In London, close proximity to transport links is an important consideration for property hunters. As a result areas around Underground stations tend to attract a huge amount of interest. This can drive prices up and provide excellent returns for the current owners if they decide to sell.
Over the last year, several areas close to Underground stations have become property hotspots. One of the best performers is Royal Park in North West London. The station offers a direct link to King’s Cross and journey times can take as little as 40 minutes. The average house price in the area is £380,000 so it is very popular with first time buyers. In the last twelve months the demand for properties in the area has rise by 113% according to data from eMoov.
Several areas around stations in Zone 3 have become property hotspots because of the improvements in commute times and the potential for even faster ones with Crossrail. Royal Park is the best example but there are many others. Hangar Lane is a close neighbour and saw a 73% increase in demand in the same period. Colliers Wood in South London also saw a big 57% rise.
Of the 11 different lines on the Underground, the Metropolitan Line has the highest demand. There are several reasons for this, including the fact that it connects people in the green belt to the very centre of the city. This is fantastic for commuters and means they can enjoy more space and greenery whilst also maintaining their easy access to the capital.
Property values in the hotspots around Underground Stations are expected to continue to rise, particularly between now and the completion of Crossrail in 2018. This means property owners could be wise holding on to their assets for a little longer. It also means that investors still have the opportunity to profit, especially if they target an area where prices still have a lot of room to rise. If you would like any advice on these issues, or on any other property matters from council leasing to handling tenants, don’t hesitate to get in touch with us for support and guidance.
