London Mayor Sadiq Khan’s draft London Plan means that the property market in the capital will be greatly altered, with 65,000 affordable new homes planned to be built per year.
The capital is set to be offering new opportunities when it comes to house buying, especially for first-time buyers, who have had to look at other areas if they want to invest in property as prices in parts of central and inner London remain high.
Across the capital there is a range of regeneration projects and transportation upgrades meaning areas of London, which you may not have considered to invest in, will soon become revitalised, creating brand new hotspots and investments for landlords.
Investors should look into these areas as early as possible if they want to reap the benefits further down the line. There are actually 30 areas designated for this attention.
The process has already begun in Stratford and Nine Elms, Charlton Riverside, Colindale, Cricklewood, Harrow, Kensal Canalside, Catford, New Cross, Ilford, Southall, Park Royal, Woolwich, Thamesmead and Abbey Wood are all next in line for regeneration.
These projects include regeneration of transport links as well as new properties. Investors and developers before have tended to focus their attentions on the areas surrounding Travel Zones 1 and 2 but it has become increasingly clear that the focus is now shifting to Zones 3 to 6 where homes can be built cheaper in comparison to inner London.
The focus on these areas is in part thanks to the development of Crossrail, which will cut the time it takes to reach certain areas.
Examples of these include Tottenham with a £1 billion regeneration scheme. Including planned 10,000 new homes and 5,000 new jobs over the next seven years including a £400m redevelopment of the Tottenham Hotspur’s stadium. There is also the potential to become a key interchange station on the proposed Crossrail 2 route, meaning it is an area that cannot be ignored.
Forest Gate is also an area that is worth looking at with an average price of £442,000 and a rental yield of 4.1%. The Elizabeth Line is due to begin running here later in the year, putting this area less than 20 minutes away from Bond Street and Canary Wharf. This undervalued area has a healthy rental potential as it stands and it is sure to increase in the future.
The BBC has departed from White City leaving it ripe for transformations with billions of pounds being spent to reinvent the area with 950 homes and offices, restaurants, bars, a hotel and private members’ club with Imperial College also investing in a new campus in the area.
Regeneration can also be witnessed across Wembley, and more is expected in areas such as Whitechapel and Tooting Broadway. Lewisham is also becoming more popular as buyers are purchasing two and three bedroom properties. Prices in Lewisham might change if the proposed expansion of the Bakerloo line takes place in 2023, whilst Wood Green remains untouched for the moment the approval of Crossrail 2 will change that.
If you are looking for a new investment, City Landlord can provide you with peace of mind so you know that your buy to let property is covered – get a quick quote online today or by calling us on 0800 2944 546!