The town of Croydon has seen a recent boom in property rates, with homes that were proving difficult to sell last year now going for an average of £50,000 over the asking price.
The South London town has always been an important commuter refuge, providing easy access to the centre of the capital while simultaneously developing into a thriving hub of urban activity in its own right.
Incorporated into Greater London in 1965 (previously, the town was part of Surrey), it is home to both a major national rail train station (East Croydon) and a wealth of commercial and industrial enterprises.
Reigniting The Housing Market
From the recent government focus on reigniting the housing market to demand proving greater than supply in some areas, commenters have all got their theories as to the cause of the Croydon spike. One of the most likely ones, however, is that the increase coincides with the announcement of a new £1 billion shopping centre planned for the town centre, further emphasising Croydon’s standing as an expanding and desirable London location.
The house price rise has also, unsurprisingly, raised a few eyebrows among local estate agents, who are reporting record numbers of house views and bidding wars from buyers looking to bag property in the town. Stories such as the one referred to by Ayyaz Choudry, manager of independent company James Chiltern Ltd, in which a home put on the market at Â£180,000 sold for Â£195,000 less than 24 hours later, have become increasingly common.
Croydon Gold Rush
Despite this, property rates still remain lower than in the centre of London, and part of the Croydon gold rush could be down to people emigrating outwards in the search for more affordable alternatives. This could spell danger for the current residents of the town, as they may soon be priced out of their own area as the big spending buy-to-let landlords come down from London looking for cheaper investments.
While Croydon is not alone in this latest housing price spike across the capital (Hackney has seen a 19.1% hike, while a massive 33% has hit across Tower Hamlets), it is significant due to its location further away from the city.
There is an alternative to leaving the inner city in search of a cheaper home, however. Many in London choose to explore the option of extending their current house instead of moving to find a bigger living space to accommodate growing families etc. Adding a loft conversion to your home is the best sure-fire way to add value to the property, allowing you to create more space for a new bedroom, bathroom or living area without incurring the cost or stress of buying a new house and moving.
Here at LMB Group, we are one of the leading providers of attic conversions across London, Croydon and the surrounding areas, providing extension work tailored to the exact requirements of the property.
We work with you from design to completion, taking care of every step along the way to ensure the best results, and offering competitive prices across the board.
Get in touch today for more information, or to request a quote.