Beyond Brexit: seven London areas for home buyers to have on their radar in 2019
Planning to start house hunting in earnest but don’t know where to start?
Even in a market that is slow and stalling - which experts agree will be London’s fate until there is some clarity on Britain’s increasingly messy divorce from Europe – there are always locations which, thanks to their good value or regeneration potential, stand out.
Here are our seven top tips for those who want to get on to the property ladder – or move up it – in 2019:
1. BERMONDSEY AND OLD KENT ROAD
Bermondsey is Knight Frank’s number one choice for 2019 thanks to its central location and great transport links, with London Bridge station in Zone 1 just a short walk away. Bermondsey Street is packed with great bars, cafes and restaurants, and there is also independent cinema Kino, the White Cube Gallery, and a new theatre at One Tower Bridge.
There are also several “outstanding” primary schools. Homes in Bermondsey are not cheap but Knight Frank suggests moving south towards Old Kent Road, where major regeneration is being planned, to find better value and price growth potential.
2. NORBURY
On the principle that gentrification has a habit of spreading from one neighbourhood to the next, Luke Levy, sales manager of Andrews in Norbury, believes that the popularity of Streatham will eventually reach its better-value neighbour, with its good supply of Victorian and Thirties houses.
“Construction is due to start in 2019 on the new Westfield shopping centre in nearby Croydon and this is already driving a real spike of interest in Norbury,” he says. “When this is coupled with the area’s excellent transport links, which connect it to central London by main line rail in just 25 minutes; its ever-increasing, eclectic mix of retailers and eateries and its excellent schooling, it’s clear to see that Norbury is an area with a positive future”.
3. TOTTENHAM
Masses of regeneration planned in this slightly run-down portion of north London makes it a go-to option for Mark Lawrinson, regional director of Portico, who points out that in a buyers’ market there are deals to be done. “Buyers should look to Tottenham as an excellent place to invest,” he says.
“The regeneration scheme known as High Road West has already begun to transform the area, and it is expected to deliver 10,000 new homes and 5,000 jobs by 2025, along with shops and restaurants to support the local area. This development, along with the completion of Tottenham Hotspur’s new football stadium, is expected to send house prices soaring from their current average of £424,000.”
4. FOREST GATE
The Elizabeth line might be seriously delayed but it is coming, and its impact on house prices and connectivity has been undeniable. Portico’s Mark Lawrinson likes Forest Gate for its “excellent Victorian homes in easy reach of the City”.
He adds: “The area has good state schools and is within walking distance of Westfield shopping centre at Stratford and the Olympic Village. The area is a stop on the new Crossrail line, and is expected to become even more popular when it arrives.”
5. TOOTING
For second steppers who want to raise their family in the capital but have been priced out of wide swathes of south-east and south London, buying agent Sara Ransom of Stacks Property search recommends SW1.
“Tooting is a family neighbourhood with plenty of shopping and restaurant options, surrounded by large green spaces such as Tooting Common yet with a direct commute on the Northern line into the city,” she says. “The lovely Victorian and Edwardian houses with fair-sized gardens are 10 to 15 per cent cheaper than in Balham which is just one Tube stop to the north.”
6. BETHNAL GREEN
This slice of authentic old school east London has stubbornly resisted gentrification, despite its proximity to Shoreditch. But behind the clamour of Roman Road Market and shabby shopping streets such as Bethnal Green Road, there are streets of outstanding period houses and great warehouse conversions, while major housebuilders are circling the area with hundreds of new homes in the pipeline which should help boost – or at least stabilise – prices.
Alongside new homes, Bethnal Green is starting to see investment in its social and cultural life. A £45 million boutique hotel plus an art house cinema, with restaurant and rooftop kitchen garden, will open on the site of the Art Deco former Rex Cinema in early 2020, while the Victoria & Albert Museum is planning a £3.3 million overhaul the Museum of Childhood.
7. HANWELL
Often eclipsed by its better-known neighbour Ealing, this future Crossrail spot will eventually offer a 15-minute commute to Tottenham Court Road. Unlike big-bang regeneration zones, Hanwell is already a well-established, pretty leafy neighbourhood with good schools, and there are plenty of coffee shops and bars in Old Hanwell.
By west London standards Hanwell is an affordable option. You’ll pay around £400,000 for a two-bedroom flat, or between £550,000 and £650,000 for a three-bedroom semi. The area is also seeing inward investment including the regeneration of the Copley Close estate.
