If you look at the property market, one of the most interesting things is to see how hotspots develop. Areas can be completely transformed when there is a surge in popularity. It can turn a spot that was in desperate need of an upgrade into a sought-after location. As one of the top options for a lettings agent in Bexley, we want to have a look at how Millennials have changed hotspots in London.
Previous hotspots
Generations before Millennial were drawn to Clapham. It was an affluent spot in the 17th, 18th, and 19th centuries. By the 20th century it had fallen out of favour and become a regular commuter spot. However, in the 80s it became a very popular spot once again and there was a lot of gentrification. That put it on the map for a lot of people, making it a trendy, desirable place to live.
Hoxton was another area that had a similar renaissance. In Tudor times it was home to numerous large manor houses. Public gardens made it very popular with affluent people at the time. However, by the Victorian era it became a poorer area. But, in the 80s it became a hotspot for artists. In turn it transformed into an entertainment district. Again there was gentrification along the way.
New hotspots
Today it is costly to buy or rent in established hotspots like Clapham and Hoxton. So, Millennials are targeting different spots instead. According to research by Savills, they are focusing on spots on the Eastern and South-Eastern fringes of London. This includes places in Bexley, Bromley, and Havering. People in the 31-40 age bracket favour these spots.
As one of the best partners if you need a lettings agent in Bexley, we appreciate why this part of the city is so popular. It has plenty to offer, including great schools. The affordability is important too. The average price for a flat is £245,000, so it is more accessible than many other parts of the city. Houses have an average price of £459,000, again making them more affordable. Bexleyheath is a particularly great option for young families.
Bromley is another wonderful spot. It has a village feel, with quiet residential areas of period properties. At the same time there is plenty to do if you take a walk into the town centre. Here you can find pubs, restaurants, and shops. It is a great place to relax. Commuting is relatively easy too, even if it does take a little longer than some suburbs.
Havering is the spot of choice for people who love greenery. There are lovely parks and nature reserves to explore. Plus, the high street has plenty to offer in terms of amenities. Commuters are well catered for too, with several Tube stations. Prices are still affordable, just slightly higher than Bexley.
Talk to a lettings agent in Bexley
All three spots are great for buyers, whether you are looking for your own home or an investment opportunity. We can help with the latter if you buy and then need a solution for tenancies and management. We have a wealth of experience here and work with local authorities to offer guaranteed rent schemes. They could be exactly what you are looking for.
We would be happy to assist, giving you all the help you would expect from a lettings agent in Bexley and more in the bargain. So, speak to Finefair Ltd today if you need help in this area.
