New figures from Land Registry show that Hillingdon has been the highest performing Borough in London in the last year. Values have rise by 17.1%, almost three times faster than the national average in the same period. The Borough of Havering had a similar rise but remains slightly behind in terms of the average price.
The growth in prices in the areas comes due to the Crossrail effect. The development of the new Elizabeth Line is pushing up house values, especially in areas set to receive new stations and services. In Hillingdon Hayes & Harlington and West Drayton are seeing the biggest increases. Havering will benefit from a number of improvements including at Romford, Gidea Park, and Harold Wood.
CBRE, a leading property consultant, supported the reasoning behind the rises with a new study. They expect prices around new stations to be served by the Elizabeth Line to exceed local house price growth every year until the launch of the service in 2018/2019. If this does occur it would see homes in the areas adding an extra £133,000 on average to their values between now and then.
Rightmove also support the findings with their data. They have seen the asking price for homes in areas to receive new services rise by up to a third in just twelve months. The areas showing the best performance are those closer to the end of the new routes. These are the locations that will enjoy the biggest reductions in their commute times. Both previously mentioned stations in Hillingdon fall into this category.
With such high rises and the expectations that the growth will continue many people are being attracted to investment properties in these areas. The prospects are good and the returns could be very healthy.
At Finefair we provide an array of services for investors, including the likes of property management in Hillingdon. With prospected growth high it is no surprise that buyers are looking to hold on to properties for the next few years at least to see how much the values will rise. In that time they can make a great income by offering them as rentals. We can manage the homes for them, delivering the best standards.