Demand for properties on the so-called City Fringe has been rapidly growing, according to estate agency JLL.
Apart from various individual buyers looking to land a place in that popular London area, investors are also drawn to it as they are seeing a potential for future growth, the agency says.
“We are experiencing an extraordinary increase in demand in areas such as Clerkenwell, Aldgate, and Shoreditch, i.e. the City Fringe, from a diverse range of buyers. The majority of demand comes from owner occupiers who wish to be close to work in The City and the buzz of Shoreditch whilst also taking advantage of the improved leisure and retail amenities which are in place as a result of the recent growth of areas like Aldgate, ” Bernard Cully, head of sales at JLL’s City office, says.
Investor interest
“The area is also popular with investors who, most of which are UK based and can see the potential for this expanding location, thanks to plans for Crossrail at Whitechapel and Liverpool Street, making this area one of the best connected in London. Despite a considerable price increase over the last year, investors wish to capitalise on the good value and great returns in comparison to other central areas,” Cully adds.
Good amount of 1- and 2-bed properties available
“In terms of supply, there is a good supply of one and two bed homes at schemes including Avant-garde and Cityscape, however, due to the incredible demand for these properties there isn’t a huge amount available. Additionally, as three beds are in less supply, when enquiries come in for one the completion rate tends to be more certain,” Cully says.
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