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Property prices in London

Property londonSeveral areas outside of central London locations are becoming prime areas for an increase in the value of property. Districts including Lambeth, Southwark and Shoreditch are developing new build homes which are likely to be £2,000 a square foot within the next 5-10 years. 

A June 2013 report on growth areas, and short, medium and long term investments from property consultant CBRE have said that areas surrounding the West End including St Johns Wood and Victoria are reaching this £2,000 per square foot marker, rising within the next 2 years. Properties in Westminster and Kensington & Chelsea have reached a mark of £4,000 per square foot. Buyers just cannot afford this and are having to move further outside of the centre. 

Buyers are being encouraged to invest in properties which are in lower priced areas, to increase growth potential in the long run. Within the next 2 years, Fitzrovia, Covent Garden and Marylebone are estimated to value at £2,000 per square foot. Within the next 5 years places in the City, Midtown, South Bank, Earls Court and Paddington will be in the same value bracket. Nine Elms, Lambeth, Notting Hill, Fulham, Hammersmith, Shepherds Bush, Shoreditch and Wandsworth are to reach £2,000 per square foot within 10 years. 

Property developments currently in progress are Fitzroy Place in Fitzrovia, 7 Portland Place in Marylebone, refurbishment of South Bank Tower along the south of the river and The Henrietta which overlooks Covent Garden Piazza. 

 

 

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