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The next five-year phase of the property cycle will be marked by the outcome of tomorrow’s General Election.
Knight Frank’s Liam Bailey believes certainty on Brexit, either way, is a good result for the housing market.
“Brexit has hovered above the market since mid-2016 and in London more than any other part of the UK it has dampened sales,” he says. “A solution to Brexit would lead to an immediate uptick in activity, in my view.”
What will happen to house prices in London?
Property price rises will be steady but widespread over the next five years, according to the CBRE Hot 100 study of London boroughs.
The affluent districts of Islington and Richmond will enter the top 10 best-performing boroughs with an 11 per cent and 10 per cent rise in house prices respectively. Ealing, Lewisham and Barnet will also feature.
After five years of action in the east the CBRE research unit now expects growth to slow there, with a return to growth in central London.
Comparing the capital to other world cities, Knight Frank’s Liam Bailey says: “No other global market has seen as significant a correction as inner London. It is ready to grow. We just need clarity on Brexit.”
Redbridge: highest house price growth as Crossrail arrives
The highest house price growth over the next five years is predicted to be in Redbridge at 17 per cent, driven by the arrival of Crossrail into Ilford.
The east London boroughs of Newham, Bexley and Barking are also set to remain in the top 10.
Islington: new homes coming to inner London borough
The conversion of the four-and-a-half-acre former Royal Mail depot into Islington Square, with 263 new homes and a new high street, is the most significant change under way in Islington.
A construction consortium of Cain International, Sager and Galliard Homes has just launched the new 9,000sq ft garden and a phase of penthouses at the scheme.
One-bedroom flats are priced from £725,000 and penthouses from £4,695,000. Call 020 3733 3643.
For those who want to buy in a leafier part of Islington, Richardson Mews is a gated development in Highgate Village.
Twenty-five apartments are being built behind a restored Victorian red-brick façade, set back from the main road and with gardens.
Prices start from £555,000. Visit richardsonmews.co.uk to register interest.
Lewisham: town centre upgrade will make it a winner
Close to £400 million is being spent on upgrading Lewisham town centre in the heart of the eponymous borough, which is predicted to be one of the big winners in the next five years.
The biggest single project is Lewisham Gateway, with 800 new homes, shops, restaurants, bars, cafés, green space and a new cinema.
Land next to the station has been developed already with 193 new flats.
The development also includes upgrades to the road and river network in the area.
If funded, the Bakerloo line extension will run through Lewisham town centre.
Future’s perfect: Annie Masciave bought near Lewisham near Lewisham Centre, predicted to be a big new price winner (Richard Eaton)
Annie Masciave, 29, has bought in Bond House, a Crest Nicholson development in New Cross not far from Lewisham town centre and itself served by frequent Overground trains.
Annie has moved into her new two-bedroom apartment which cost £730,000 with Help to Buy.
“New Cross has an up-and-coming scene and lively neighbourhood,” she says. “I particularly enjoy attending graduate gallery openings at Goldsmiths University.”
Prices at Bond House start at £409,950 for a one-bedroom flat. Call 020 3437 1663.
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