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London property hotspots for 2007

Tuesday, 9 January 2007 12:00 AM

London's property hotspots in 2007 have been predicted by property experts to be fringe areas such as Elephant and Castle, Woolwich, Stratford and Deptford.

Property adviser DTZ Residential also expects the suburban areas of Harrow and Croydon to experience above average property price growth in 2007.

The property group also said house price inflation in south London, which is "historically cheaper and more affordable" will be another key place to invest this year. London Underground extensions into East London will also result in strong rises in property prices in the area in 2007.

Overall, DTZ expects central London prices to experience steady growth of eight to nine per cent.

"The prime central London market has experienced higher price rises than expected in 2006, with high demand expected to continue into next year. Coupled with low supply, this should ensure the market remains fluid throughout 2007," commented Peter Braithwaite, chairman of DTZ Residential.

Key influences on the market this year will be City workers, overseas buyers and first-time buyers, the company forecasts.

DTZ explained: "With 3,000 City workers expected to receive a £1 million bonus, 50 per cent are expected to buy a property - 40 per cent of those (approximately 1,000 - 2,000 cash purchasers) are based in London."

It added: "The prime central London market is currently experiencing different levels of growth. The lower end of the market is being kept buoyant with first-time buyers. The shortage of stock is pushing up prices, which are now between £200,000 and £300,000."

The company also sees overseas buyers, in particular from Russia, influencing the top end of the market.

"New build properties in Knightsbridge are currently achieving more than of £2,000 per square foot while properties in St John's Wood achieve £1,600 per square foot.

"In contrast, the middle market is stagnant but stable, as people are choosing to remain where they are and opting for home improvements, such as loft conversions for added space. They are, however, watching the market constantly," DTZ concluded.

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