What exactly determines whether an area is a hot spot or not? First of all, the sun has nothing to do with it nor does the hottest temperature an area reaches in a day. Hot spots aren’t hot because of their temperatures; they’re hot because of their status. A status that consists of stability, growth, and in-demand products and services as well as an ideal and central location to everything. London has many favorable hot spots and you can bet that people will be flocking to them in the next few years.
London’s hot spots are considered to be so for many reasons in addition to those mentioned up above. These hot spots are highly accessible via the transport links that run through them, they possess a desirable and promising housing market, and the extent of development in the form of shopping centers, malls, restaurants and other forms of leisure and entertainment is very active. There are 5 main areas in London that portray all of these “hot-spot” qualities.
These are the top 5 property hot-spots in London.
The city of London and Eastern Fringe could easily be considered the watering hole for the rich as it’s seen an increase of more than 30% of residents who would fall under the “wealthy achievers”. This has all happened within a span of 5 years and with ongoing developments such as the Heron and the Four Seasons Hotel and Private Residences. No longer will this city be recognizable as the residential area as it was once known for as soon as more developments are up and running. And with the convenient Crossrail station running through the town, just as many individuals will find themselves leaving the city as there are entering it.
The current value of homes in the area of £800 – £1,000 per square feet with a 118% rise in population
City Road Corridor will be the professionals’ ideal location. It’s walking distance from many workplaces and offices as well as an exciting and busy nightlife in neighboring cities like Shoreditch, Clerkenwell, and Angel. It too will be a major redevelopment area with big names like Intel, Cisco, and British Telecom looking to invest in the growth and future of City Road Corridor. The only downside to this planned project is the estimated time of completion, which is approximately 10 years.
The current value of homes in the area of £625 – £775 per square feet with a 36% rise in population
Earls Court was the host of the Volleyball Olympic this past summer and now the Earls Court Exhibition Centre site is well on its way to being redeveloped. In addition, there will be about 7,500 new homes being built in a cluster of 4 smaller villages that are near a new park. With the new homes and other new developments in progress, it won’t be long until this area becomes a prime central London market.
The Current value of homes in the area of £1,250 per square feet with a 60% rise in population
Farringdon will consist of all new travel links going through the city and therefore will result in increased values. This will turn this city into a major connection for Crossrail as well as a transportation provider to workers and residents who need overland services and fast and direct access to three of London’s airport. With the improvement of retail and amenities over the last decade, you can expect prices to slowly but surely climb up.
The current value of homes in the area of £850 per square feet with a 52% rise in population
Hammersmith developers have been in careful and painstaking negotiations in regards to the residential development of the area which includes the number of affordable homes that will be built. In terms of transport links, the area is sufficient and very accessible from Heathrow. The city’s growth is stable and very accommodating to the new developments.
The current value of homes in the area of £700 per square feet with a 78% rise in population
If you’re relocating from a different part of the UK or maybe even coming from a country outside of the UK, then take into consideration these popular and thriving areas. It’s a common theory that people go where the masses go and the individuals who are left behind eventually follow at the end. So whether you’re a part of the mass that’s already established itself in these hot spot areas or if you’re the individual that’s just now entering the scene, be ready to experience growth and changes at a considerable speed in the property hot-spots of London.