London is undergoing many regeneration projects and transport upgrades. Areas are being revitalised with cultural and employment changes. As a result, there is greater opportunity for new properties that could be more budget friendly.
For a lot of first time buyers, owning a home in central London and the surrounding areas can appear impossible. This is especially relevant for young first-time buyers who have just left further education and embarking on the adult world. High asking prices have meant that young buyers have been deterred from certain parts of London.
In 2018, property buyers are being urged to search for their new homes in an improving district. To find a property that is a sound investment, proper research is needed; which includes walking through the streets and viewing properties in person as opposed to online.
Potential buyers should genuinely consider areas they may have never entertained. There are new, upcoming redevelopment opportunities with Mayor Sadiq Khan’s promise to build 65,000 affordable new homes. The decision comes as part of the London Plan; which sets out decisions and priorities that will change the capital over the next decade.
Along with the housing plans, there are additional changes to infrastructure, transport as well as major office developments and digital hubs. There are also health and environmental strategies to be implemented that will include new parks and more green, public spaces.
Regarding housing, the new plan reveals certain housing targets for each borough. There will be “opportunity areas” where there will be significant investments. New property buyers should look to these areas because they will have a big influence on affordable housing in London during the coming years.
One of Sadiq Kahn’s main developments will be the expansion and refurbishment of a former industrial patch of land in East London. Barking Riverside will the grounds for 10,800 new homes and an Overground station. Home buyers and property investors alike should find an area early, for there will be benefits in the years to come.
