It’s no secret: London property prices are astronomical, skewing the national average and still rising at a rapid pace.
Between September and October this year, house prices grew by another 10% in the capital, and those looking to buy in the area will have to have a nose for a bargain or end up massively out of pocket. A recent surveys carried out by the Telegraph amongst others have provided an insight into some of the most popular places to both buy and invest in property in the London area, giving you an idea about what might be possible in your home.
1. Wandsworth
The South West London borough of Wandsworth is famous for a couple of reasons. Firstly, it is home to one of Europe’s largest prisons. But, on a more positive note, it is also famed for having the lowest council tax charges in the country, and this – coupled with the number of attractive Victorian townhouses in the area and the nearby Wandsworth Common – make it a great place for investment and renovation.
2. Kingston upon Thames
An important Roman stronghold in centuries passed, Kingston is located on what was once the next point over from London Bridge where a safe crossing of the Thames could be made, and the affluence afforded to the area by this remains in part today.
Property prices here are expected to rise by 19.8%, according to real estate experts Savills, so investing in extensions, such as loft or garage conversions, could be hugely profitable in this area.
3. Croydon
A recent £1 billion investment into this popular South London region has seen a recent spate of high-end residential properties being built, with average house prices on the rise accordingly (average value is currently around £260,000).
More than just a commuter town, Croydon has long sustained its own culture and centres of commerce while simultaneously having great transport in and out of the central areas.
4. Kensington and Chelsea
The potential value in developing property in two of London’s most affluent areas needs no explanation. With another 25% increase in property prices predicted over the next half a decade, the apartments and townhouses of Kensington and Chelsea are an investor’s dream.
5. Westminster
Although known mostly as the home of UK politics, not to mention a heavily touristy area, Westminster also contains some of the capital’s most highly treasured property. With increases forecasted to be around 25.6%, and a fantastic location with links to high quality schools and the bounty of central London, those with sufficient capital should put Westminster at the top of their list for property development projects.
Should you choose to embark on property development, from loft conversions to garage extensions, in the South and South West London areas, call on the professionals at LMB Group We’ll give you impartial advice and ensure you get the best out of your home.
Get in touch with LMB Group today for more information.
