Demand for property in London is as high as it ever was and is in fact increasing month on month. However, the areas in which people can move to are widening. Exciting new transport developments are unlocking hidden investment areas and new house building ventures are providing more people with the chance to live in the capital.
Prices in the capital continue to rise, a huge 9.4% in this year to September and although you may think it’s all right in the centre where the demand lies, you’d be wrong. Prices in the rest of the city, outside the centre, are rising faster than ever before and this is predicted to continue thanks to new transport links. The Overground, Crossrail and Crossrail 2 are driving forces in opening up new areas of the city.
The Overground has been open since 2007 and its impact in opening up new areas has already been demonstrated. Over 120 million people utilised the service that connects 83 different stations across London and Hertfordshire in 2012. Travelling from the south to the north of the city is simple and property prices have responded to the ease of commuting in the city.
One area of note, for example is Haggerston, a lesser known part of Hackney. Property prices in Haggerston have increased by nearly 40% in the six years since the opening of the Overground and Peckham too, in South London, has seen an increase in prices of over 25%.
In addition to the Overground there is promise that the Crossrail will arrive in London very soon. The first part of the Crossrail is planned to open in May 2015 and includes areas as far afield as Gravesend and Reading.
The new line will speed passengers at 100mph above ground and 60mph below and it will pass through central London. It will stop at many well-known central London destinations as well as other lesser known stops which have seen a surge in interest since the project began.
One of these areas is Wood Wharf, which is currently undergoing significant redevelopment. It is soon to be home to many residential properties as well as business premises. It had lain derelict for some time until the announcement that Crossrail would connect the area more easily with the rest of the city.
Living in London is something many people aspire to, not least because commuting from further afield is both expensive and stressful. With these new transport links making the city even more accessible there is scope for more people to move into the city.