“Knowing where to invest has become more important than ever”, says LCP in its latest report, which picks out six pockets of central London showing significant potential.
The firm’s analysis puts average prices at around £4.7m in the traditional heartlands south of Hyde Park like Knightsbridge and Belgravia, after annual growth of up to 13% in recent years. But as this rate of increase tapers off, other up-and-coming areas should “take the up slack”.
PCL’s centre of gravity already appears to be shifting from Kensington and Chelsea’s prime enclaves to neighbouring City of Westminster, observes the team, where average prices can stand 20% lower than the PCL average and things look set for future growth and gentrification.
The stretch from Bayswater down to Fitzrovia and up to Regents Park and Maida Vale, is picked out as representing “particularly good value at the moment”. Having Paddington and Kings Cross Station in the area is always going to be a good thing and all those rundown commuter hotels and offices offer plenty of investment potential. Factor in Crossrail coming in through Paddington and Tottenham Court Road and the virtues here are “clear to see”.
Other areas of interest include the riverside stretch in Victoria, around Earls Court Exhibition Centre and, perhaps more surprisingly, in Kensington’s picturesque Stratford Village (W8 6) and north of Kensington High Street where older but well-run mansion blocks “hit the rental market sweet spot”.
“Unlike the large, trophy properties close by, property here tends to be subdivided into much smaller units. These are perfect for the rental market where one and two bedroomed flats fare best”, the report adds.
Source – Prime Resi
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