work by boat in London and the Riverbus services are now to be extended further. Plans are underway to put up 11 new piers along the Thames to keep up with the increased demand. At the moment, one million people travel along the Thames each year. There is already a 770-home Riverside development being put up at Enderby Wharf which will be one of the locations for one of the piers. Royal Wharf, a neighbourhood with 3385 homes that has come up recently will be the location for another pier.
There are also other areas that will likely see an increase in capital values in the next few years such as Fish Island, Streatham and Southall. Although these areas haven’t come up on many people’s radars yet, there are plans underway to inject new life into these locations with several major projects planned for the near future.