2017 roundup: the London property market champions
CBRE Residential Chairman, Mark Collins, discusses the resilience of the London property market and how investor confidence is transforming its boroughs.
The latest results of the annual CBRE Hot 100 report shows that confidence in London’s property market remains strong, with activity and investment growing. Investor confidence has brought house price growth across the capital, with many boroughs seeing an increase, including Camden (13.4%), Hackney (9.1%) and Haringey (7.0%).
The London Economy includes financial services, life sciences and many of the world’s best advisory firms. This diversity not only attracts people from all over the world to study and work here, but also creates a robust economy that stands strong throughout uncertainty and shock, and it is no surprise that the property market mirrors this resilience.
The Hot 100 report highlights the impact that large-scale investment can have; creating communities, public realm, jobs and economic growth – all of which attracts new residents. This however, is not limited to inner London boroughs. The multimillion-pound regeneration project in Barking for example has transformed the borough in to one of the most sought-after areas for first time buyers and it is currently the most affordable borough in the capital for property purchasers. Barking is not the only outer borough which has seen success, with Newham shown to be the most economically successful borough in 2017, with the highest GDP growth of 5.6%.
London remains one of the very top global cities. The combination of its strong economy, renowned education, world class heritage and diverse culture suggests that London’s population will keep growing for many years to come. Areas including Tower Hamlets, Newham and Greenwich are leading the way in creating new homes to welcome present and future residents to the capital, with over 26,000 new properties under construction between them.