Press Article
METRO - 21 April, 2011
Up and coming areas to buy property in London
By Jo Eccles
By its very nature, ‘prime central’ London has always seen higher than average property prices, but the recent influx of wealthy foreign buyers has meant that prices in areas such as Marylebone, Kensington, Chelsea, Knightsbridge and Mayfair, have inflated even further. So, if you want to find the next best thing, you need to do your research and think outside of the box.
Homes in areas surrounding prime locations typically offer better value for money. We recently worked with a client who was looking for a two bedroom flat in Marylebone; we were able to find a suitable property, but also found a flat of a similar size and quality in neighbouring Fitzrovia, for almost £200,000 less. Whilst Fitzrovia is slightly quieter, it has excellent transport links (5 tube stations to be exact) and is only a 10 minute walk from prime Marylebone Village. The client fell in love with the flat and saved a lot of money by considering an area which they would have otherwise overlooked.
Properties in up-and-coming areas can also be great long term investments. Earls Court, for example, borders South Kensington and Chelsea, both of which are notoriously expensive and in demand. It has recently been announced that 7,500 new homes will be built in Earls Court, which means that local amenities and infrastructure are undoubtedly set to improve to cater for the increase in residents; this is likely to boost property prices in the area.
It is always a good idea to widen your search radius when looking for a property and consider peripheral areas. You may have your heart set on a particular area, but it is always good to know what your money could buy a few miles down the road.”