This weeks article marks the start of a new monthly series. As many people are starting to question where to buy property in London, in 2017, at the end of each month, the published article will focus on one area to invest in, in 2017 – a property hotspot. This month’s chosen property hotspot is the large London suburb of Greenford.
Greenford is situated within the London borough of Ealing, approximately 11 miles outside of Charing Cross, Central London. Although considered a leafy suburb, mainly due to the Grand Union Canal running through the area, Greenfords two stations are well connected, served by both the Central Line and a branch of Great Western Rail, making living in Ealing and working in Central London very accessible.
Considered the ‘birthplace of the modern organic chemical industry’ due to the areas associations with William Perkin’s chemical factory, Greenford has previously been considered to be an ‘industrial area’, however times are changing and Greenford is evolving.
In the late half of 2016, Greystar submitted several planning applications for a mixed used development, in order to provide a mixture of up to 1,965 new homes in Greenford combined with new supermarkets, coffee shops, leisure facilities, restaurants, offices and a school on the former GSK site on Greenford Road, Greenford Green.
Over 500 of these new build homes in Greenford will be listed as private apartments for sale in London, thus creating an increase of new homes in Ealing, whilst the remainder of the new homes will be retained for rental purposes, this development will continue to enhance Ealing’s housing options. Once construction begins, this new development in Greenford combined with that of The Berkeley Group’s new London development, Dickens Yard in Ealing Broadway will start to have an impact on not only Ealing’s property prices but also London’s real estate prices.
Over the last 12 months, the average paid price for a home in Greenford was £396,723, compared with London’s average of £580,600, Greenford can provide investment into some of the cheapest homes in London.
Although cheaper than the majority of property in London, Greenford’s property market is experiencing considerable growth. The last five years have seen a growth of 44.02%, the equivalent of £130,69, whilst over the last 12 months, even though last year was difficult for London’s real estate market, the value of property has rose by 3.63 pc, equivalent to £14,982.
Since October 2016, Greenford’s property values have increased a further 0.63%. If you were to invest £427,287 today (Zoopla’s current estimated value for a property in Greenford) you would see an average return of £672.97 per month, considerably more than if you were to inject this capital into a savings account.
Although London is home to multiple new property developments, new build apartments and family homes for sale, Greenford is becoming one of London’s property hotspots for both investors and individuals or families looking for a return on their home. If you are questioning where to invest in or buy property in London, you can be confident in seeing a return on your Greenford, Ealing property.