Residential Property Prices on the Rise
In 2008 the average prices of homes and flats were around 60% lower in the city compared to prime real estate areas such as: Mayfair, Kensington, and Knightsbridge. Today prices have soared to be only an astounding 30% less than London’s prime areas. CBRE states that prices are predicted to continue to rise and possibly match the prime real estate prices within five years. According to Michael Bird, prices in the city now average around £850,000. Only £250,00 less than London’s exclusive real estate areas, and places such as Heron are showing astounding sales of 96% before even construction. CBRE states that there are currently three large residential plans in process to cope with the increased demand. Unfortunately these new developments are predicted to barely meet a third of the demand over the next ten years.
What does this mean for Shoreditch
Economic growth! The spill over in demand is predicted to affect Shoreditch as well as Hoxton, Clerkenwell, Wrapping, Whitechapel, and Bethnal Green, Michael Bird wrote in this mornings “CityAM” paper. The average price of a flat in Shoreditch has increased in the last three years from £300,000 to almost £600,000. Hopefully this growth of London’s fringes will bring new development and jobs into the area.
Want to capitalize on this potential growth? Here at Accelerator-London we support those who wish to start their own business or who wish to see their dream come alive. Check our website or give us a call and you could be ready to benefit from the city’s growth.
Catch y’all next time
Logan Johnson- Accelerator Intern
