When it comes to determining which parts of London are hot and in high demand, it is worth checking out mortgage applications.
Information provided by Private Finance, a mortgage broker, suggests many parts of London are in high demand.
The South East of London is performing well
The findings indicate the South West of London had a total of £38.3 billion in mortgage lending, the South-East of London enjoyed £28.1 billion in mortgage lending and the East of the capital received £28.3 billion of mortgage lending. All of this was from the start of 2020 to 31st March.
Peckham is in high demand with young property buyers
Peckham has been listed as one of the thriving areas, and it is easy to see why. Peckham has an exciting hospitality sector, and a range of leisure industries. 2020 has stifled some of these features, but there is no getting away from the fact that in normal times, Peckham has what people are looking for.
You also cannot overlook the improved transport links to the heart of London. These developments have made the area a natural choice for young professionals.
While Peckham is far from the only area of the South East of London that appeals to buyers, it is natural that it is in the spotlight. At Hunters Forest Hill, we are here to help if you would like to learn more about the market in this thriving part of London.
Shaun Church, Director at Private Finance, says: “This data reveals that London continues to remain the most attractive area for homeowners. The transformation of Peckham and Bermondsey has contributed to an inflow of young professionals into SE London. High house prices and long-term demand for property in places such as Clapham have continued to support SW London’s mortgage market. However, shifting housing needs caused by people staying within the same four walls during long lockdown periods could cause a flight of homeowners from the capital.”
Shaun continued by saying; “Workers are increasingly viewing being close to their physical workplace as less important due to widespread adoption of working from home practices. Fears over contracting coronavirus is putting downward pressure on demand for properties in highly populated areas. Rock-bottom mortgage rates may be incentivising people who have long considered relocating from cities to bring forward property purchases in the countryside to lock into cheaper mortgages.”
Shaun concluded by saying; “These factors are likely to compound and result in future activity being highly concentrated in areas just outside the UK’s major cities and the countryside. The top areas likely to experience the sharpest uptick in buyer activity and therefore mortgage lending could include Chelmsford, Chester and Reading.”
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.