The London boroughs that show the strongest annual growth to date are not the playgrounds of the rich and famous as one might think. As foreign investment shies away at the strengthening Pound, and people make the move to more affordable locations, it’s London’s lower-value locations that are rising to the challenge. These were the findings of a study carried out by Sophie Chick, an associate in Savills’, with the London boroughs showing the strongest annual growth being as follows:
Famed as one of the venues that hosted the 2012 Olympics, and also the birthplace of William Morris, Alfred Hitchcock and David Beckham, Waltham forest offers a good balance of urban and green space. Its annual growth was spectacularly high between June 2013 and June 2014 at 28.1%.
Just a stone’s throw from Charing Cross, Lambeth is centrally located and offers excellent transport links from Waterloo station. The annual growth in the area was just over 1% shy of competing for the top spot, at 26.8%
Over the last few years the north of London has become increasingly popular as an area to settle down in, and Hackney is no exception. Lying at the junction between north and east London, it offers a mixed bag of listed buildings and inner city ambience. Hackney’s real estate annual growth to June 2014 was surprisingly strong at 25.5%.
From a distance, Southwark looks like the epitome of modern city living, with City Hall and the Shard forming a stark skyline. In reality, Southwark is one of the oldest parts of London offering a wealth of history and easy access to the rest of London. Southwark saw a healthy growth of 23%.
Lewisham has seen a lot of change recently, with the local council implementing plans to upgrade the town centre. It is quite centrally located and is the birthplace of many famous modern musicians, including Sid Vicious, which gives it an artistic edge. Property in the area grew at a notable 22% from June 2013 to June 2014.
Straddling both inner and outer London, Haringey offers the greatest disparity between rich and poor out of any borough in London. Certain areas seem exclusively reserved for the affluent, such as Muswell Hill and Crouch End, while others show no sign of any wealth. Its growth to date was a very respectable 21.8%.
Showing the same annual growth as Haringey at 21.8%, Wandsworth offers a good dose of charm and easy access to the rest of London from Clapham Junction and Victoria Station.
Hammersmith & Fulham
Famed as a location for international business dealings and formerly the BBC TV centre, as well as favourably located to the west, Hammersmith & Fulham is still a popular option for property investors. As money has flowed into the area for many years, it offers modern amenities and conveniences, including the celebrated Westfield shopping centre. Its property market saw growth that was just slightly lower than Wandsworth and Haringey's growth at 21.6%.
The Tower Hamlets are by no means the most elegant parts of London, but they offer affordability and good access to both Canary Wharf and Tower Bridge via the District Light Rail. While they offer a distinct industrial air, there are numerous parks in the area to get a breath of fresh air or play some football. Their annual property growth was remarkable at 20.9%.
Once Victoria line was completed and Angel tube station redeveloped, Islington was recognised as a prime location by property developers who renovated many of the period buildings in the area. It still offers a diverse mix of residents with social housing located close to more affluent areas, giving visitors a true flavour of London’s versatility. It saw a respectable growth of 18.6%, earning it 10th place on our list.
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