Regenerated station areas 'lead property push'

Regeneration work around major London rail stations is adding to the value of property in surrounding areas, according to a new property forecast.

Hamptons International's UK residential property Market Forecast 2008, reported by the Daily Telegraph, indicated that projects to spruce up the Paddington Waterside and the Kings Cross St Pancras area will add much value to surrounding property.

Lying just south of Paddington, the Bayswater area was also identified as a major 2008 grower, while the Islington neighbourhood was seen as likely to share the knock-on effects of improvements at nearby Kings Cross.

Hamptons forecast an overall three to four per cent rise in UK house prices over 2008, with prime central and North London property in areas like Islington set to rise four per cent, outperforming South London (three per cent).

The survey also found that extreme top-end buying in the capital will continue growing, with the highest income bracket still demanding more luxury homes and flats than are supplied.

The forecast suggested that London's property buying boom has abated slightly, with demand falling away from the record levels of the last two years, but prices still remain high enough for money to prefer renting in the capital.

Published 19th December, 2007

© 2007 Estates IT Limited