The demand for property in London is high, and with many buyers drawn to the market in light of the Boris Bounce, the lack of sufficient supply of homes in the capital is likely to be more pressing. However, there is some positive news for certain parts of the capital. Unsurprisingly, the City of London leads the way for new development properties, but the boroughs of Hackney and Tower Hamlets are also welcoming new features at a pleasing rate.
Of all the properties listed for sale in the financial heart of the city, 28% is classed as new-build stock. You can see why developers are drawn to developments in this part of the capital, as there is a more significant potential for profits.
Hackney is going places
However, in Hackney, new-build residencies account for 23% of the homes available in the marketplace. Hackney has also been recognised as an area where there is a notable increase in the availability of new-build properties. The borough saw new-build developments account for 3.1% more listings in the fourth quarter of 2019 compared to the third quarter.
The average across the whole of London sees new developments make up 11% of all homes available, so Hackney is far ahead of the standard in this area. Not every part of the capital lends itself to change of this nature in the current climate, but Hackney is evolving. There is a lot of traditional charm in the area, but the new elements have breathed fresh life into the local surroundings, and there is a lot to like about life, and the property options, in and around Hackney in 2020.
There is optimism in the property market
This is positive when you consider there is a level of optimism in the housing market for 2020, which hasn’t been seen in many years. With industry names such as Rightmove, Zoopla and RICS all stating buyer intent is higher than it has been, and mortgage approvals have reached a four year high, with some sources reporting these approvals are at the highest level since 2009, it is understandable why there is a level of optimism and confidence surrounding the property market.
If you are looking for insight into the market, following what developers are doing is a smart strategy. The new-build housing stock in London is being delivered to areas that are desired, and which are considered to be on the rise. It is no surprise that Hackney is performing well, and is just one example of the centralised boroughs which appeal to buyers and builders in equal measure.
London is evolving, as is Hackney. If you are keen to buy a home in this area, get in touch and we will be more than happy to assist you. As local agents, Wild & Co is on hand to ensure you make an informed decision. We are also able to help local vendors sell their home, and if you are looking to sell your Hackney home, contact Wild & Co to arrange a property valuation. Whatever move you wish to make in 2020, rely on the local specialists.