In London, people are on the lookout for boroughs offering faster connectivity. People do not like long commuting hours from home to the work place. A recent research report has compiled some cheapest or affordable areas of London from where one can reach the city center in 10 minutes.
The study was conducted after comparing 2 bed rental rates with the shortest train/tube or DLR connectivity from London to a central station.
According to the report Walworth in South East London offers the second cheapest rents at an average £314 per week for a 2 bed. The commuters to Central London can reach in three minutes from Elephant and Castle Rail Station.
Canary Wharf is another good area, allowing travelers to get to Bank via the DLR in 6 minutes from Limehouse Station. So living in Peckham or Brixton will be cheaper and commuters can reach London Bridge or Victoria in 9 minutes flat.
David Butler, Director, Research observes that many parts of London are well-connected to the center yet affordable too. Connectivity and affordability are two factors that weigh high on the renters’ mind while choosing an area to live.
To locate affordable residential area agencies like Rentals London are doing a commendable service. They help buyers and renters to locate appropriate properties in areas of their service where good transport links to the city centers are available. The serviced areas include,
- Canary Wharf
- High gate
- Hyde Park
- Imperial Wharf
- St. Johns Wood
- West Hampstead
House prices down
The affordability factor in London’s property market is up, at least in areas the Land Registry has identified as affordable. Some of the key findings are,
- London had the highest increase in average property value in the last 12 months, up by 8.7 percent
- Wales had the greatest monthly rise of 2.4 percent
- The region with the greatest annual price fall was North East, down 0.8 percent
- The North East experienced a significant monthly price fall at 3.1 percent
Analysts say as London is on a trajectory of its own in property prices.
London is Unique
London is trying to get over the problem of short supply in affordable properties. A large number of houses and flats are required to satisfy the urge for home ownership in London. The era of the sellers’ market is passé and buyers are gaining an upper hand and negotiating hard on prices. This is also abetted by media reports of an impending “bubble” and a critical commentary on help to buy scheme. So buyers are cautious about the prices they are willing to pay for properties.