Certain areas can look forward to even greater rises than the capital’s average. Large-scale projects such as Crossrail not only improve commuter links and reduce journey times into the City, but also benefit buy-to-let investors by creating new and enhanced pockets of desirability. In South East London, for example, Abbey Wood is already enjoying the Crossrail effect.
Other property hotspots include Woolwich, where new waterfront towers will provide 5,000 new homes, and Southall, with its new development of 3,500 canal-side homes. New Bermondsey is perhaps the most ambitious regeneration plan, encompassing 20,000 new homes and its own underground station.
The potential for rental property in London – particularly in locations enjoying such large-scale development – is demonstrated by areas such as Borough and Elephant and Castle. These locations have been transformed in recent years and are now hugely popular with young professionals, as is the Hoxton area just to the north of the city.
16% of Outer London’s population is aged 25 to 34. The figure rises to 25% for Inner London, compared with the ONS’s figure average UK figure of 13%. These bright young things are drawn to London’s employment opportunities, cultural pursuits and world-class social scene, but many of those who head to the city will never be able to afford to buy there. Figures from Savills and the Land Registry show that the average property price in London is £530,000, while the median inner London salary stands at just £34,000 a year.
Demand for rental property in London is thus incredibly high and buy-to-let property investors are an essential part of the city’s housing offering. Whichever part of the city you turn to, buy-to-let property investment in London is an exciting prospect. The London housing market has unique attractions, which the Surrenden Invest team would be delighted to discuss with you in more detail. Our exclusive, off market property investment opportunities in London and end-to-end property management services mean that you can sit back and relax while our property and financial experts handle the everyday running of your portfolio.