Forecasts for property prices in London suggest an average fall between 5 and 10 per cent in the year to come. However, there are some areas which are expected to outperform market trends. There are four up-and-coming postcode areas in London where big change is expected in 2023.
South-east London
The south-east of London is attracting attention from buyers looking for more affordable properties. Conveyancing solicitors London report a significant growth in interest in areas such as Penge. Situated in SE20, Penge offers excellent value for money with well-constructed Victorian houses, period conversions and cottages. Here, you will also find quaint former alms-houses converted into two-bed homes. Penge also benefits from two stations, meaning Victoria and London Bridge are just twenty minutes away. In addition to good transport links, a good standard of education is also on offer, with many schools in the area having a ‘good’ Ofsted judgement. For more detailed information about schools in the area, Triangle, the vibrant community hub in Crystal Palace, is just a short walk away and nearby Maple Road has seen many coffee shops and restaurants open in recent months.
The former Elizabethan dock of Rotherhithe in SE16 is on the River Thames and has fantastic views over Canary Wharf. Although it has historically missed out on regeneration seen in nearby areas such as Bermondsey, it is set for a £3.3bn development which will see 53 acres of riverside land transformed, with shops, offices, restaurants and leisure services as well as 3,000 new homes. The first of these will go on sale early in 2023 and are planned to be completed next year. This is expected to attract the young and affluent professionals who work at Canary Wharf, who will be enticed by the new facilities and a brand-new high street. Two-bed properties with views of the river are expected to cost between £500,000 and £600,000. The equivalent sum would only buy a one-bed in Canary Wharf. Transport links are also good, with three stations close by.
North London
Finsbury Park is located in N4 and was once considered basic and lacking in facilities. However, buyers have become increasingly interested in the area as they have found themselves priced out of Camden and Islington and this has led to coffee shops, wine bars, gastropubs and restaurants springing up. There are also many green spaces locally, such as Finsbury Park, Clissold Park and the Woodberry Wetlands Nature Reserve. As more and more businesses open in the area, demand is expected to continue to grow, along with property prices. If you are interested in finding out more information about this area, there are specialists with detailed location knowledge such as: https://www.samconveyancing.co.uk/Conveyancing-Solicitors/conveyancing-solicitors-london.
Finally, Brent Cross in NW4 has recently seen substantial investment, with an £8bn project to build 6,700 new homes. In addition to this, parks, sports and leisure facilities, shops, restaurants and office space will be created and the existing shopping centre in Brent Cross will also be redeveloped.