Property prices in East London will double by 2030

Investors in property in London are looking for a profitable application of their capital and trying to determine long-term trends in the market. Real estate Agency JLL, based on data submitted by Oxford Economics, published its forecast of average real estate prices in different areas of London by 2030.

According to the forecast, at least in three areas of the London residential property prices will double by 2030. It is part of Waltham Forest, Newham and Haringey, where prices will rise 100%, 94% and 91%, respectively. Other promising areas – Lewisham with an increase of 90% over the same period, Hackney with growth of 89%, Kensington and Chelsea with growth of 86%, Greenwich, with growth of 85%, Westminster and Brent, with growth of 84%.

The forecast was calculated consequences of a British exit from the European Union and the return of the UK from the European Single Market to world Trade Organization rules. Particularly strong growth in property prices is expected in the Eastern areas of London. Impetus to the economy of East London will develop a new high-tech area of Silicon Roundabout, which is Old Street and the new high speed rail, Crossrail, which will open its first line in 2018 and will significantly improve transport infrastructure in East London.

Over the past 35 years the price of property in London has grown on average by 8% annually. Now, despite the slight cooling of the market is expected to remain stable, the average price increase of 4%-7% per year depending on the district.

In any case, the real estate investment should be viewed as a long-term game and it makes no sense to measure the result in 3-5 years.

® Maxim Savitsky. 24.10.2016 G.

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