15 Feb Positive London Property Prices News
There’s good news with London property prices at the moment because leading economists predict that average London homes will rise to £500,000 by 2020.
The Centre for Economic and Business Research (CEBR) say the price of an average home will go up from £383,000 today to £500,000 within the next seven years. That’s an amazing rise of 30% and is encouraging for those who see property in London as a means of creating long term prosperity for themselves.
“House prices will be driven by London’s comparatively rosy economic growth prospects, buoyed by IT, business and professional services,” said the CEBR.
London property prices rise
The study attributes this rise in property prices to the economic growth in London, which is expected to outstrip the rest of the country. London bucked the trend of the traditional Christmas market slowdown that was experienced by the rest of the country.
Ongoing developments will create a number of property hotpots in London.
London property developments
Westfield is creating a new 200,000m2 development in Croydon, in addition to their stores in Stratford and Shepherds Bush. This builds on the new strategic plan for Croydon which will use £23m from the Mayor’s Regeneration Fund to improve some of the main entrances to Croydon, like around West Croydon station and the junction of Dingwall Road and Lansdowne Road, repairing the high street, making things better for pedestrians and attracting businesses.
Europe’s biggest construction project, Crossrail, will link Berkshire and Buckinghamshire to Essex and Kent and is due to be completed in 2018. The £15bn development will be followed by Crossrail 2 linking Wimbledon to Epping. Through the new transport links and significant over-station developments being delivered, Crossrail will support regeneration across the capital with economic forecasts suggesting the project will add up to £42 billion to the economy.
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