Housebuilder’s View Of The London Property Market In 2024
Posted 22 December 2023 by
Keith OsborneStuart Leslie, international sales and marketing director at Barratt London talks about the outlook of the London property market in 2024.
“London’s desirability as a place to live, work, study or invest is showing no signs of waning. The city is poised for a period of growth with a limited supply of new build properties and continued demand for investors seeking high rental returns. Along with, steadily improving public transport and a truly unbeatable region for entrepreneurs, there is no better place to look for real estate in 2024.
“Regardless of the occasional ups-and-downs of the economy, buying real estate in the capital has always been a reliable long-term investment – over the past 30 years it has compounded 9% each year, while in the past nine years, the average London home has seen an increase in value of 45%. CBRE has predicted additional growth of up to 5.8% in regeneration areas compared with nearby areas lacking the same investment. This growth is even more pronounced in the regeneration areas that are Barratt London’s locations of choice.
“For example, in Bermondsey where our prestigious 26-storey Bermondsey Heights development is taking shape, double-digit house price growth was seen in 2022, while LB Hillingdon, home to our flagship Hayes Village regeneration scheme on the site of a former Nestlé factory, also saw one of the best growth rates for house prices in the capital, with a 9% house price rise during 2022.
“On some of our larger projects that take many years to complete, the scale of capital growth can be evaluated on site. At our Hendon Waterside development, over a decade under construction, investors who bought some of the first release of apartments in 2011 saw their homes increase in value by 132% in the period up to 2022, while owners who rent out their apartments also enjoy annual rental yields of around 6%. Meanwhile, on more recent developments the predictions are equally as positive. At Wembley Park Gardens, JLL is predicting house price growth of 57% in the coming decade, while rental yields in the area have grown by 49% in five years, more than double the London average.”
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