Why central London is still one of the best parts of the capital in which to invest in property.
It has been six months since the UK voted to leave the European Union. Although it is early days and the future is far from certain, there has not been the dramatic fall in property prices some people predicted. There was, however, a cooling off in prices just after the referendum.
CITY A.M. reported a drop of 0.83 % in property values in the W1 postcodes. The report did add a caveat that the figures were taken during the holiday period of July – August 2016. This is a time when interest in property is seasonally low, and the drop in value was hardly cause for panic.
Another report indicated that some areas have seen an increase in value over the last twelve months. The NW8, SW3, and SW1 postcodes have experienced a small rise of around 0.66% and 0.75% respectively, while the SW7 postcode has seen a 2.5% increase in value.
Whether these variations in prices are due to the outcome of the referendum is difficult to say, but there is another factor affecting property prices now, which will probably continue to do so in the near future.
Crossrail
The Crossrail project is one of the most important factors that is, and will continue to affect, property prices. The first stage of this huge infrastructure building project, the east to west Elizabethan Line, will be completed in 2018.
But already Crossrail 2, a railway connection between Broxbourne in the Hertfordshire commuter belt and Epsom in Surrey, is on the horizon. This line will open up the Lea Valley in the east of London.
Many pundits are saying the Crossrail projects will have the same impact on life and travel as the early railway expansion did in the late nineteenth and early twentieth century. This made it possible for people to commute to and from work, and created a huge demand for new houses.
However, we are getting ahead of ourselves. The completion of the Elizabethan Line, the first Crossrail, will be the project that will affect property values both now and in the near future.
Since Crossrail was given the go ahead in 2008, the prices of property around the stations on the route have increased considerably.
However in 2008, no one knew there was going to be a referendum on membership of the European Union, and no one knew the result would be a vote to leave. The vote to leave may or may not have been the reason for the slowdown in prices in some areas of Central London.
But this does not mean Central London is no longer a place to invest in. Prices in the WC1, EC1 and N1 postcodes have seen an average of 3.4% increase in property prices. These areas contain Farringdon, Bloomsbury and Clerkenwell, and all are close to the Crossrail stations of Tottenham Court Road and Farringdon. In addition, there have been recent signs of a small recovery of 0.60% for property prices in the W1 area.
Although no one can accurately predict what will happen to property prices in the future, we all know markets do not like uncertainty. But whatever happens, London will still be in demand from people who want to live in one of the world’s most vibrant cities. This makes Central London a great place to invest in.
If you need further information regarding property in Central London why not contact us today and let us help you find a property for you?
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Maurice Shasha
The Property Industry has always and continues to interest me, and after joining Plaza Estates in 2008 I have experienced a market which has taught me alot. In my role advising clients on their purchases (together with our sales teams), managing the refurbishments for them (together with our management and design team), preparing the property for rentals (together with our rentals teams) or sales and being responsible for the Companies digital marketing I have seen the market from various aspects. The market is always changing and it is essential we constantly adapt, which since Plaza Estates was established in 1972 is something the company has always done. We pride ourselves in the personal relationship and service we have and give all our clients and being part of a company which is "big enough to cope and small enough to care" is something I really enjoy.
If you want 5-star reviews and want to remove negative reviews from Google, contact me via my profile; my contact details are listed there.
SM
Dear Eitan
In this whole sorry saga, with headbutting, unproactive lawyers, and a comatose estate agent etc etc, you have been a beacon of light throughout. Efficient, professional and responsive. This would never have got done without you.
Thank you.
All the best.
Maurice Shasha
We have been using Plaza Estates for many years for all our property requirements (sales, letting and management) and are delighted with the results and service they constantly deliver and provide!
KS
I generally dealt with the Marble Arch branch most of the time, but I can also say that the Knightsbridge office was also exceptionally helpful and professional on the occasions I did deal with them. Plaza Estates in general are excellent.
YZ
Have interacted with Plaza Estates across a couple of sites and always been impressed. Maurice must be the hardest working, most dedicated, helpful and knowledgeable account manager for any company anywhere! A real asset to the team!
LI
I have been a client of Plaza Estates for over 30 years and received excellent service. Both Rodney on the rental side and Fiona in the property management area have been have been attentive and helpful and always willing to go the extra mile on the few occasions when there were problems.
SA
Hope both of you are doing well. I wanted to thank you for always being there for us and for addressing our concerns promptly; safe to say you have been the best agents I have had the pleasure of interacting with.
KR
We have owned our Flat since 2008, which we purchased through Plaza. Our relationship with Plaza goes back to 1982 when we purchased a nearby flat and Plaza have handled all our lettings since then. I would have no hesitation in recommending Plaza - they will find you a good tenant and ensure your ...
MS
Thank you again for all your advice and calm attitude and charm. Nobody could try harder than you, and for which, we really thank you and appreciate it all, not just now, but over the years.
Thanks again for everything!
LT
Thank you for your kind help and your advice, it's been precious!
