* Price ripples spreading from prime central London are driving up values in surrounding districts. New research tips 16 lower-priced areas for potential house price growth over the next 10 years* New homes in Lambeth, Shepherd's Bush, Southwark and Shoreditch are predicted to hit the £2,000-a-square-foot threshold (usually only achieved in prime central London) within five to 10 years* Neighbourhoods on the fringe of the West End - such as Victoria and St John's Wood are likely to reach this sooner
The area from Nine Elms to Vauxhall Cross, currently priced between £800-£900 a sq ft, will change out of all recognition over the next 10 years
Price ripples spreading from prime central London are driving up values in surrounding districts to such an extent that new-build homes in Lambeth, Shepherd’s Bush, Southwark and Shoreditch are on course to hit the £2,000-a-square-foot mark within five to 10 years.
Some neighbourhoods on the fringe of the West End — such as Victoria and St John’s Wood — are likely to reach this level sooner, according to property consultant CBRE, which has published its June 2013 report on growth areas, highlighting districts to invest in for the short, medium and long term.
“For many years, the £2,000 price threshold was limited to the golden postcode boroughs of Westminster and Kensington & Chelsea, but these areas now command in excess of £4,000 per square foot and buyers are having to search further afield for their homes,” says the report.
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Property values in Wandsworth
For buyers who are prepared to take a punt on a more raw location, Elephant & Castle is the only area in travel Zone 1 where you can buy new for less than £700 a square foot.
Trafalgar Place is the first new private development on the demolished Heygate council estate at the heart of the £1.5 billion Elephant & Castle regeneration zone. It has 235 homes priced from £310,000. Visit trafalgarplace.co.uk.
City North is the largest regeneration scheme undertaken in Islington borough since Arsenal’s Emirates stadium project. Being built on a trading estate close to the train station, the centrepiece of the development is a pair of 21-storey skyscrapers. There will be 308 homes, including apartments for families, plus offices, restaurants and shops. Prices start at £275,000. Completion is scheduled for 2016. Contact developer United House on 01322 665522.