UK house prices fell in December in what was the largest quarterly drop since the financial crisis more than 10 years ago, data from mortgage lender Halifax has shown.
“Property prices are likely to continue falling for the foreseeable future,” said economist Martin Beck from the EY ITEM Club consultancy, which expects house prices to fall around 10% over the next 12-to-18 months.
What does that mean for London house prices? Here are 10 areas that property punters should target in 2023…
Greenford
The west-London area of Greenford is becoming a property hotspot for both investors and people looking to buy properties in London. Nestled between Wembley and Southall, the area boasts excellent transport links on the central line and access to the A-40. What’s more? The Grand Union canal flows through the neighbourhood, giving residents access to plenty of green spaces.
Tottenham
Greggs opened up on Tottenham high street in October 2022, a sign that the area is fast becoming a must-go destination for people looking to make a home. Tottenham has always been a great commuter hotspot with Turnpike Lane, Seven Sisters and Tottenham Hale offering Underground services to central London within a 30-minute commute.
Enfield
Enfield is a spacious North-London borough that offers affordable housing and exceptional green areas. The area boasts a variety of cafés and pubs while the greenery and outdoor spaces make it a must-go area for young families. Transport links offer swift commutes to central London, making Enfield a property hotspot.
Woolwich
Woolwich is on the radar for property buyers for both its period properties and new homes being built by big developers such as Berkeley Homes. However the transport links mean that even the two-bedroom flats are frequently listed for between £600,000 and £800,000.
East Ham
Once considered a poor cousin of Stratford, East Ham has become a new property hotspot – thanks to its zone 3 location and tremendous investment by various developers and Newham council over the past few years. The neighbourhood has a variety of restaurants and a vibrant high street making it one of the most watched areas for property investment.
Collindale
A stone’s throw away from Brent Cross mall, Collindale was put on the map by young professionals looking for good transport looks and education opportunities for children. Collindate is known for primary schools rated ‘Outstanding’ by Ofsted while new developers have taken advantage of building luxury new homes around the Welsh Harp reservoir.
Willesden Green
Willesden Green has come up on a hit list for property buyers, thanks to all the regeneration the area has seen in the early 2010s. The Victorian houses and new homes give the area an eclectic feel complete with pubs, restaurants and plenty of activities for children.
Wembley
Wembley has enjoyed a property boost over the years despite market turmoil – thanks to Wembley Stadium which hosts some of the world’s biggest sporting events and pop concerts. The area also boasts more than four Tube stations which gives it excellent access to central London. New homes have come up in the area adding to the allure of the area for property investors.
Harrow
Harrow boasts both Outstanding primary and secondary schools in addition to the elite Harrow School and John Lyons School, making it an attractive location for property buyers. Transport links from Sudbury Hill, South Harrow and Harrow-on-the-Hill make the commute to central London convenient. The area also boasts extensive green spaces for all kinds of outdoor activities.
Bounds Green
Alexandra Park is a short distance from Bounds Green making it a sought after location for a solid property investment. Transport links from the area into central London are excellent while old pubs and restaurants around the area make it a popular destination for people looking to buy property.
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