Priced out of Zones 1 and 2, footloose home buyers are searching for areas in Zone 3 where they can get more — sometimes much more — for their money.
London’s population is rising fastest in this zone, with waves of buyers looking for properties in the £250,000 to £750,000 price bracket, which accounts for the bulk of demand in the capital. In particular, Ealing in the west and Leyton in the east are tipped for big changes.
On average, Zone 3 addresses are 41 per cent cheaper than Zone 2 — a whopping £474,569 against £797,410, according to online estate agency eMoov, which reports a ‘spillover’ trend, with more people hunting for less expensive properties a couple of Tube stops down the line. For example from Balham, a 2014 hotspot where the average price is £576,622, to Colliers Wood, where the average price is £364,949.
Zone 3 is dotted with districts benefiting from new transport links, high street makeovers, newly created parks, opened-up waterfront, and new shopping and business hubs.
Developers are stepping in to build more homes, believing that demand will strengthen during the next decade, because of London’s booming population. Some are using placemaking skills to improve neighbourhoods, even to create an address, as at Brent Cross Cricklewood, Colindale where there are plans for 7,500 homes, three new schools and a new Thameslink station that will give locals a 12-minute commute to central London. This week, revised plans were unveiled for a 15,000-home new district at Greenwich Peninsula.
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