HOT AREAS TO BUY A PROPERTY IN LONDON
Discover 5 of the Hottest Neighbourhoods for 2020 House Hunters
With its big-city dynamic and bustling opportunities, London attracts more and more people to become its residents each year. So much so that the city has to work hard to expand and develop to keep up with increasing demand.
First-time buyers in particular struggle with feeling overwhelmed with the number of areas they can choose from. Some of the property price tags are also an overwhelming factor since London has the highest house prices in the entire UK.
Still, all is not lost if you’re thinking of making London your new home. Or if you’re already calling it home and want to switch from [renting] to [owning your own property]. The City still has plenty of opportunities for avid house hunters looking for bargain prices and good transport links.
In fact, many London areas that were formerly unnoticed are now becoming increasingly attractive due to the city’s investment in infrastructure projects.
One such game-changing project is the Crossrail – a new underground railway running from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east. Expected to be inaugurated in 2021, the Crossrail (named Elizabeth Line) will have 41 stations and will serve over 200 million passengers annually. Easier access to most London areas will serve to push some less popular ones out of anonymity and make them more appealing to buyers. So, the time to invest is now.
What to Look for When Buying a Property in London
No matter if you want to [buy] a first home or a new investment property, there are a few things every diligent buyer should take into account when starting a property search.
Here are a few important aspects to consider:
In fact, with so many [buying] choices, [properties available for sale] and contractual details, it is always a good idea to enlist the help of a [specialized estate agent] to guide you through your options.
Barking and Dagenham
The London Borough of Barking and Dagenham is located in East London only 9 miles away from Central London. Being one of the six London boroughs that hosted the 2012 Summer Olympics, it has largely benefitted from being part of the Olympics development schemes and it’s also an area designated as a national priority for urban regeneration. Its population is around 187,000 according to the 2011 census. The three main towns that make up this borough are Barking, Chadwell Heath and Dagenham.
Pros and Cons of Barking and Dagenham
Barking and Dagenham has seen amazing property price increases in recent years. The area’s development, improving transport links to the rest of the city and its diverse housing stock are bound to keep prices rising in the near future. It is an ideal place for an investment if you are looking to [buy] for a house or flat yourself or for [letting] out to renters. The only con is that the area is still undergoing regeneration and it will take a few years to reach its full potential.
Average Property Prices in Barking and Dagenham
The average property price for Barking and Dagenham in 2020 is £310,000.
Stratford is located in the East End of London and it’s a part of the Borough of Newham. It sits just 6 miles east-northeast of Charing Cross. Leaving its formal industrial past far behind, Stratford has undergone an amazing transformation into a new urban oasis following the 2012 Olympics and the inauguration of the famous Westfield Stratford Shopping Centre – the largest shopping mall in Europe. It is now one of the most sought-after locations for buying in London’s Zone 2.
Pros and Cons of Stratford
With a [housing stock] made up of mostly new properties, Stratford is a haven for house hunters looking for modern features and amenities. Stratford’s new residential developments offer many conveniences for their residents, like gyms, swimming pools and concierge services. The pros of [buying a property in Stratford] such as amazing transport links and numerous property options definitely outweigh any cons.
Average Property Prices Stratford
The average property price for Stratford in 2020 is £386,000.
To learn more about Stratford, click here to see our Area Guide.
Forest Gate is located in east London, in the Borough of Newham. It is about 7 miles northeast of Charing Cross. The area is just a stone’s throw away from Westfield Stratford City and the 2012 Olympic Park, so you will never be out of shopping or entertainment options if you decide to [buy a property] in the area.
Pros and Cons of Forest Gate
Home of the Wanstead Flats, Forest Gate is the ultimate location for young families and singles looking to spend more time outdoors, enjoying leisure and sporting activities. It is a vibrant community with many local shops, bars and restaurants to keep you busy. The only con is that the housing stock is mainly made up of Victorian houses, so modern amenities are harder to come by in this area.
Average Property Prices in Forest Gate
The average property price for Forest Gate in 2020 is £415,000.
Whitechapel can be found in London’s East End, in the Borough of Tower Hamlets. It is located 3.4 miles east of Charing Cross. Part of Greater London since 1965, Whitechapel is very culturally diverse and offers many shopping, dining and entertainment opportunities. It also boasts a thriving art scene, with contemporary art exhibitions, art centres and theatres. It is home to the Wilton’s Music Hall and the Royal London Hospital and Jack the Ripper museums.
Pros and Cons of Whitechapel
You can’t really beat Whitechapel’s value for money if you consider its location in London’s Zone 1. Its property stock includes both Georgian terrace houses and new builds, so [buying a property] in Whitechapel will give you the best of both worlds – history and modern amenities all in one place. The area is constantly undergoing development, if you can consider that a con, but we believe Whitechapel is a great investment opportunity that will yield a great ROI for [buyers].
Average Property Prices in Whitechapel
Pricier than the other areas on our list, Whitechapel’s average property price in 2020 is £716,000
In the last three decades, Canary Wharf has transformed itself from a forgotten industrial area to one of the top financial centres in the world. It is now known as London’s financial centre. Located on the Isle of Dogs, Canary Wharf is home to Canada Square, Westferry Circus and Cabot Square. It features many high-rise buildings, including the third-tallest in the UK – One Canada Square.
Pros and Cons of Canary Wharf
Even though it was once only thought of as a place of business, new residential developments in the area are making Canary Wharf the perfect go-to neighbourhood for young professionals and entrepreneurs looking to [buy a property]. The area is still transitioning to becoming more residential, so although it is bustling during the day, at night it will be best appreciated by those who love peace and quiet.