01 Jun London Deprived Areas
London Deprived Areas
Many buyers are flocking to London deprived areas to pick up a bargain as trends show its a safe place to put your hard earned cash.
Just after the news that the conservatives were awarded another term ,Londons estate agents recorded a massive surge in sales, followed also by a massive increase in the price of shares for the estate agent Foxtons whose share price rocketed to up 13%.
With many currently living in the capital struggling with the cost of living, the only option for many it to trade in their bricks and mortar for cash. Many who have claimed ownership through the governments Right To Buy scheme are finding themselves in a more than fortunate position. Man of London deprived areas are on their way to either becoming up-market hipster areas or there are plans for substantial regeneration. Areas such as Hackey in East London were once urban ghettos renowned for high levels of crime, however now it’s a place for the cool. Filled with artists, actors, musicians and anyone else in the creative field helping prices to steadily increase 15% year on year.
London deprived areas such as Tower Hamlets and Elephant & Castle are now next on the list with huge regeneration project planned for both. This is a double-edged sword for some of the residents as CPO (compulsory purchase orders) leave them with no choice but to move. There is no doubt that the prices offered for the properties will be an increase in what they originally paid for their properties in London deprived areas, but with their low-income their chance of re-buying seems bleak. Many are then choosing to relocate outside the capital which is ok for some, however, those that are needing to stay in London for work are being left with no choice other than renting.
The companies behind the CPO’s are being offered ‘market value’ however some argue it is well below the current market value. You can read more about our areas to buy in London on our blog from May LondonPropertyHotspots
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