London Bridge enjoyed a property boom in the 1980s when people started looking for homes within commutable distance to the City. This caused property prices in the area to rise and made it a popular destination for development. Naturally the focus shifted to other parts of London as consumer demands changed but the attention returned in the 00s, particularly when the Shard was announced.
The Shard has helped to completely transform London Bridge, adding to the skyline and resulting in huge developments across the neighbouring areas. In 2000 there was 1.5 million square feet of commercial properties in the area. By 2015 this number has risen close to 5 million square feet (87% of which is offices). Retail and leisure space has grown too, rising from a modest 28,000 square feet to over 250,000.
The residential sector has experienced change in this time too. The area is still popular with commuters to the City, particularly because of the huge development of the London Bridge Underground Station. The major project has created a transport hub that will be used by more than 75 million travellers each year. The current work to build a new concourse is expected to be finished by 2018.
The popularity with commuters and professionals is reflected in the type of properties that are demanded. One bedroom apartments and flats are highly sought, especially when they are located close to transport links. This demand has led to a number of projects that will see new homes arrive on the market over the coming years, including the luxury One Tower Bridge development.
The area is certainly a hotspot, having seen the price of homes rise at an incredible rate over the last three years in particular. In fact there have even been cases when properties have almost doubled in value, providing huge returns for people who invested in the area early. The new developments could offer great potential for the future, particularly with demand still strong.