If you were to take a helicopter ride over the nation’s capital, one thing you will notice, besides the beautiful skyline and famous landmarks, are the number of new property developments in London under construction. New homes and apartments are going up everywhere. But are all these new property developments in London worthwhile? Will they sell? Will they be bought by the people who need them – professionals, couples, young families?
In the middle of 2015, there were around 50,000 new home property developments in London on the go. Boris Johnson had set an annual target of 47,000. And recent statistics show that the average wage in London is £40,000 and the average house price is £580,000. Young people are being priced out of new property developments in London and first-time buyers are being forced to look elsewhere.
So what happens to these new properties? Their sky high prices means that many of them are sitting empty. One new property development near central London sits 50 storeys high and has over 250 apartments. But most of them are unoccupied. Who can afford a 2 bedroom apartment for, in some cases, £1m?
If they’re not sitting empty, many of these new property developments are being snapped up by investors or foreign buyers and rented out at extortionate rates. So where does the young couple or first-time buyer go? The answer is further afield. To a fast-growing, super-trendy commuter-hub just outside of London and close to the pebbly beaches of Brighton. Croydon. Believe it or not, this booming borough is the next big thing for affordable new apartments in London.
Here at Inspired Homes, we have undertaken a number of new property developments in this London borough, opening a door for first-time buyers. Our apartments are modern and functional. They are stylish and open-plan, with high-tech features and stunning attention to detail.
Take Green Dragon House, an exceptional example of how new property developments in London needn’t cost the earth and or sit next to Oxford Street. Green Dragon House looks out over the well-known Surrey Street Market and is very close to Croydon’s best bars, restaurants and shops.
The building features 119 one and two bedroom apartments and has high-tech fixtures, quality fixtures, energy saving LED lighting, Bosch appliances and beautiful granite kitchen worktops. And prices start from under £300,000! For new property developments in London, these stunning homes present young couples, families and professionals with the chance to step onto the property ladder. You don’t have to spend all your hard earned savings and as the area is booming, you will likely see capital growth on your property over time.