The postcodes defying Brexit: top 10 hottest property markets in London
Exclusive new analysis has identified the 10 “hottest” markets in the capital, dominated by parts of north and east London.
Britain’s exit from Europe has resulted in prices falling at the fastest in six years – but there are areas of London where homes are continuing to sell strongly.
According to the Royal Institution of Chartered Surveyors, the number of enquiries from buyers, agreed sales and new instruction across the UK have decreased. Land Registry reports identified that prices within London have fallen 0.7 per cent year on year, making it the only region of the UK to have suffered an annual average price decline.
Through exclusive new analysis, online property market analyst PropCast has been able to identify the 10 ‘hottest’ markets in the Capital. Results illustrated that the North and East are the two areas currently dominating the London property market.
Where London’s hottest property markets for 2019?
In the lead is Edmonton, N18. Where relatively low prices, a multibillion-pound regeneration project will be taking shape in nearby Meridan Water. N18 also benefits from excellent transport links; with overground commuter trains providing services from Silver Street to Liverpool Street in under half an hour.
Recent figures from RightMove identified that the average property price within this area is £359,000. This is an increase of 11% from where property prices were 12 months ago.
Propcast also identified other East London areas as ‘winners’ with Walthamstow E17, Wanstead E11, Chingford E4, Seven Sisters and South Tottenham in N15 all showing an increase in property prices.
Average increase in property prices in the past 12 months;
According to Gavin Brazg, founder of PropCast, 17% of London’s postcode are still considered sellers’ markets where homes are still selling strongly. He stated in a recent interview that due to a balance of power, “properties sell quicker and often after a bidding war – as long as the initial asking price is set realistically”.
Gavin Brazg advised that buyers in what can be described as “cold” zones need to ensure they are being realistic about pricing, even more so than before. He claims that the “key to success is to identify the homes that are your direct competitors, and position your home so it represents the best value for money”.
Research identified that the coldest markets are the high-value Central London locations, sitting outside the very primate locations favoured by International buyers.