Home Residential PropertyTen areas tipped for house price growth

Ten areas tipped for house price growth

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7th Jul 17 12:34 pm

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Despite Brexit and political uncertainty, house prices across the UK are forecasted to rise by over 6% over the next five years, with house prices in London set to soar by 11.8% by 2021.

According to Barclaysโ€™ latest research, this healthy house price growth will be a result of high employment rates coupled with increases in average earnings, as well as a rise in young investors looking to make money through bricks and mortar.

Clearly thereโ€™s a lot to gain from buying in up-and-coming areas and watching the value of your property climb – but where should you invest?

Porticoโ€™s resident property experts revealย ten areas tipped for house price growthโ€ฆ


Hayes

Average 2 bedroom house price*:ย ยฃ340,000

Average 2 bedroom rental price*:ย ยฃ1,250 pcm

Highest potential rental yield using the Portico Rental Yield Map*:ย 5.1%

Killer reason to invest here:

โ€œWhen Crossrail launches in Hayes next year the area will suddenly be much more accessible and desirable to both investors and first-time buyers. Currently this west London town is only served by Great Western railway at Hayes & Harlington station, but from 2018 the Elizabeth Line will take residents into the West End in just 20 minutes and into the City in under half hour.

Regeneration is currently smartening up the town centre, which will help deliver economic growth, jobs and a thriving economy. New pavements are currently being created on both sides of the road, additional street lighting improvements are underway, and a โ€˜Made in Hayesโ€™ new landmark and sound clock is in production. The council hopes this will give Hayes the wow factor; I think it will make it an attractive hub for young professionals and young families who can get more value for their money here than in other parts of west and east London.โ€ Vatche Cherchian, Regional Director, Portico.

View properties for sale on the Crossrail line.


Enfield

Average 2 bedroom house price in Enfield*:ย ยฃ380,000

Average 2 bedroom rental price in Enfield*:ย ยฃ1,325 pcm

Highest potential rental yield in Enfield using the Portico Rental Yield Map*:ย 4.4%

Killer reason to invest here:

โ€œWeโ€™re seeing an increasing number of people venture further out of London to get more for their money and Enfield is the last major area before you go outside the M25. It has great transport links for road users and several stations taking commuters directly into Moorgate or Kingโ€™s Cross, as well as great schools and a good mix of both houses and flats, making it an attractive area for professional couples andย people looking to start a family.โ€ Mark Lawrinson, Regional Director, Portico.

Has your property gone up in value? Find out in 60 seconds with Porticoโ€™s Instant Property Valuation tool.

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Hanwell & West Ealing

Average 2 bedroom house price in Hanwell*:ย ยฃ580,000

Average 2 bedroom rental price in Hanwell*:ย ยฃ1,400 pcm

Highest potential rental yield in Hanwell using the Portico Rental Yield Map*:ย 4%

Killer reason to invest here:ย ย 

โ€œNeighbouring Hanwell and West Ealingย will be serviced by Crossrail next year and have already seen some healthy property price growth as a result of this. I expect property prices in the area will continue on their upward climb over the next few years.

Hanwell has really come into its own in recent years thanks to a thriving array of small businesses and a great community spirit. The area boasts a wide variety of different types and styles of property, from large Victorian and Edwardian family houses to new build developments and smaller maisonettes, and excellent local schools, including the high performing Insights Independent School.โ€

Vatche Cherchian, Regional Director, Portico.

Hanwell&West Ealing

Source: Portico

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Average 2 bedroom house price in West Ealing*:ย ยฃ565,000

Average 2 bedroom rental price in West Ealing*:ย ยฃ1,600 pcm

Highest potential rental yield in West Ealing using the Portico Rental Yield Map*:ย 3.6%

Killer reason to invest here:

โ€œEaling is already one of the best connected locations in London, but the Crossrail rail link at West Ealing will see journey times to Paddington cut to just 10 minutes and to Canary Wharf to just 27 minutes. I expect more businesses to move to the area, attracted by the easy transport links to the rest of the capital and lower overheads.

West Ealing still serves as excellent value for money compared to neighbouring Ealing Broadway and Chiswick to the south, where prices are much higher and yields are not as attractive for investors.โ€

Vatche Cherchian, Regional Director, Portico.


Southwark & Elephant and Castle

Average 2 bedroom house price in Southwark*:ย ยฃ690,000

Average 2 bedroom rental price in Southwark*:ย ยฃ1,993 pcm

Highest potential rental yield in Southwark using the Portico Rental Yield Map*:ย 3.6%

Killer reason to invest here:

โ€œSouthwark has become an extremely attractive place to settle thanks to vast regeneration and development in the area. It has always been a hub for art and culture, offering the Tate Modern and Borough Market, but there has been a surge in new restaurants, nightlife and amenities as of late, which has only added to the areaโ€™s appeal.

A huge number of businesses are now moving into this new extension of the City, where the rent is slightly lower than it is in prime central London. In addition to this, SE1 is easily accessible with Thameslink and central London is on the doorstep, so commuters can walk to work in the City.โ€

Vatche Cherchian, Regional Director, Portico.


Average 2 bedroom house price in Elephant and Castle*:ย ยฃ650,000

Average 2 bedroom rental price in Elephant and Castle*:ย ยฃ1,850 pcm

Highest potential rental yield in Elephant and Castle using the Portico Rental Yield Map*:ย 3.4%

Killer reason to invest here:

โ€œElephant & Castle is another enclave undergoing massive regeneration; the Elephant and Castle shopping centre and the London College of Communication sites are being redeveloped into a new town centre, thousands of new homes and luxury developments such as Two Fifty One are being built, and there are plans to build a 1,000-seat cinema.โ€

Vatche Cherchian, Regional Director, Portico.


Camberwell

Average 2 bedroom house price in Camberwell*:ย ยฃ550,000

Average 2 bedroom rental price in Camberwell*:ย ยฃ1,600 pcm

Highest potential rental yield in Camberwell using the Portico Rental Yield Map*:ย 4.8% (5.4% along New Cross Road)

Killer reason to invest here:

โ€œSince the Overground arrived in Camberwell back in 2012, this Zone 2 area has gone from strength to strength. It is a magnet for arty, young creative types and young families, drawn to the cool brunch spots, pizza places and craft pubs with busy beer gardens.

Camberwellโ€™s good supply of family period housing and affordable propertyย prices are drawing in those who are being outpriced of more expensive neighbouring areas such as Clapham, Balham, Brixton and Dulwich.

Itโ€™s a similar story in Peckham, where arty clubs, gigs, galleries and rooftop bars have lured homebuyers and renters from now expensive Hackney, Hoxton and Dalston. There are proposals to gentrify and modernise the town centre with a new-look square, shopping and housing area in front of Peckham Library.โ€

Vatche Cherchian, Regional Director, Portico.


Lewisham

Average 2 bedroom house price in Lewisham*:ย ยฃ425,000

Average 2 bedroom rental price in Lewisham*:ย ยฃ1,495 pcm

Highest potential rental yield in Lewisham using the Portico Rental Yield Map*:ย 4.8%

Killer reason to invest here:

โ€œLewisham Gateway is a major regeneration scheme which has put Lewisham firmly back on the radar for homebuyers and investors. So far the scheme has enhanced Lewisham town centre, improved access to its public transport hub and built hundreds of new homes, and there is more regeneration to come.

The property ladder is becoming shorter, as buyers are keen to avoid expensive transaction costs by skipping the lower steps. Instead of starting with a studio or apartments, first-time buyers are now looking for affordable 2 or 3 bedroom houses in outer areas like Lewisham.โ€

Vatche Cherchian, Regional Director, Portico.


Haringey

Average 2 bedroom house price in Haringey*:ย ยฃ535,000

Average 2 bedroom rental price in Haringey*:ย ยฃ1,475 pcm

Highest potential rental yield in Haringey using the Portico Rental Yield Map*:ย 4.1%

Killer reason to invest here:

โ€œGreater London definitely performed better than prime central London last year, and itโ€™s likely this trend will continue throughout 2017. This is because prices in the outer boroughs in areas like Haringey are starting from a lower base, so there is greater potential for price rises.

The Haringey Ladder is an area that has been overlooked for years and has seen little gentrification, but is now starting to emerge as a key property hotspot. It is being squeezed by surrounding developments and areas such as Finsbury Park and Crouch End, where prices have already seen significant increases. It has a vibrant high street and is on the door step of large outdoor spaces such as Finsbury Park and Alexandra Palace. Furthermore, the Haringey Ladder pushes onto Wood Green, which is one of the proposed routes for Crossrail 2. If Crossrail 2 is given the green light, itโ€™s very likely weโ€™ll see significant change to this whole area, which will push up house prices significantly.โ€

Mark Lawrinson, Regional Director, Portico.


Tottenham

Average 2 bedroom house price in Tottenham*:ย ยฃ400,000

Average 2 bedroom rental price in Tottenham*:ย ยฃ1,450 pcm

Highest potential rental yield in Tottenham using the Portico Rental Yield Map*:ย 4.5%

Tottenham Hale

Source: Portico

Killer reason to invest here:

โ€œWith the new stadium construction beginning this year and plans for further flats to be developed on the old site and surrounding areas, Tottenham is now about to undergo the regeneration it has been desperately waiting for.

The station at Tottenham Hale has already undergone full refurbishment and offers great access into London, with the Stanstead Express taking you into Stanstead Airport in just 30 minutes. Further London infrastructure improvements will come as a result of the new stadium, and I believe weโ€™ll see some great and significant changes to the area over the coming years.โ€

Mark Lawrinson, Regional Director, Portico.


Woolwich

Average 2 bedroom house price in Woolwich*:ย ยฃ450,000

Average 2 bedroom rental price in Woolwich*:ย ยฃ1,450 pcm

Highest potential rental yield in Woolwich using the Portico Rental Yield Map*:ย 3.8%

Killer reason to invest here:

โ€œThe historic site of the Woolwich Arsenal barracks are already undergoing significant development, but the area has been unable to be truly elevated due to the lack of good transport links. When Crossrail opens in Woolwich in December 2018 it will give the area the boost it has been waiting for, offering easy access into Canary Wharf and the City.

In the next 18 months weโ€™re likely to see a huge number of amenities move into the area, and with Greenwich on the doorstep, the area is going to become extremely desirable to first-time buyers and families.โ€

Mark Lawrinson, Regional Director, Portico.


Forest Gate

Average 2 bedroom house price in Forest Gate*:ย ยฃ300,000

Average 2 bedroom rental price in Forest Gate*:ย ยฃ1,350 pcm

Highest potential rental yield in Forest Gate using the Portico Rental Yield Map*:ย 5.5%

Killer reason to invest here:

โ€œProperty prices in Forest Gate have ballooned in recent years thanks to Crossrailโ€™s imminent arrival, but the area still has potential for price growth. The area is starting to gentrify, and offers stunning, affordable Victorian and Edwardian properties and a location on the doorstep of the popular Wanstead Flats.
Better still, itโ€™s on the doorstep of regenerated Stratford, which has all the relevant infrastructure, amenities and nightlife, as well as an easy commute in and out of the City.โ€

Mark Lawrinson, Regional Director, Portico.

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If youโ€™re considering letting out or selling or Airbnbing your property, find out how much itโ€™s worth in 60 seconds with Porticoโ€™s Instant Valuation Tool.

Or if youโ€™re considering buying or investing in London, give Portico estate agents a call on 0207 099 4000.

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