As one of the safest places to invest in property worldwide, London is often misconceived as being too pricey for anyone other than oligarchs, investment bankers and CEOs. There can be no doubt there is a London bubble which has withstood the credit crunch and the market continues to thrive, however there are also a wide range of regeneration areas across the city. Local councils are working with developers in many of these boroughs to attract people to live and are offering different housing options and making affordable homes a priority. Here we look at the key regeneration areas around the city.
East
The whole of east London has been a regeneration area over the last few years with the London Olympics shining a spotlight on the neglected corner of the city. As a result, new mid-range to luxury developments have shot up in areas that would have been risky investments before 2012. All signs are showing that the east will continue to prosper with Stratford to gain 8,000 new homes and millions currently being spent on Hackney and Dalston.
Stratford and Bromley-by-Bow
As the areas which benefitted most from London 2012, the developments in Statford and Bromley-by-Bow was also set to continue after the last torch was blown out. Newham Council is currently planning a regeneration which will mean a growth in population of 131,000 as part of the Thames Gateway. Stratford will gain £4billion with more than 100 shops, two department stores, cafés, schools, hotels, parks and health centres to be constructed. While Tower Hamlets Council is planning 3,800 new homes by 2016 in Bromley-by-Bow.
Most of the developments in Stratford are currently under way, however there are properties available in Bromley-by-Bow. No 1 The Plaza from Barratt Homes is inspired by the New York skyline and has apartments starting at £202,000. Berkeley's Caspian Wharf has properties available from £435,000 while the Panoramic, on the fringes of Bromley-by-Bow, has apartments available from £240,000.
Hackney and Dalston
As two of the edgiest areas in London, rents in Hackney and Dalston have been increasing rapidly due to the sea of hipsters desperate to live near the coolest pubs and clubs in the city. However, away from the hot tub rooftop cinema and Broadway Market, there are still many parts of these two districts that are run down. Hackney Council plan to change this by investing in thousands of new houses across Hackney available for shared ownership and £160million in Dalston which will include 500 new homes.
Currently there are a range of different options including Gallagher House by Sanctuary Housing where apartments can be bought through a shared ownership scheme from £88,000 for a 40% share. Barratt Homes are currently working on Dalston Square where one-bedroom apartments start at £314,000 and Currell Residential are offering The Textile Buidling in Hackney with two-bedroom apartments from £410,000.