The city of London is now offering new opportunities when it comes to house buying, with almost 65,000 affordable new homes planned to be built in the capital per year.
Sadiq Khan, the Mayor of London, has a draft London Plan, which means that the London property map will be significantly changed. Due to high prices in parts of central and inner London, young buyers have had to look at other areas if they want to invest in property.
Parts of London that would not normally be top of a property shopping list are being revitalised with a series of regeneration projects and transportation upgrades, which is creating brand new hotspots and opportunities that are hard to ignore. The Mayor’s plan has set out targets for each borough in the city as well as identifying ‘Opportunity Areas’ in which large amounts of investment are being directed. These ‘Opportunity Areas’ are priority zones where development and regeneration are to be progressed.
There are as many as 30 areas designated for this attention, and the process has already begun in Stratford and Nine Elms. It now seems that Charlton Riverside, Colindale, Cricklewood, Harrow, Kensal Canalside, Catford, New Cross, Ilford, Southall, Park Royal, Woolwich, Thamesmead and Abbey Wood are next in line for a period of regeneration.
Buying a property in London has never been easy, but moving away from the typically popular areas to these up and coming hotspots could prove to be a profitable investment.