10 areas where property values are forecast to rise most in next five years.
Redbridge tops the chart of expected house price growth to 2024 thanks to Cross rail.
Following the Conservatives’ resounding win in the General Election earlier this month, the outlook for the next five-year phase of the property cycle is positive, according to research analysts CBRE.
The combination of political stability and progress on Brexit should give both buyers and sellers increased confidence, which will mean more owners getting off the fence and putting their homes up for sale, resolving one of the capital’s major property problems: a lack of stock for buyers to choose from.
Property price rises will be steady but widespread over the next five years, according to the CBRE Hot 100 study of London boroughs.
The affluent districts of Islington and Richmond will enter the top 10 best-performing boroughs with an 11 per cent and 10 per cent rise in house prices respectively. Ealing, Lewisham and Barnet will also feature.
After five years of action in the east the CBRE research unit now expects growth to slow there, with a return to growth in central London. Comparing the capital to other world cities, Knight Frank’s Liam Bailey says: “No other global market has seen as significant a correction as inner London. It is ready to grow.”
The highest house price growth over the next five years is predicted to be in Redbridge at 17 per cent, driven by the arrival of Cross rail into Ilford. The east London boroughs of Newham, Bexley and Barking are also set to remain in the top 10.
The conversion of the four-and-a-half-acre former Royal Mail depot into Islington Square, with 263 new homes and a new high street, is the most significant change under way in Islington.
A construction consortium of Cain International, Sager and Galliard Homes has just launched the new 9,000sq ft garden and a phase of penthouses at the scheme.
For those who want to buy in a leafier part of Islington, Richardson Mews is a gated development in Highgate Village.
Twenty-five apartments are being built behind a restored Victorian redbrick façade, set back from the main road and with gardens.
Prices start from £555,000. Visit richardsonmews.co.uk to register interest.
Close to £400 million is being spent on upgrading Lewisham town centre in the heart of the eponymous borough, which is predicted to be one of the big winners in the next five years.
The biggest single project is Lewisham Gateway, with 800 new homes, shops, restaurants, bars, cafés, green space and a new cinema.
Land next to the station has been developed already with 193 new flats.
The development also includes upgrades to the road and river network in the area.
If funded, the Bakerloo line extension will run through Lewisham town centre.
Annie Masciave, 29, has bought in Bond House, a Crest Nicholson development in New Cross not far from Lewisham town centre and itself served by frequent Overground trains.
Annie has moved into her new two-bedroom apartment which cost £530,000 with Help to Buy.
“New Cross has an up-and-coming scene and lively neighbourhood,” she says. “I particularly enjoy attending graduate gallery openings at Goldsmiths University.”
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