The recent London marathon saw over 40,000 runners cover 26 miles of the city, taking in views from the Thames to the Shard. But the route is about much more than skyscrapers, rivers and famous landmarks- it’s well worth a look for property investors too. Wimbledon estate agent, Robert Holmes says, “There are lots of areas along the marathon route that are full of potential for investors and home owners looking for somewhere new.”
Over the past 17 years, houses along the route have tripled in value. While this has caused widespread panic among newbies trying to get a food on the property ladder, with the average London price tipping the scales at a whopping £700,000, there are plenty of more affordable properties to be found along the marathon route.
Smart buyers are recognising a trend of moving eastward- the areas in the East End and surrounding The City which were once seen as undesirable are now- literally- hot property. The much talked about Crossrail project has breathed life into some of London’s most run down areas, creating opportunities for investors and buyer keen to take advantage of their rebirth. Woolwich’s impending cultural quarter is of particular interest to culture lovers and media types. As Proskips says, “Woolwich is getting two theatres as well as studios for artists and performers, meaning creatives are really interested in the area.” Poplar, which played a leading role in the 2012 Olympics, will be just as popular with fans of art and culture when it becomes the new home of the English Natural Ballet.
Arguably the most sought after address in Woolwich, the Royal Arsenal Riverside development offers all the key elements of luxury London living- farmers’ markets, bars, bespoke shops and artisan bakeries. 5,000 new homes will be available by the time the development is complete, so now’s the time to move if you want to be part of the action.
Situated halfway between the Canary Wharf and the West End, Rotherhithe is also attracting a lot of interest thanks to its easy access for commuters. This former docks area has been subject to a major regeneration project, with some high spec apartments popping up in a new waterside development. There are also some affordable properties being built in Rotherhithe, with shared ownership schemes available for those looking for a foot on the ladder.
Limehouse is another area that’s starting to make savvy investors prick up their ears. Home to politicians and theatre greats including Sir Ian McKellen, it offers some stunning new builds among the Georgian villas and trendy warehouse conversions.
Wapping and Shadwell, two of the most run down and unloved areas of London until recently, are also worth looking out for- both have been subject to some serious regen work. You Choose Windows says, “These areas could well become the new Hackney and Shoreditch over the coming years, so if you want to be a part of something really fresh and new it’s well worth taking a look.”