With the imminent arrival of Crossrail there’s a lot of fresh interest in areas outside travel Zones 1 and 2- and Zone 5 is an increasingly hot choice for commuters. Inner London is becoming almost impossible for the average, modestly waged buyer to consider, but the further away you go from the centre you can expect property prices to drop by a huge £86,000 in each zone.
Buyers are now looking to set up home outside of the centre, and now it’s easier to get around it’s easier to look a little further afield. According to Proskips, “If you’re looking for a long term investment that’s still relatively affordable, you’d do well to consider Zone 5.” With plenty of desirable areas in the zone, it offers the greenery of the countryside combined with the ease of good transport services.
The most popular areas within Zone 5 include Bromley South, which is currently showing an average property price of £413,000 (up by 11.4% on last year) and East Croydon which is considerably more affordable with an average of £276,000 (up 9% on last year). Harrow and Wealdstone, Harrow on the Hill, Ponders End and Northolt Park are all averaging between £385,000 and £479,000, while the desirable area of Chislehurst is topping the tables with an average value of £653,000. All have their plus points. Kubie Gold says “Chislehurst is on the outskirts of Bexley and Greenwhich so attracts affluent, middle class buyers who appreciate the finer things in life, while Harrow on the Hill boasts a 18 minute journey into Marylebone.”
Crossrail is set to revolutionise London’s transport system, opening up a new world of opportunities to commuters who don’t want to spend hours getting to and from work. Other hotspots to watch out for include Whitechapel, Stratford, Hackey, Acton and Nine Elms, all of which were considered to be undesirable areas to live in until very recently. Peach Properties says, “Since the capital’s major regeneration projects have breathed fresh life into the city, what were once seen as the poor relations in the property world are now exciting, fresh and very well connected.”
“Zone 4 also offers some fantastic opportunities for buyers”, says Wimbledon estate agent, Robert Holmes. The average price in this zone is currently £421,000, compared to £723,000 just up the road in Zone 2 and £488,000 in Zone 3. “Considering there’s only a few minutes between the zones in terms of commuter time to the centre, it makes sense to consider the options that are a little outside.” With train journey time between Zones 3 and 4 varying by just 15 minutes, it’s no wonder buyers are starting to recognise the benefits of going somewhere like Morden, Wimbledon and Mill Hill. All of these areas offer plenty of green space, interesting shops and good schools- “there’s no longer the need to concentrate on the more affluent parts of London like Chelsea and Kensington unless you have plenty of money to throw around” says Best Gapp.