Get ahead of the game: where to buy a new-build home in London in 2018

 
David Spittles12 March 2020

London Mayor Sadiq Khan’s promise to build 65,000 affordable new homes a year in the capital is a good guide to house buying in 2018.

The property map of the city is altering rapidly, with the Mayor’s recently published draft London Plan a key contributory factor in these changes.

Buyers this year must look with fresh eyes at London to find a new home in a good or improving district that is likely to be a sound investment.

High prices have put parts of central and inner London out of bounds for most young buyers.

But it is still possible to find the right home at the right price with some smart thinking and focused research — including walking round the streets.

Home seekers will have to search in areas they would not have considered previously.

But London is brimming with regeneration projects, transport upgrades and cultural and employment shifts that are revitalising areas, creating new property hotspots and buying opportunities — whatever your budget.

OPPORTUNITY AREAS

Sadiq Khan’s London Plan runs to 524 pages, setting out the decisions and priorities that will shape the capital over the next decade and beyond. Visit london.gov.uk to see it for yourself.

As well as being a housing blueprint, it includes the Mayor’s infrastructure and transport plans, along with locations earmarked for big office developments and new digital hubs, plus health and environmental initiatives including new parks and other green public space.

Illustrated London: the masterplan (Jan Kallwejt for GLA)

Crucially, it reveals housing targets for each borough and the “Opportunity Areas” where large investment is being channelled.

If you’re searching for a district where you can put down roots, these key factors are likely to have a big influence on your decision.

The Mayor chose to unveil his London Plan in one of his areas of expansion — up-and-coming Barking Riverside, former industrial land in east London where 10,800 new homes and an Overground station are being built.

Opportunity Areas are priority zones where City Hall will work with local councils and other agencies on a strategic level to accelerate development and regeneration.

10,800 new homes: Barking Riverside is one of Sadiq Khan's Opportunity Areas

For home buyers and property investors, it is a signal to get into an area early and reap the rewards later.

More than 30 such areas have been designated by the Mayor. Some, such as Nine Elms and Stratford are already experiencing major regeneration, but others have been under a veil until now.

THE TRAVEL ZONES TO WATCH

Developers have focused mainly on Travel Zones 1 and 2 over the past 10 years.

Now, though, their concentration has shifted to Zones 3 to 6, where homes can be built in the £250,000 to £800,000 price bracket — affordable for more buyers.

It’s worth getting your head around the geography, as there are big price differences between and within Travel Zones.

For example, Balham, on the Northern line, has an average price of nearly £660,000, while Colliers Wood three stops on has an average price of less than £400,000.

Crossrail will help to make Zone 3 districts more accessible, while Wembley, where a 5,000-home neighbourhood is being built, is a Zone 4 area with Zone 2 transport links (Baker Street in 13 minutes).

Travel Zone Average house price
Zone 1 £1.5million
Zone 2 £722,820
Zone 3 £487,682
Zone 4 £421,788
Zone 5 £379,685
Zone 6 £459,918

Source: eMoov

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