It is no secret that property prices and the cost of living in London are both very much on the rise. With more and more people vying for the valuable properties on offer in the UK’s capital, it is no wonder that property prices in traditionally ‘desirable’ and popular areas are going through the roof. The price ceiling that used to exist has been well and truly smashed. What hasn’t been appreciated and fully utilised by consumers yet though, is what is up and coming in South London and its surrounding areas.
However, that’s not to say that renting and buying properties in London is totally out of reach. Yes, some properties require an initial deposit that is more than you would pay for a property’s entire value out of London. However, there are areas of London, particularly in South London, that are becoming very desirable and whose popularity is re-surging.
There are many homeowners and proprietors in South London who are already cashing in. for example, loft conversions in South West London are on the increase, renovations and home improvements and much more.
Aside from the obvious price factor in London, another reason why parts of South London are becoming more and more popular is because these parts offer something not just full of prospects, but something special and unique.
Expanding Transport Links
With the tube network in London expanding and improving year on year, connections and transport hubs connecting people to South London are improving. Additionally, whilst certain parts of London offer luxury, others greenery and many others offering an ‘urban feel,’ South London offers a great combination of all.
Additionally, by locating oneself in South London, areas on the fringes of the capital are not far away, meaning that you get the benefits of owning a ‘London property,’ whilst being able to enjoy some of the benefits of not being caught up in the melee of everyday life in the capital.
This is being reflected in the rise in property prices throughout areas that in past years wouldn’t even get a second glance when it came to property investments or home ownership.
Take Croydon for example, where a recent survey by Zoopla found that property prices have risen by around 13%. Average property prices there are now more than £300,000, which whilst still a lot of money, is significantly cheaper than say West London. The London average house price is more than £500,000, which certainly goes some way in demonstrating Croydon’s potential.
With all this said and done, Croydon has become a haven and a very popular and wise choice for many of the capital’s first time buyers who not only see a bargain, but also the potential available. It is becoming one of the best areas in London for first time homebuyers.
With loft conversions increasing properties’ values, especially in the case of London loft conversions, being clever; acquiring a property in South London and then converting its loft, could see you increase the value of the property by more than the impressive 13% which has already occurred.
London will always remain a popular city to invest in when it comes to the lucrative property market. However, for those who are not able to afford what is on offer north of the river, you might be pleasantly surprised if you take the short journey down south and check out what’s available.