London has always been a property hotspot, but for decades this really only applied to the west, areas like Chelsea and Mayfair were always considered to be the top places to invest. But now, after almost a couple of decades of regeneration, other areas are opening up; and places once thought to be downtrodden and shabby are attracting many new types of investors.
M&M Property, an estate agent in Islington and the near by areas knows all about the up and coming, vibrant place.
Combining fascinating history and a host of trendy bars, this part of town appeals to those working in the creative arts as well as those in the financial sector. And it may have something to do with the fact that in the last couple of years, property has risen in price on average by 12.5%. While it boasts traditional period properties, there are also a number of cool warehouse conversions and slick modern developments, all set to double in price if current trends persist.
The wave of cool began in the early 90s when artists like Tracy Emin moved into the area and creative types flocked to the newly converted warehouses full of modern art. Much later, and beginning with the regeneration following the success of 2012 Olympic bid; those in the financial sector followed suit and so did the money. The ‘startup’ scene led to the development of ‘Tech City’ which is around Old Street – the big roundabout is dubbed ‘Silicon Roundabout’ due to the attempts to build a high-tech startup culture similar to Silicon Valley. Google Campus is also close. These are all linked by City Road, which stretches through the areas of Old Street and Angel. As well as this, Shoreditch is backed up by a number of convenient transport links, which make Central London and Canary Wharf easy to access. Bank and Liverpool Street are easy to access due to the Central line, and areas like Shoreditch High Street and Hoxton and serviced by the newly-extended East London line.
Shoreditch boasts many busy shopping streets and the vibrant Spitalfields market, which plays host to independent shops and eateries. If you work your way round the area properly, you’ll stumble upon small galleries in tiny side streets that show work by local artists. If this is not your bag and you are more of health nut, there are several local gyms where you can get your workout on.
The secret to all great property investments has always been location. With so many great local attractions and amenities it’s no wonder that Shoreditch is attracting London’s best and brightest. But with them comes a rise in property prices. Throughout London and the UK, demand outstrips availability, which has caused the current surge in prices. If experts are correct and this trend continues; then in the next 20 years we could see the average £500,000 house double to a million pounds.
This means that if you get in there and invest now you could see a fabulous return on your investment in both the medium and long-term, and this would give you far greater options during retirement. So why not check out Shoreditch, you could be surprised at what you have to gain.