With new transport projects like the Crossrail and space becoming more and more valuable, the property market in London is set to expand outwards in 2015. The current Zone 3 is expected to become the major growth area as it offers the best supply of properties to suit typical budgets. Districts referred to as “non-prime” should see the biggest growth in prices, with property experts Savills predicting it could grow as much as 22.7% over the next four years.
Buyers are expected to favour locations to the south and east of London because these are where many projects are currently underway to build new housing. The north and west are also known to command slightly higher prices so profits can be lower.
A big shift that is expected is to see more investors opt for the build to rent option rather than searching for existing properties and choosing buy to rent. By buying land and having properties built space can be maximised so developers can get the best returns. There are also government funds available to help people looking to build rental properties.
With such limitations on space there is also a shift towards smaller, compact properties. Developers are snapping up even the smallest sites and turning them into housing because there is such a premium on floor space in London that people will still buy and rent tiny properties. Some projects have seen high density flats built and offered with discounts on current market values to encourage sales.
One of the most consistent trends that has continued for recent years is the push for energy efficiency. New properties built in 2014 are said to be around 6 times more energy efficient than traditional properties and the trend is set to continue further as people seek lower running costs. Alongside the green benefits designs are also becoming more focused on ensuring that residents have a satisfying experience living in the properties.
There are several hotspot areas to watch in 2015 for investors looking to make a profit. These include Ladywell, Catford, Streatham, Canning Town, Forest Green, Ealing and Brentford. Large projects are expected on countless former industrial sites across the city as well.
If you require any kind of help or practical services to do with property investment in Harrow or any other area of London, we are the management experts you can trust. Contact us for expert advice before making the decision about where you want to invest.