Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Saturday, 25 January 2014

A coming UK property hotspot - take note

From the London Daily Telegraph today:

"More diggers and cranes may be heading to Croydon, where plans for a £1bn project, led by a new Westfield shopping centre, has created a wave of interest. 

Over 2014 the developers will hope to receive outline planning permission, and can then go about buying up the land they need. 

Forward-thinking investors might want to take a punt soon, before buyers flock to the new hot spot and push up prices."

This is close, but not quite correct.

Forward-thinking investors have already bought property in Croydon, before the newspapers started telling everyone else to, because we are forward-thinkers... ;o)

Croydon is located in South London, 15km (9 miles) to the south of Charing Cross and fast train links have commuters to Victoria in 15 minutes or London Bridge in 13 minutes.

According to almost every forecasting house, it's going to be another corker of a year in London property, but not so much at the top end of the market which has recently shown some signs of cooling as foreign investment pulls back.

A capital gains tax will be introduced on foreign owners in 2015.

This will likely impact the ultra-premium sector of the market.

In the more reasonably priced stock, however, prices are heading north, particularly for those who buy in the right zones. 

"Savills agrees that 2014 will see a continued increase in prices, with Greater London catching up with prime central London. It expects the commutable area around the capital to increase by five and six per cent, with central London rising three per cent. "