Shrewd property investors look to Victoria SW1
Victoria in central London is one area that could offer a good return on investment to shrewd buyers. Regeneration in this beautiful Zone 1 location is continuing. The reinvention of Victoria Street and the transformation of Cardinal Place has been a catalyst for the area.
There are plenty of new amenities in the locality which has become a great place to live and work. A 15,000 sq ft food market is due to open where nightclub Pacha once traded. The exciting new venture will feature 14 Restaurants, three bars and seating for 300 people. It will bring lots of new footfall to the area and employment opportunities for hundreds of people.
Likewise, the conversion of the old fire station in Victoria will provide some fantastic residential options for what is sure to become a thriving part of the city.
Property prices to rise in Zone 1 & 2
Britain is due to leave the European Union at the end of March and this has caused much speculation and a bit of hesitancy on the market. As the date moves closer however, studies have been done and JLL have released figures which give us good news.
Between 2019 and 2023 a rise of over 17% for new build homes in zone 1 and 2 is predicted. Homes in the luxury home category of central London should also expect to see prices rise by up to 15% in the next five years. Adam Challis, head of residential research at JLL has said “Once we have confirmation of a deal and a reasonable transition period, people will start to feel more confident and this will encourage home owners and investors to buy again.”
Optimistic price forecasts for the London property market
The figures released are very positive and show that growth in the economy is forecast. There are confident economic signs backing up the data from JLL. The economy is expanding and GDP is expected to grow by 1.5% next year. It is furthermore expected to rise in 2020 and 2021. This, alongside a rise in earnings will keep the city afloat.
A constant feel of regeneration and opportunity in the city is abound. It will only be strengthened when we have passed through the adjustment period post Brexit. London is a city that is always in demand.
Thinking investing or selling in SW1?
If you are interested in buying or selling in Victoria or surrounding areas, our team in Henry Wiltshire Nine Elms can help you. Our expert knowledge of the area and superb service is second to none.