Discover the best 3 London boroughs regarding growing housing appeal in 2022.
Spotting trends can turn a typical property purchase into a successful investment with decent returns. It is especially true for London, with its changing property trends, buyers priorities, and overall city appeal.
Location matters and not many would argue with that. Imagine a buyer who purchased a home in Marylebone before the district became the icon of Prime Central London. A property there might be similar to other homes, but it is often the location that makes it stand out from the rest.
There are several signs of a promising area, including new high streets and trendy coffee shops. Another thing is the demand that starts to gather momentum.
The recent London property market data reveals the up-and-coming neighbourhoods in the capital with spikes in demand last year. These areas are the London property hotspots right now and might lead the race well into 2022.
Discover the top 3 trendiest London areas and read more about their features and feel of the area.
Hayes, West London (74%)
Hayes on the edge of West London took a solid first place by a wide margin over its rivals. On average, property demand in the area increased by 74% year-on-year (YoY) in 2021.
Apart from the potential Crossrail arrival, the area offered many spacious houses that addressed the new needs of buyers caused by the pandemic. One of the market experts points out a lot of first-time property buyers who skipped the stage of owning a flat and looked for spacious semi-detached houses in Hayes.
Property prices in the area have been increasing since the Crossrail announcement but remain affordable by London standards. On average, prices in Hayes stand at £470k now, up from £407k in 2021.
Greenery and good schools are among the advantages of living in Hayes. Additionally, many new build developments appear near the station, which might drive the demand even further. Meanwhile, some consider discount stores and fast foods on high streets as the main downsides of the area.
South Chelsea, South West London (20%)
South Chelsea, SW10 in South West London ranked second with the YoY demand increase of 20%. This area offers a vivid mix of 20th-century architecture, new-build homes near Chelsea Creek, and classic townhouses.
Experts highlight the convenience of the area. There are famous pubs and restaurants, sought-after family houses, and the river is nearby. If to describe South Chelsea with one word, it would be convenient.
On average, property in SW10 is sold at £1.45m, which is a significant amount of money to put down for a new home. However, by Prime Central London and Chelsea standards, the prices in South Chelsea are affordable.
Victoria, South West, Central London (19%)
A 19% increase in demand is a surprising figure for such an affluent and elite central area in London.
The average price here stands at £4.5m now, up from £3.5m a year ago. It might be a reflection of buyers looking for more spacious properties with remote work possibilities.
Bearing in mind a favourable location (Zone 1, SW1W), prices here are more affordable. The recent changes and the growing appeal and demand might result in this area becoming a Prime Central London postcode soon.
Specialists highlight the swift regeneration of this once derelict area. The last 5-10 years brought modern features, including state-of-the-art architecture and ever-busy weekends.
Undoubtedly, other London neighbourhoods might become new property hotspots in 2022. When exploring the property market in London, make sure to pay close attention to the location. It is one of the most critical factors that influence both future lifestyle, price, and potential returns.