The City of London and the surrounding areas are now part of the prime property market. This is a result of a combination of increased job creation and strong buyer demand, underpinning the price growth. In a new report, it’s said that the city has been transformed as a result of a variety of cultural and economic factors in the most active residential areas.
The analysis of the report clearly shows that transactions in the area of the capital running from Farringdon to Whitechapel were 19 per cent higher than last year and up to 42 per cent higher than four years ago. In addition, the report also goes into detail regarding how certain areas are benefiting from the existing high quality property stock such as Georgian terraces and period commercial buildings, a few of which have already seen conversions into open plan, large scale residential buildings similar to those seen in New York.
Northern areas of London boast many cultural hotspots such as Colombia Road Flower Market, Whitechapel Art Gallery and Brick Lane. The abundance of landmarks and places of interest in the area has helped to contribute to the increasing buyer demand. As more and more commercial areas are purchased and used, there are increased numbers of workers looking for living spaces, further boosting the demand for residential areas and tempting developers.
A key factor in the growth is transport, because not only does it strengthen the commercial appeal of the area but it also benefits residents already living there. Currently, the areas included in the report are well served with over and underground tube networks, and in a few years the areas will also have access to high speed Crossrail trains, halving the time spent travelling to airports and across the city. Crossrail 2 – a secondary high speed line – has also been discussed, meaning that the future looks bright for London in terms of property and infrastructure. It is said that the developments will continue to serve as underpin for the residential sector.
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