Over the past year, house prices in the southeast of England have rocketed by 8.8% and the average property price is now over £300,000 – making it an excellent market for sellers. Here's a look at the exciting developments happening in this region and the hotspots to watch.
Crossrail route dwellers can make a tidy profit by selling up
Although the new east-to-west train isn't due to launch for another two years, it's already having a significant impact on property prices. Demand for London’s Zone 5 properties has shot up, particularly in South Ruislip. Three-quarters of the available properties in this area have sold in the past three months. But the focus isn’t just on London property prices: it's predicted the Crossrail line will also impact the residential market in several areas of Berkshire.
Regeneration is taking place alongside the Crossrail project, with an estimated 57,000 new homes planned for construction along the line. Thousands of new properties have already been sold off-plan in Woolwich, which will become a key transport hub. This means that homeowners in the area looking to sell should seize the opportunity while demand continues to soar.
Other areas with rising demand: Hove, Hythe and Woking
Looking at other promising areas in the southeast region, we've got our eyes on Hove, Hythe and Woking. All three locations feature key indicators of rising prices in the coming years – including great transport connections, plenty of local amenities, trendy restaurants and bars, and high numbers of young professionals.
The coastal town of Hove is very similar to neighbouring Brighton, but offers a quieter and more relaxing lifestyle. Despite Hove’s designer boutiques and trendy delis, house prices are still relatively modest, with 2-bed flats on the seafront going for around £250,000. However, as nearby Brighton becomes increasingly expensive, interest in Hove (particularly from London commuters) will only increase.
Properties in Woking, Surrey currently sell for around £404,000 but thanks to an ongoing £50 million regeneration project and the 30-minute commute to central London, this area will likely see an increase in value in the near future.
As for Hythe, the High Speed 1 – which links the UK to mainland Europe – means that London is less than an hour away, and homeowners are well-connected to sunnier climates. The average property price is up 7% from last year at just under £290,000.
If you're considering selling up in any of the above locations, we recommend keeping an eye on the market to take advantage of rising demand.