Where To Buy In London: February 2023
We analyse the London property market stats and reveal several up-and-coming neighbourhoods to watch out for this year.
Average prices across the UK fell at a record rate in December 2022, driven by rapidly changing market settings and rising living costs. While some expect house prices to fall by 5-10% in the coming 18 months, many think that increasing demand and falling mortgage rates will see the market bounce back in 2023.
This trend is particularly relevant for the housing market in London as its new builds and prime properties have always shown exceptional resilience against global economic turbulence. As a result, some neighbourhoods in the capital are to enjoy rising demand and prices in 2023, and here are some of the most promising ones.
Thriving London Neighbourhoods In 2023
Woolwich, South East London
Woolwich is an established property hotspot in London, both for new build homes and secondary housing. Many top-tier developers like Berkeley enter the property market in Woolwich, driven by heated demand and the rising appeal of the area, and deliver modern new homes with high EPC ratings.
On average, buyers secure a two-bed flat at £700k, which is in line with London averages. However, rising demand might push the prices further as more local and international buyers choose Woolwich as their primary London neighbourhood for living.
Wembley, North West London
Wembley is a world-renowned London area, and it has enjoyed a grand transformation in the past several years, including an influx of new build developments.
Excellent location, a wide choice of entertainment, and brand-new homes attract a lot of property investment into Webley, which is justified.
Harrow, North West London
Harrow sits just next to Webley and enjoys rising property demand and new investment, just like its neighbour. One of the main features of Harrow is its excellent selection of top-rated secondary schools, attracting a lot of families to live in the area.
In addition to perfect schooling, Harrow boasts efficient transport links, spacious parks, and a lot of new build developments under construction. It is little surprise that this neighbourhood makes it to the top 3 of our selection of the most promising London neighbourhoods for buying new homes.
