The number of new homes being built in inner London has risen by more than 40% since the start of 2015, according to Proskips.
The London-based skip hire broker says research published in the Financial Times shows 19,000 residential properties are under construction in 30 inner London postcodes – a 43% rise on the 13,400 units under construction 18 months ago.
But although 54,000 homes are planned for inner London, housebuilding is also taking place in Enfield, where 10,000 new properties are planned for an area close to Lee Valley that has been named Meridian Water.
Up to 725 of those new homes are expected to be ready by 2018 when the redeveloped Angel Road overground station will be renamed Meridian Water and start delivering commuters into the city in under 25 minutes.
Demand for property in North London has always been high, says Newington Green estate and letting agent M&M Property. The most popular areas are Hackney, Islington, Highgate and Crouch End due to their excellent transport links, good local schools and vibrant mix of local amenities.
However, Enfield is being tipped as the next North London property hot spot. London Mayor Sadiq Kahn has made no secret of his desire to create more affordable housing in the city, which suffers from a shortage of space to develop new homes.
Once the transformation of Angel Road station is complete, the borough will have a speedier link into Liverpool Street in the heart of the City – plus two other existing overground stations and three Tube stations.
This is likely to push up demand for homes in the borough, where third-party property portal Rightmove reports the average asking price was £476,284 in May this year. That’s a 13.3% increase from the £420,272 in May 2015 and above the average annual increase in London asking prices of 10.8%.
Buying a new-build home has many advantages, says Peach Properties – an estate and letting agent in East London. They tend to be more energy efficient and therefore cheaper to run than older homes, which can make a huge difference to your fuel bills.
Not only that, new-build homes are chain free, which means the purchase has far less chance of falling through and should go through quickly.
A new-build property is also designed for modern living. They tend to have more than one bathroom, and often a downstairs cloakroom, plus open-plan layouts, which are better suited to families. The kitchens in a new home also come with modern, up to date appliances and some developers allow buyers their own choice of finishes.
But a new-build home in Enfield has advantages not found in parts of London closer to the centre – great access out of the capital. The borough borders the green acres of Hertfordshire, while Stansted Airport is a 40-minute drive away.
Alternatively, take the train to Tottenham Hale and hop aboard the Stansted Express or head to Enfield Lock station for a 28-minute train journey.
Enfield has a lot to offer every type of home-buyer or tenant. Now is a great time to take a look at what’s available and make your move before prices climb beyond reach.