London is undoubtedly one of the most popular cities in regards to property; its property market has remained relatively unscathed by the recession. Property prices are extremely high, due to this demand, especially with a strong foreign presence. So where are the hotspots in the Capital? Where is the best place to risk that commercial mortgage? And which of these areas are set for greater things as we enter the New Year? Using one the UK's most exclusive property websites FabricProperty, we take a look.
Marylebone, the sophisticated West End: The west was inevitably going to be on the list, but in a mini surprise, it's Marylebone that tops the list and not the usual Chelsea, Fulham, Mayfair et al. No doubt being more affordable than these spots is its major advantage, as well as a short distance being a short distance from Regents St, Oxford Circus and Harley St. Marylebone benefits from having cracking access to four underground lines from four different stations ( Regent Park, Bond St, Marble Arch and Oxford Circus). Not only is it a commuter's dream, but living near a train station can add as much as 20,000 to a property (according to a Nationwide Building Society paper).
Marylebone is regarded as one of the most vibrant and lively districts in the Capital making it a number one choice for many high profile individuals. The main landlords operating in the area are the Howard de Walden family who are ranked tenth on the 'Estates Gazette Rich List 2010'; to label the area as exclusive is an understatement. However, research suggests that the main drivers of the property market in Marylebone are in fact Europeans looking to make secure investments; in excess of 50% of buyers are reported to be foreigners.
However, there is an extreme lack of affordable properties to purchase in the area, with the largest revenue actually coming from rentals. Therefore there is little room for redevelopment and instead proves a desirable choi ce for the younger generations who cannot jump onto the property ladder in the current market. As a result, the area's buy to let market is definitely one to watch for 2011.
Round the corner to, West Marylebone: Inevitably, those that cannot live in the area they want will probably move round the corner to West Marylebone. At the moment, property prices are lower than for Marylebone proper and are low by Central London standards in general. With plenty of space for redevelopment that probably won't last for long though, York St and Shillibeer Place have seen large developments in the last few years, showing the area is also on the up. As for Underground access to the area, Edgware Road station is a 1 minute walk from the area.
The picturesque Hampstead Heath and Village: Third on the list is the countryside-esque Hampstead Heath and Village. This area is particularly popular with young families as it represents suburban life in easy reaching distance of the city centre (hence the term 'village'). The heath is just that, an abundance of green open space that enforces a quieter and more relaxed atmosphere. Additionally, the area is home to numerous top state and private schools; a young parents perfect location!
As is going to be the case with all these hotspots, the transport links are second to none, on the Northern Line plus a dozen or so bus routes that link to Camden for good links to a major shopping area can only be a bonus. Rental properties can be forgotten about as availability has never been lower, but considering the beauty of some of the houses that is understandable, houses on Church Row (considered the nicest road on the Heath) go for a cool 2 to 8 million. With house prices i n Camden on the rise again, which is next door to Hampstead Heath, it can only mean good things for this hotspot.
South Hampstead: One of the most unique characteristics of this area is that the main high street hasn't yet been overrun by the high street chains. There are swathes off character in the area, which makes it a favourite with those who enjoy the more traditional lifestyle. However, South Hampstead still has an extremely central location and major streets such as John's Wood, West End Lane and Broadhurts Gardens are just a short walk away. The area is famous for its high volume of famous residents including Emma Thompson and Matt Lucas. Studio apartments in the area have a starting price of around 200,000.
Mainstream Covent Garden: The worst thing that can be said for an area in London is that it's one of the more affordable areas; Covent London falls into this category, unavoidably, saying that is the kiss of death as house hunters' flock in droves to the area. The regeneration of the area combined with Regent St returning to be in vogue has meant a surge in property prices and desirability. As always in the Capital throw into the mix the usual international property investors and speculators and it's an area that's being driven back to the top by dynamism and affordability.
And for expensive streets try Belgravia: One of the most expensive streets in Europe, the average price here is an eye watering 6 million. With that in mind, it's not a surprise that it gained the honour of 'most desirable postcode' in 2010, incredibly popular with foreign millionaires as its property is incredibly modern, it doesn't take a genius to guess that Belgravia remained unaffected by the recession.
Last but not least, Islington: Islington is the creative hub of London and a massive favourite with students. To match this demand, there is a huge amount of buy to let properties on the market. One bedroom flats usually start at arou nd 1200 a month, whereas homes to buy have a starting price of over 2.5 million. A hefty amount I'm sure you'll agree! Islington has a total of 3 underground transport links in addition to a scattering of over ground railway stations. Islington was one of the only areas in the whole of the UK to remain completely unaffected by the recession and so it has started the New Year with plenty of prospect.
So, to summarise, it would seem that the main driver of growth in London's property market are in fact foreign buyers. These top 7 property hotspots represent London's most exclusive areas, emphasising how such investors are attracted by exclusivity just as much as comfort and practicality. In essence, foreign buyers are searching for secure investments, and property in London certainly doesn't disappoint!
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