Incoming professionals and property investors thinking of buying property in London need to consider where in the city will deliver a good return on their investment, offers easy access to their place of work or university and is in easy reach of the capital’s cultural and retail highlights.
London is a city not only offering culture and entertainment. It has a huge population and a thriving economy which in turn means there are endless employment opportunities at all earnings levels.
The City of London is one of the world’s leading financial centres, offering opportunities to people with skills in finance, IT, advertising, design and many other areas of commerce.
Central London’s residential areas of Westminster and Pimlico have been somewhat overlooked and under-rated by buyers until recently. With reasonably-priced properties and excellent transport links, they are attractive places to live and easily accessible from all areas of London. Better still, they are within walking distance of the West End – with its vibrant nightlife, theatres, cinemas, bars and restaurants and tourist attractions including Buckingham Palace, the Houses of Parliament, The London Eye, and the Tate Gallery alongside the River Thames.
This means that investing in property in Westminster and Pimlico is something the prospective buyer should seriously consider.
Strong demand from overseas buyers for property in these areas (Westminster and Pimlico) is helping prices to stay around the pre-Brexit level and may even cause prices to rise slightly in 2017 and beyond.
Westminster has benefitted enormously as a desirable residential area since the government decided to sell many of the buildings previously used by departments of state.
Property developers have been busy converting or replacing these buildings with luxury apartments, which in turn has brought more supermarkets, cafes, bars and restaurants into both these areas, making them more attractive and convenient places to live, both as owners and tenants of investment properties.
Pimlico has also benefited from the demand for properties close to the centre of London. Famous for its Regency architecture and garden squares, it also offers excellent buying opportunities to people looking for properties at all levels of the market.
Many new apartment buildings in Pimlico can be found along the south-facing bank of the River Thames with spectacular views and uninterrupted sunlight, such as Eagle Wharf, and The Icon, but other parts of Pimlico still retain much of their period character. One of the most popular areas is known as The Pimlico Grid which is bordered by Warwick Way, Lupus Street and Belgrave Road. Here the tranquility – thanks to traffic calming measures – and the sense of village community, are unique compared to busier residential parts of Central London. And yet property prices here are still remarkably low.
It may well be one of London’s best kept secrets that Westminster and Pimlico currently provides buyers with a chance to own an elegant and stylish property at an affordable price. Whether to live in or rent out, it is very likely to prove a sound investment. But even the best-kept secrets do not always stay that way for long…
Moreover, the Westminster and Pimlico areas are offering these opportunities to people looking for properties to live in or for rental income.
Therefore, the answer to the question “I can afford to buy in London, but should I?” is yes.
