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A wave of up-and-coming neighbourhoods is keeping London on the cutting edge<\/i><\/strong><\/p>\n <\/p>\n Erica Sharlette Wallace recalls her early years spent in a rough part of southern London.<\/p>\n \u201cIt was a very dangerous area when I was growing\u2028 up. My mother used to work in the centre of it, and I remember we once went to a restaurant to eat when a woman came and sat down in the booth with us. It wasn\u2019t until we were on the way home that we realised her purse was missing.\u201d That was Brixton in the 1980s.<\/p>\n <\/p>\n Hackney<\/strong><\/p>\n In recent years, however, that same village in Lambeth Borough has become one of the London\u2019s local lights. \u201cToday, Brixton has a massive transport hub, is always\u2028a shopping mecca, and has one of the most well-known markets in London,\u201d says Wallace, who still lives in the city and now runs her own public relations firm.<\/p>\n \u201cBrixton used to be considered a dump that no one wanted to venture into, and most people did everything they could to get out of it. Now it\u2019s a great example of London\u2019s regeneration,\u201d notes the long-time resident. Along Brixton Road, there is an array of stylish restaurants, bars and cafes, supermarkets, a 1930s-themed department store, Ritzy Picturehouse cinema and O2 Academy (formerly Brixton Academy). \u201cBut the calibre of stores now moving into the area is driving up property prices,\u201d observes Wallace.<\/p>\n Her childhood memories of a grittier southern London are slowly being erased by a \u2018ripple effect\u2019 in the United Kingdom\u2019s largest real estate market.<\/p>\n According to Knight Frank\u2019s latest\u00a0London Spring Residential Review<\/i>, there\u2028is a ripple effect that impacts the quality and value of properties in outer London, where property prices have increased by as much as 11 percent.<\/p>\n \u201cWe really have to look at the market in these two areas,\u201d says Tom Bill, residential research associate at Knight Frank, referring to prime central London\u2014where prices have also gone up dramatically in the last 18 months, creating fears of a potentially overheating market\u2014and prime outer London, where the city\u2019s hidden real estate gems could be found. He says that a two-speed market is developing in London as buyers seek better value for money beyond the traditional core areas.<\/p>\n More recent commercial developments in south London, such as Brixton Square, demonstrate the \u201cripple effect in the pricing of bordering areas of southwest London and the transport links of Brixton and its attractions and amenities have seen the average price of properties increase in a very short space of time,\u201d according to Richard Sullivan, sales manager at Eden Harper, a local property sales, lettings and management company.<\/p>\n <\/p>\n <\/p>\n Welcome to Brixton<\/p>\n Also born and raised in Brixton, Sullivan notes that the \u2028first quarter of 2014 has seen strong activity levels for property in the area, where homebuyers would expect to pay up to GBP900,000 (USD1.52 million) for a one-bedroom converted apartment and well into the millions for a four-bedroom house. But these prices are still worth a fraction of central London\u2019s most expensive properties, such as the recently sold, record-breaking GBP140 million (USD237 million) Penthouse D apartment at One Hyde Park\u2014one of London\u2019s most prestigious addresses.<\/p>\n \u201cMany buyers migrating from north and west London, including surrounding areas such as Clapham, Wandsworth and Battersea, are capitalising on more property for their money but also excellent transport links into central London and the city,\u201d Sullivan explains. \u201cIn my opinion this migration of buyers is not only due to the relative affordability compared to other parts of London, [but is> mainly due to the lack of available stock in other prime areas, which has caused prices to rise.\u201d<\/p>\n According to property website\u00a0Rightmove.co.uk<\/i>, the average asking price for a London property has risen by as much as GBP80,000 (USD153,000) in the first five months of the year due to increasing demand from buyers.<\/p>\n Similarly, the Brent Borough about 13 percent higher than they were seven years ago, according to research by global property services firm Savills.<\/p>\n Brent\u2019s allure is Queen\u2019s Park, an attractive neighbourhood named after Queen Victoria that has great amenities and\u2028great transport\u2014all of the things that really captivate investors, according to Peter Allen, director of sales and marketing at central London-based developer Londonewcastle. Allen recently flew to Singapore and Hong Kong for the Asian launch of the company\u2019s landmark project, Queen\u2019s Park Place, which is set to be completed in the second quarter of 2016.<\/p>\n \u201cQueen\u2019s Park is really an exciting area. Perhaps it\u2019s an area that might be less well known to some people who live outside of London, but it\u2019s actually a very established village,\u201d says Allen. \u201cIt\u2019s always been known to people from London, but traditionally, I think that people that lived there wanted to keep it a secret.\u201d<\/p>\n <\/p>\n <\/p>\n All roads\u2014and tracks\u2014lead to Queen\u2019s Park, the \u2018new Notting Hill\u2019<\/p>\n Dubbed \u2018the new Notting Hill\u2019 by national newspaper\u00a0The Telegraph<\/i>, Queen\u2019s Park is seen as a self-sustaining neighbourhood where residents don\u2019t need to get out. \u201cYou\u2019ve got everything you need in Queen\u2019s Park. A lot of families are really attracted to that,\u201d states Allen, adding that a number of celebrities already live in the area, including actresses Thandie Newton and Sienna Miller, and\u00a0British Vogue<\/i>\u00a0editor Alexandra Shulman. Tamzin Greenhill, a New York-based stylist for\u00a0Elle Decor<\/i>\u00a0and former supermodel, has been tapped to design Queen\u2019s Park Place\u2019s interiors, further adding glamour to the area.<\/p>\n Aside from the chic factor, the Queen\u2019s Park neighbourhood is also only minutes away from many educational institutions, by both by car or by public transport. \u201cFor Asian buyers, it is an interesting area, if they\u2019re thinking of sending their children to study at University College London, London Business School, King\u2019s College, Royal College of Art or London School of Economics\u2014all within thirty minutes of travel time,\u201d adds Allen.<\/p>\n The 150-year-old Victorian village\u2019s charm has enticed families, couples and successful young professionals who want to invest in their own properties. \u201cThe area really is a hidden gem with fabulous amenities, good transport links and undergoing widespread regeneration and renewal,\u201d says Rob Soning, Londonewcastle\u2019s chief operating officer. According to a study by UK-based real estate investment consultancy Middleton Advisors, the location\u2019s appeal to homebuyers is heightened by its proximity to a park, mirroring the prestige of Hyde Park in Westminster, where the price of a regular-sized apartment averages GBP870,000 (USD1.46 million).<\/p>\n Another rising neighbourhood that puts a premium to green spaces and quality living is the Westminster-based Marylebone in central London, although it has been considered a prime investment hotspot for at least a decade, according to Naomi Heaton, CEO of real estate services firm London Central Portfolio.<\/p>\n \u201cMarylebone fulfils all the criteria necessary for long-term stable price appreciation and is an internationally desirably area,\u201d she says, citing the Bayswater, Pimlico and Fitzrovia areas in East Marylebone as having excellent investment potential.<\/p>\n Indeed, Marylebone, which enjoys the greenery of Hyde Park and anchors London\u2019s West End, is trendsetting. Savills currently manages several properties in the area, which is dominated by Georgian architecture and stylish Mews houses\u2014the third \u201csexiest\u201d type of residence in London, according to a recent study by property intelligence group Dataloft\u2014and is minutes away from Marylebone High Street, a fashionable and cultural district lined with hip restaurants and shops, with a very well-connected transport system.<\/p>\n \u201cPotential buyers consider the area to be vibrant with a young demographic and demand is primarily for two-bed flats or freehold houses,\u201d says Claire Reynolds, head of Savills Marylebone. \u201cOften presenting better value for money and a stronger growth potential to Mayfair, Marylebone is also very popular with buyers looking for pied-\u00e0-terre properties, sometimes for their children studying in London. Overseas buyers have been very active in Marylebone.\u201d<\/p>\n <\/p>\n <\/p>\n Mews houses, such as Devonshire Places Mews in Marylebone, are currently the third \u201csexiest\u201d type of residence in London<\/p>\n The growing population of foreign\u2014particularly Asian\u2014students in the UK has also contributed towards the rise of these neighbourhood. Girard Philip Espa\u00f1ola Bonotan,\u2028 a Bangkok-based officer at Southeast Asian Ministers\u2028of Education Organisation who lived in Greater London in the last two years to complete his graduate studies at University of London, observes: \u201cLondon has an allure for the new Asian rich. Owning properties there would\u2028be a boost to their reputation, I believe. Now that East Asians, especially the Chinese, are getting more affluent, they also want to have a slice of the market. Many East Asian children are studying in London and their parents are interested to rent or purchase properties.\u201d<\/p>\n To capitalise on increasing Asian investor interest\u2028in UK properties, Marcus Cooper Group and Allan Properties in collaboration with Oakmayne Properties, are marketing in Asia the 157 Gloucester Place property in Marylebone. The refurbished period property offers high-quality studios, one-bedroom units and two-bedroom apartments that are located a stone\u2019s throw from seven top academic institutions, including University of Westminster and Royal Academy of Music.<\/p>\n \u201cIn the last few years, the process for foreign buyers has been a no-risk situation, especially for those based in Hong Kong and Singapore, because their legal systems are very similar to London\u2019s,\u201d notes Allen.<\/p>\n London also benefits from its status as Europe\u2019s main transport hub and nowadays welcomes a swathe of direct flights from major Asian cities. Furthermore, the ease of international travel, low interest rates and increasing economic conditions in many peripheral boroughs is encouraging developers to launch more London-based projects\u2028in Asia.<\/p>\n \u201cLondon is seen as the commercial and cultural centre of the English-speaking world. It represents a good diversification for many Asian buyers,\u201d comments Charlie Ellingworth of real estate consulting firm Property Vision. \u201cAmongst the new build purchases, Asian buyers are probably dominant,\u201d he adds.<\/p>\n <\/p>\n <\/p>\n Queen\u2019s Park Place on Salusbury Road overlooks a lush park that heightens its value and appeal<\/p>\n The migration of high-profile buyers from central to little known villages may have been aided by the London Plan, the statutory spatial development framework for Greater London Area. Authored by the Mayor of London in 2004 and released by the Greater London Authority, the plan provides the economic, environmental, transport and social strategy for the city until 2031, and aims to ensure that London is a community of \u201cdiverse, strong, secure and accessible neighbourhoods\u201d.<\/p>\n Hackney Borough has certainly benefitted from London\u2019s regeneration agenda. Recent transport improvements for the over-ground\u2028lines at Hackney Central, Dalston and Haggerston\u2014 another formerly rundown area that is currently witnessing resurgence\u2014may have had a huge impact on the area\u2019s growth.<\/p>\n \u201cIn the latest Land Registry report, Hackney showed\u2028a 21.5 percent increase in prices for the past 12 months\u2014the greatest increase of any London postal code,\u201d discloses Matt Cobb, director of Hatton Real Estate, sales managers of the recently completed LivE2 apartments. Home to hidden cultural gems such as the Geffrye Museum, Broadway Market at London Fields park and Shoreditch\u2019s budding inner city street art scene, Hackney replicates Brixton\u2019s transformation and is on track to become one of London\u2019s marketable residential villages.<\/p>\n Indeed, boosted by a combination of new-build and regenerated properties, as well as a the arrival of appealing lifestyle amenities, these once-forgotten neighbourhoods are at the core of a real estate revival that extends beyond the prime London locales.<\/p>\n \u201cOur mix of modern day and historical architecture tells a story in a light that suggests a natural progression from one to the other, with no fault, confusion, or curiosity between the two,\u201d declares long-time resident Wallace, who admits that she cannot think of any place in the world that comes close to what London can offer. \u201cThe Greater London Area has the perfect blend of multicultural ethnicity, and now investors from here and all over the world see that.\u201d<\/p>\n —<\/p>\n Notable developments in Greater London Area:<\/b><\/p>\n <\/p>\n Brixton<\/b>, south London<\/p>\n Young families looking for more space and bigger units are heading to Brixton\u201415 minutes by train or car from central London\u2014in search of more affordable homes, such as this five-bedroom semi-detached Victorian house on Mervan Road, recently sold for GBP950,000 (USD1.61 million). Richard Sullivan of Eden Harper says house prices in Brixton have gone up by as much as 30 percent in the past year.<\/p>\n Queen\u2019s Park<\/b>, west London<\/p>\n Units at Londonewcastle\u2019s 116-unit Queen\u2019s Park Place start from GBP450,000 (USD748,000). Home prices in Queen\u2019s Park\u2014located 30 minutes away from most educational institutions, or a 15-minute train ride to Oxford Circus in central London by direct Underground line\u2014have gone up with 13 percent since 2007, according to Savills. By 2018, the Crossrail project will provide immediate access to the city in under 9 minutes, or 16 minutes to Canary Wharf\u2019s business district.<\/p>\n <\/p>\n <\/p>\n Marylebone<\/b>, central London<\/p>\n The freehold, four-storey Devonshire Place Mews house off Devonshire Street in Marylebone is valued at GBP5.5 million (USD9.23 million) and is close to Regent\u2019s Park\u2014a plus, according to study by Middleton Advisors. Savills also manages a stunning three-bedroom, three-bathroom Penthouse 3 unit on Bolsover Street, Fitzrovia, priced at GBP5.95 million (USD10 million). Marylebone has been considered a property hotspot for the last ten years, according to Naomi Heaton, CEO of London Central Properties.<\/p>\n <\/p>\n <\/p>\n Hackney<\/b>, east London<\/p>\n Completed last May, local developer Mura Estates\u2019 13-unit LivE2 apartment complex is located on Whiston Road in Hackney, a neighbourhood which experienced a 21.5 percent increase in home prices in the last 12 months, based on Land Registry data. The area is within close proximity to Shoreditch\u2019s vibrant street art scene. Whilst the Haggerston and Hoxton stations and numerous bus routes along Kingsland Road and Liverpool Street are close by. Prices start at GBP525,000 (USD883,00) per unit via Hatton Real Estates.<\/p>\n <\/p>\n <\/p>\n Clerkenwell<\/b>, central London<\/p>\n Less than a 15-minute drive from central London, Clerkenwell was once Charles Dickens\u2019 stamping ground. It is home to many Victorian-style houses, including this redeveloped Victorian-era factory and later early\u202820th century cinema that was redesigned by The Sheldon Studios. The four-penthouse Rosebery Avenue apartments from developer Londonewcastle are priced at GBP1.5 million (USD2.52 million).<\/p>\n Brixton images courtesy of Richard Sullivan.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" A wave of up-and-coming neighbourhoods is keeping London on the cutting edge<\/p>\n","protected":false},"author":2,"featured_media":19894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[81],"tags":[],"class_list":["post-1920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-depth","news_country-singapore","news_author-richard-allan-aquino"],"acf":[],"yoast_head":"\n![\"\"](\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/03\/1529062489106_Hackney3.jpg\")
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