The capital of the United Kingdom has been one of the best places to live in, and now people are looking for new and, hopefully, more affordable real estate options in this city.
There are a lot of different districts that are under construction in London, and this means that in the next 5 years, this city is going to be transformed. This opens a lot of options for new investors and people who want to become a part of one of the most popular cities in the world.
In this article, we are going to talk to you about the best places to buy a home in London in 2023, and we are going to give you information about the projects and the expected price ranges.
1. Barking Riverside
A perfect district that is still in the process of development located in the eastern parts of London. There should be more than 10 thousand real estate places when the whole project is finished, and this district offers anything you may need including bars, restaurants, shopping malls, and schools.
This project costs about 5 billion dollars and everything should be completed in the next 5 years. It is a safe neighborhood with amazing views and offers a lot of spots where you can just connect with nature and relax.
The only negative side that it has, at the moment, is that you may feel isolated until the whole project is complete. The nearest neighborhood is pretty rough and it is still in development, so you may need to have some patience until all residents move in.
The prices in this district are extremely affordable, and you can find an apartment to live for less than 90K dollars. If you are looking for something upgraded, one-bedroom apartments in the best parts of the district cost around 300 thousand dollars.
2. Old Kent Road
This can be called the underdog of London because, for the past few decades, this district was considered extremely cheap and maybe not the best place to live in.
Now developers are putting almost 12 billion dollars in this district and it should make it one of the most desirable places to live. So, if you are looking to move in somewhere in this city, it is better to invest now than to wait for all the prices to go sky-high. If you want to get a new place to live, but you don’t think you can afford it just yet, Think Plutus suggests that remortgaging to buy a new property is one of the best options you can have. It is also called buy-to-let and you can pay your mortgage easily when you rent your place to people who will be basically paying your mortgage fee.
The only negative side to Old Kent Road is that you will have to bear with the construction noise until everything is done. If you get a place right away, you may experience some issues with the traffic.
The cheapest apartments in this district cost about 500 thousand dollars, and if you are looking for something big, luxurious, and with amazing views, you may need to spend up to several million dollars.
3. Greenwich Peninsula
The reason why this is becoming a hotspot for new homeowners in London is that it offers almost 20,000 new homes in a popular district that has all the amenities you may need plus 50 acres of open space for relaxation. This project costs almost 10 billion dollars, which makes it extremely attractive for people looking for new real estate.
One of the biggest advantages is that there are so many things to do here, no matter your gender, age, or color and you will easily find the right apartment or house for you. The only negative side is that, at the moment, there are no high schools in the district. So, if you are planning to move there with your family, you may need to research the best options you’d have in closer districts.
The prices vary between the exact location and size of the home, and the smallest, one-bedroom apartments cost about 400 thousand dollars. If you are looking for a beautiful three-bedroom apartment with the perfect view, that could cost you up to one million dollars.
It is said that this is the district everyone will be able to afford. Right now, the whole place is under construction and expectations are that it is going to be one of the best places to invest in real estate. There are three waterways in this neighborhood and in the next few years there are going to be hundreds of restaurants, bars, and shopping malls.
There are not a lot of negative sides for the new residents, but the old ones have to adjust to a lot of new changes, including moving their boats to make room for the new marina.
There are going to be about 1000 new homes in this area, and the prices will vary between $500K and one million, depending on the size and the location of the home.
These are the most popular districts that are under construction in 2023, but if you are looking for something different, other hot spots you may be interested in checking include:
- Woolwich, south-east London
- Goodmayes, on the fringes of London and Essex
- Blackhorse Road
In case you decide to purchase a home in any of these districts, it is better to act as soon as possible because the prices will continue to rise. Invest smart, and if needed, contact a professional agency that will help you make the right choices with ease.
Before making the final decision, think about your current family situation, if you need to be somewhere near the schools, and how long the commuting process will take. Of course, consider your budget, but remember that there are a lot of options that may help you have a bigger budget with ease.