Where should you invest this year? Read: Where to buy property in London in 2016 and 2017
So London house prices soared by £50,000 over the last month. Yes, that’s right – fifty. thousand. pounds.
Asking prices in the capital soared 10% between September and October with average prices rising from £493,748 to £544,232.
At a time where even Google boss Eric Schmidt, who is willing to slosh out £30m for a house in the capital is struggling to find himself a home, what are your chances?
Don’t give up just yet. We’ve done some digging around to see which London areas are up-and-coming and where you may be able to get a toe on the ladder.
Check out the London areas where you should invest in 2013 and 2014.
Why you should buy here: Nunhead is ideal for young professionals and families with young children who can’t afford East Dulwich and Peckham. The area’s X Factor is its buzzing high street, which has everything from arty cafés to fishmongers. The area also boasts one of London’s best kept secrets, the Nunhead cemetery. Consecrated in 1840, the cemetery has a spectacular view of St Paul’s Cathedral and hosts occasional theatre productions.
Average property value in Nunhead: £511,142
Transport links: Nunhead is served by Thameslink trains. Victoria is 15 minutes away, while St Pancras is a 25-minute journey.
Why you should buy here: Rotherhithe is fast-becoming a residential hotspot for twenty-somethings who can’t afford to live in Shad Thames or Borough.
It’s also a beneficiary of property developments in Canada Water. Sellar Property Group, the property developer behind the Shard, is planning to build 1,030 homes in the area. Plans for shops, a cinema, open space and children’s play areas are also on the cards.
Also, British Land is planning to convert the Daily Mail’s Harmsworth Quays printworks into 1,000 homes.
The Thames foreshore at Cumberland Wharf, Rotherhithe is popular among locals for its beach fishing taster sessions.
Average property value in Rotherhithe: £411,052
Transport links: Rotherhithe has an Overground station and Canada Water Tube station is also nearby. It takes 20 minutes to get to Victoria from Rotherhithe.
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Why you should buy here: This end of the capital is still very affordable and the arrival of the Overground means that you can be in central London within half an hour. Forest Hill has a mishmash of crowds buying here for both investment purposes and setting up first homes. Visit the wonderful Horniman Gardens for amazing views of London. Residents recommend the Hopscotch cafe bar in Honor Oak for live local music.
Average property value in Forest Hill: £362,783
Transport links: The Overground line from Croydon passes through Forest Hill and goes north to Shoreditch and Highbury.
Why you should buy here: If you’ve got the money to invest then keep your postcode prejudices aside and invest in Peckham. Gone are the days when street crimes and murders defined this area.
Peckham is attracting the East London and Shoreditch crowd with a lot of trendy hangouts such as the Busy Building and summertime pop-ups like Frank’s Campari Bar. Petitou (pictured), a cafe in the area, is supposed to be a must-visit.
Also, a group of young artists are calling for the 10-storey Peckham Rye car park to be transformed into a permanent arts centre. The £10m project is expected to create 500 new jobs.
Another pull for the area is its transport links. Peckham benefitted from the second phase of the East London Line extension, which linked Surrey Quays and Clapham Junction.
Average property value in Peckham: £336,062
Transport links: Peckham Rye station is served by the Overground, and Southern Trains also operate from the station. You can get to London Bridge within 10 minutes, Blackfriars within 13 minutes and St Pancras/Kings Cross within 23 minutes.
Why you should buy here: L
ondon workers, young and old, are coming to this London suburb to both rent and buy. At an average asking price of £300,825, the area also attracts young families buying homes for investment purposes.
This leafy area boasts 120 acres of parkland through which the River Wandle runs. It also has a lot of leisure facilities including golf courses, tennis and bowling clubs and the famous Epsom Downs race course only a 15-minute drive away.
The area also boasts one of the largest mosque complexes in western Europe, which can hold up to 10,000 worshippers.
Average property value in Morden: £300,825
Transport links: Morden Underground station is served by the Northern line. Other nearest railway stations and tramlink stops include Morden South railway station, Morden Road tram stop, South Merton railway station, St. Helier railway station, Belgrave Walk tram stop and Mitcham tram stop.
Why you should buy here: No longer a grim East London area, Walthamstow has its own hashtag on Twitter, #Awesomestow. Walthamstow has a lot of middle class families that like the area for its easy access to great green spaces like the Lee Valley, Hollow Ponds and Epping Forest. Residents highly recommend walking or cycling to the forest.
Walthamstow also has a close-knit community centred around Walthamstow Village – a hub of shops, restaurants and bookshops. Keep an eye out for Chris Bracey’s neon workshop (pictured) for one of the biggest collections of neon signs and artwork in the capital.
Average property value in Walthamstow: £282,142
Transport links: Catch the Victoria line from Walthamstow Central. Oxford Circus is 20-25 minutes. Walthamstow Central to Liverpool Street is just 19 minutes.
Why you should buy here: Voted the third-best area for buy-to-let properties in London by HSBC, Enfield is just the area for you to make a quick buck in London’s property market. Also, the area attracts families who have been priced out of areas like Crouch End and Muswell Hill.
An opportunity to look out for in the area is the redevelopment of four 1960s tower blocks at Ponders End with low-rise maisonettes and a single high-rise block on the edge of the estate. The development contains 794 homes 59% of which will be for private sale and 41% for affordable homes, along with a new retail space, gym and health facitlity.
Another development tipped to make the area a property hotspot is Meridian Water (pictured), a £1.3bn development for 5,000 new homes, a high street running through the middle of the development, health and library facilities, schools and local shops.
Average property value in Enfield: £281,210
Transport links: It takes just 35 minutes to get from Enfield Town and Bush Hill Park stations to Liverpool Street. Other alternatives are changing at Seven Sisters and Moorgate on to the Tube.
Why you should buy here: Tottenham’s fast-becoming a property hotspot, thanks to regeneration in the area after the 2011 riots. Home to Premier League football club Tottenham Hotspur, the area also boasts several housing developments.
In addition, the area’s iconic town hall has been turned into a new housing development called Isobel House which has 68 one and two-bedroom flats.
Average property value in Tottenham: £280,810
Transport links: Train stations include Bruce Grove (National Rail), Northumberland Park, Tottenham Hale and White Hart Lane. The Victoria Line serves the area from Tottenham Hale Tube station.
Why you should buy here:
Don’t turn up your noses at this London outskirt just yet. With the average asking price in the area at £293,100, the property scene is South Harrow is hotting up. Known to be a very family-friendly area, South Harrow is expected to get £16m-worth economic and transport benefits from the Crossrail project due to open in 2017.
The area is ideal for first time buyers and boasts a lot of 1930s-style semi-detached properties and has its share of modern developments too.
Also, Harrow School, which counts Winston Churchill, Lord Byron Benedict Cumberbatch and James Blunt as alumuni, is in the vicinity.
Average property value in South Harrow: £271,710
Transport links: Train stations include Northolt Park, Harrow on the Hill, Sudbury Hill Harrow, South Ruislip and Harrow & Wealdstone. Underground stations include South Harrow, Rayners Lane, West Harrow, Sudbury Hill and Harrow-on-the-Hill.
Why you should buy here: Last week, Croydon-ers gave a collective groan to David Cameron’s happiness index which voted Croydon as the least happy place in London.
The area has moved on from its riot-stricken image and London Mayor Boris Johnson announced a £1bn investment to transform the area’s economy and drive employment.
Property punters betting their money on the area have loads to be happy about. Croydon boasts Westfield and Hammerson investing £1bn into the Whitgift Centre. The area also has its own Tech City and Superdrug HQ too.
Hot residential developments are also on the rise. Take Berkeley Homes’ Saffron Square, for example. The 43-storey tower will provide 756 apartments which come with facilities like a roof terrace, a 24-h
our concierge, residents-only gym and one-acre of landscaped gardens. The tower also comes with over 17,300 sq ft of retail floor space.
Average property value in Croydon: £259,348
Transport links: Trains from East Croydon to London Victoria have journey times of 15 minutes, while those to London Bridge take only 13 minutes. Croydon has a direct rail link to Gatwick and trams run through the area.