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Borough by borough 2016: Camden
World famous for its market and music scene, Camden also sports another side: affluence. With the fourth highest average house price in London and significant regeneration underway, this already strong market is expected to only grow stronger.
Camden’s world famous market and music scene have long established it among London’s most iconic destinations. Over the years the numerous pubs and venues have played host to rock legends such as Pink Floyd, Jimi Hendrix and the Doors. Recently, more and more quality independent restaurants, cafés and big brands have started to arrive.
In contrast to its edgy and cool persona, Camden is also very affluent. It boasts the fourth highest average house price in the whole of London at £812,868 and the sixth highest growth in Inner London over the last decade at 121%. Its residents also earn the fifth highest salaries in London at £53,794, are the fourth oldest at 35.8 in London and average rents in the borough, currently at £2,537, are the fourth highest in London overall. In addition, Camden shares fifth place in terms of proportion of the Private Rental Sector in Inner London.
However, many parts of Camden are less affluent, and there are areas of significant regeneration. Of particular interest is the regeneration of King’s Cross, which will provide a range of smart, modern homes for owners and renters. It will include improved open spaces, a new play area for children, a café, retail space and low cost employment space, as well as upgrades to transport infrastructure and a new library. As with all regeneration areas, the local area will benefit and the prices of surrounding properties are likely to rise accordingly.
Camden will also benefit from the opening of the Tottenham Court Road Cross-rail station in 2018; the new station will be able to accommodate 70 million passengers a year, putting it on an equal footing with Oxford Circus and thereby increasing property prices directly around it.
The £1 billion spend programme at Tottenham Court Road is the most significant transport investment in the West End for decades and the most extensive over-site development on the entire Cross-rail network. Perhaps the pinnacle of regeneration in Camden is the conversion of Centre Point by Almacantar. This landmark scheme is being reinvented as the jewel in the crown of a new St Giles Circus, linking the West End to Covent Garden. This will stimulate the local area, which will shortly be unrecognisable. The significant boost in confidence from these renewal plans is already evident in the local property market, across all sectors.