If buying property in London is in your future, either as an investor or to use as a home, it’s important to conduct research into the best areas to buy. To help you on your way, here is our list of seven of the most exciting property development hotspots right now in the English capital…
1 – Mayfair
Mayfair has long been one of the most desirable corners of London and things aren’t set to change any time soon. According to estate agents in Mayfair in 2017, the area became the premier property spot in London based on average price per square foot and experienced significant growth in the number of transitioning buyers and letters. Since then, Mayfair has seen a big surge in development, with a number of new luxury residential projects, such as The Bryanston Hyde Park, in the works, attracting buyers and buy-to-let investors.
2 – Greenwich Peninsula
With £8.4 billion being plied into the regeneration of the area around The O2, expect the Greenwich Peninsula to make big waves in the next few years. Regeneration plans include 15,000 new homes, two new schools, 48 acres of open space, shops, cafés, bars and restaurants. The new waterfront suburb is ideal for investors and buyers keen to make the most of fast access into the city. From North Greenwich residents can be in Canary Wharf in two minutes, London Bridge in eight and Bond Street in under 20. An additional attractive feature is the hotly-anticipated Design District, currently due to open its doors in autumn 2020. The building, which comprises 16 buildings designed by eight different architects, will be a home to the creative industries, with purpose-designed workspaces, workshops, galleries, flexible leases and accessible rents.
3 – Paddington
Property developers have been flocking to West London, and particularly to Paddington, for a while now, with significant regeneration proposals in the works for close to 20 years. Paddington station itself has been undergoing development, and the resulting office space, restaurants and retail opportunities are making the area more appealing to investors and buyers. With a number of developments underway including the Blue Marrow a 42-storey skyscraper to the north of Paddington Basin, the area will have over 400 additional apartments. Given its location in Zone One, transport links, and access to the rest of the UK, once development is complete, expect Paddington to become one of the most in-demand areas of London.
4 – Barking Riverside
This £3.5 billion development project began in 2008 and will only be complete in 2025. When it is, East London will have 10,000 new homes, seven new schools, and plenty of shops and leisure facilities. The 443-acre site is on the banks of the River Thames and was once home to a power station, lending it that industrial edge that entices buyers and developers alike. Also, the London Overground is being extended to incorporate Barking Riverside, making journeys into central London just twenty minutes.
5 – Acton
The value of this West London suburb has long been recognised by property developers, given its excellent transport links and the abundance of space. The proposed regeneration of the area will be targeted towards first-time buyerslooking for affordable prices and good proximity to jobs across the capital. One prime development currently underway is Acton Gardens, which will include 3,300 renovated flats, office buildings, community spaces and retail and leisure outlets.
6 – Walthamstow
Although this spot at the end of the Victoria Line once had a gritty reputation, Walthamstow has several new property developments in the works making it one of London’s hottest spots for property development. The area, which is increasingly popular with hipsters, is home to numerous grass roots and creative businesses, trendy coffee shops, bars and restaurants, all attracted here by low prices. The Mall Walthamstow shopping centre has been revived, upwards of 450 new homes are expected, and £200 million has been set aside for the area’s development. Expect big things from Walthamstow.
7 – Meridian Water
£6 billion is being plied into the 20-year regeneration of Meridian Water in North London. The area, close to Lee Valley Regional Park, is expected to eventually be home to 10,000 new or regenerated properties, alongside great transport options and employment opportunities. Once complete, Meridian Water will be offering residents 24-hour living, provided by music venues, theatres, a selection of restaurants, cafés and bars and ample outdoor space.
If you’re looking to purchase property in London, either to live in or as an investor, we highly recommend investigating these areas further to see if they’re right for you.