The term up and coming means different things to different people. Some will view this is a monetary sense as is where best to buy property to make a killing in a few years where as others will wonder how long it will be before the next Notting Hill comes along.
House prices are rising across the country but nowhere as near as fast as they are in London with some areas showing bigger growth than anyone predicted, which has seen many homeowners rubbing their hands in glee as they see the value of their properties go up and up without having to lift a finger.
At a time when it is getting harder for first time buyers to get their foot on the property ladder, we have compiled a list of areas that are on the up and up. Factors taken into consideration include housing, the projected rise of property values, amenities, locale and the planned improvements that have been earmarked for these areas. At the time of writing, these are the top 10 up and coming places in London.
This is the first of five areas within the borough of Hackney which have been earmarked as ones to watch and they all make our list. Property prices have risen here by 50% since 2007 and they average house falls into the £350-400,000 bracket. Not the prettiest of boroughs by all means, Leabridge has a good variety of shops and night life and the current property prices make it one of the most affordable areas of London without going into the inner city.
9. King’s Park
Also in Hackney, the property prices are at the same level as Leabridge and have risen by 44% on average since 2007. The main draw here is the wide open space of parkland which gives the area its name. The neighbourhood benefits from affordable housing, good schools, a buzzing high street and having a large park on your doorstep in London is always a plus.
8. Telegraph Hill
This not exactly attractively named area of Lewisham is in fact a conservation area that offers stunning views over and also benefits from a beautiful park. The vast majority of the houses here were constructed by the same builder so there is a uniformity to the area without them being boring. The average property price today also falls into the 35-40K bracket and has seen a rise of 37% in the past 5 years or so.
Our third trip to Hackney takes us to Cazenove, an area that is little known outside of London. This area is to the north of Stoke Newington Common and becoming very popular with young professionals. These are the kind of buyers that really boost an area and even thought the average price still falls into the same bracket as those above, they are steadily on the rise with a 36% average growth over the past few years.
Some view Hoxton as THE next big area in London where everyone will want to live, others are more reserved. It is becoming increasingly trendy, the housing prices have risen by 34% and are now also around the 350-400K mark. Sitting in the east end it is the fourth entry for Hackney on this list, and could be the best of the lot depending on which side of the fence you sit on.
Syon in Hounslow is another little heard of area, but that hasn’t stopped those with a keen eye on up and coming areas tapping into this market. With a landscape dominated by the excellent park it takes its name from, once again the housing prices have risen in Syon to put it into the £350-400,000 bracket. Prices have risen by 31% in the last 6 years or so, making those who bought into Syon at the back end of the noughties laughing all the way to the bank.
Ask anyone to name areas of the central London and only a few will think of Portsoken, and the vast majority will be saying “where?”. This is an historical area in the east of the city beyond the former London Wall towards Aldgate. Affordable housing to close to the city centre is rare, so much so that since 2007 property prices have risen in Portsoken by a staggering 73% yet the average prices still fall into the very affordable £400-500,000 price bracket.
Our last trip to Hackney sees us in Queensbridge, a pretty decent area to be fair where ex authority housing has been tastefully transformed into smart apartments much favoured by young professional couples. With house prices now averaging £4-500K, having risen by an impressive 47% in recent years, Queensbridge is certainly an area to watch as planned rejuvenation in Hackney should make the 5 areas on this list even more appealing.
2. Thurlow Park
Thurlow Park is an administrative division of Lambeth in south east London and has seen a huge surge of interest over the past 5-6 years pushing house prices up by an average of 41% to see them for the first time in the 4-500K area. A decent mix of houses and apartments and the large expanse of green it is named after, Thurlow Park is becoming something of a buzz word for property investment in 2014.
The suburb of Hendon in Barnet is the image most people conjure up when they think of life in suburbia. Best known for its school and RAF base, Hendon has a buzzing high street, wide tree lined avenues, great shops, restaurants and bars and is fast becoming a much sought after area. Despite a 37% leap in property prices, the average home in Hendon still falls in between 4-500K and you also get an awful lot for your money, making it a highly desirable proposition for potential investors.