Now that’s a bold statement if ever we heard one! The Telegraph recently identified a number of what it terms to be ‘recession-proof’ places to buy property for sale in London. Despite economic uncertainty and stagnant house prices, it seems that some areas of the capital are actually on the up. Journalist Caroline McGhie points out that many areas of London are ‘Teflon-coated’ against the effects of the recession and that for some places, the outlook is ‘almost absurdly optimistic’.
Is she right? It would appear so if the current evidence is anything to go by. Here, we take a look at areas with supposedly recession proof properties for sale in London and take a quick look at typical prices.
The City Fringe
This is a relatively new term coined by estate agents to describe the area which includes Clerkenwell, Farringdon, Shoreditch and Whitechapel. Properties for sale in Old Street and the surrounding area are currently thought to be recession-proof.
At present, you’re looking at paying around £260,000 for a two bedroom flat on Mintern Street in Hoxton.
Prime central London agents Knight Frank has also highlighted new developments including The Heron at Barbican and Three Quays at Tower Hill as ones to watch.
King’s Cross
A mere 10 years ago, properties for sale in King’s Cross were largely undesirable and few and far between. Now, it’s a different story. Thanks to a multi-million pound redevelopment project, King’s Cross has been reborn. It’s an area on the up and will soon feature almost 2,000 new homes, 20 new streets and 10 new public spaces.
You can expect to pay £390,000 for one of the two bedroom apartments currently for sale within the King’s Quarter development on Copenhagen Street.
London Bridge Quarter
The ‘Shard Effect’ is a term that’s currently being bandied about in the press and on the internet. Love it or loathe it, the landmark has the potential to significantly affect house prices in the London Bridge Quarter.
Homes in The Shard itself will no doubt be sold for record-breaking prices. However, you don’t need the bank account of a Sultan to afford properties for sale in South Bermondsey or homes for sale in Borough.
SE1 is a good place to start. You can expect to pay around £299,000 for a three bedroom apartment just off the Old Kent Road.
Stratford
The much-talked about Olympic legacy isn’t simply about getting kids interested in sport. Part of the plan was to make East London a desirable area in which to live and work. Stratford properties for sale benefit from easy access to the shiny new sporting facilities built for the London Games, along with great shopping and excellent transport links.,
You can expect to pay as little as £160,000 for a one bedroom flat within walking distance of central Stratford.
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Sources: Telegraph online.