Greater London is built up of a series of mini housing markets, each with its own market dynamics. Not surprising when considering a city which covers an area of roughly 600 sq miles and has over eight million residents!
While we are all pervious to the issues of rising house prices and a lack of supply, a new report from the property group, CBRE, has analysed the various boroughs of London, their levels of affordability, and each one’s suitability for different buyers and tenants.
In this third part of a four part series, we cover the benefits of investing in Kensington, Barking and Dagenham. But don’t miss out on the benefits of buying in Bayswater, Dalston and Clerkenwell or Fulham, Hammersmith and Camden.
Occupying only 1% of London’s total area, Kensington remains the most prestigious and sough after borough in the whole of London. Avid buyers watch out as the borough is dominated by cash buyers and overseas investors with deep pockets.
Average house price: £1.4m
Average rent: c. £3,500 per month
Expected house price growth over the next five years: c.4% per annum
Get professional advice: Palace Gate (www.palacegate.com) have long been an established name in the area, book a meeting with one of their property experts now to discover the area.
7 Barking and Dagenham
Lying around 9 miles (14.4 km) east of Central London, the boroughs of Barking and Dagenham have seen an outstanding house price growth of almost 20% in the last 3 months. In 2015, The ‘rise of the suburbs’ has been truly remarkable as the un-affordability of central London and the rise in stamp duty for properties above a £1m have led to a flooding of young buyers and investors into these markets. Still seen as one of the London boroughs with some of the lowest house prices and most sensible house value to earnings ratios, Barking and Dagenham is a favorite amongst first-time buyers.
Average house price: £275,000
Average rent: c. £1,000 per month
Expected house price growth over the next five years: c.6% per annum
Get professional advice: Moving Pad Estate Agents (www.movingpad.com) are your property experts on call if you are interested in this area.