A few of the London areas touted as the ‘new this or that’ are in reality quite bland to live in. Some would even say – boring.
There are indeed countless articles that state that certain locations would boom. Yes, London is reinventing itself in the modern day. How we work is changing, and also how we live our lives is massively different to even just a decade ago. However this doesn’t always call for a move to a so-called ‘up and coming’ area full of new builds on brownfield sites.
According to recent stats, house price growth is now at a six year low which is obviously good for first time buyers, but not for current homeowners. In some areas prices are falling rapidly. Should this stop you looking? of course not. You will never buy at exactly the right time, that’s impossibility. Market movement is just one factor to take into account. Affordability is also key and with this latest market data, interest rates are likely to stay lower for much longer. The good news is of course, if you’re taking out a mortgage. So, it’s a buyer’s market and if you’re avoiding the so-called ‘hotspots’, you might get a really good deal. So where’s the best place to buy you might ask? Unless you have a huge pot of cash, there’s no point looking at established areas to buy. The average price of property in London is £460,000 (which is an absolute fortune!) and to be brutally honest you wont find much for less.
For now at least, the proverbial ship has sailed for hotspots driven by the proliferation of new-build property. Until or unless there’s some kind of distress in the market, you shouldn’t bother. Whenever a large development starts, it’s the developer who walks off with the biggest profit. You can and should be smarter than that. Go for an older property, one that can be easily adapted and easily liveable – that way you are sure to recoup any initial loss.
Let’s start with the best places to look. Acton is good. Yes, although somewhat surprisingly. The communications are really excellent with roads and existing tube lines and shortly the brand new Elizabeth line of course. You could go further to Hanwell but with Acton you would be closer to central London. Acton also has room to grow as most of Zone two is at £1000 per square foot! Shocking really.
Make sure you are careful and spend wisely. You don’t want to end up somewhere you will forever regret, and believe us, it’s easily done!