The West End, particularly Covent Garden and Fitzrovia, will be the area to watch in 2017. Fitzrovia is going through a renaissance at the moment, with exciting new developments such as Fitzroy Place, Rathbone Square and Centre Point redefining living and working in the heart of London. Rathbone Square, right next to Dexters Fitzrovia, is especially exciting as Facebook is opening its new headquarters there next year, employing 1,500 people.
Additionally, international students bring a global influence to this part of town, keeping it really cosmopolitan. Tottenham Court Road is set to be revamped in the coming months, ahead of the arrival of Crossrail in 2018.
Although the area is going through a massive regeneration, it still manages to retain its character, thanks in no small part to its colourful and diverse residents. There are five Michelin star restaurants in Fitzrovia, and Charlotte Street is now one of the main destinations for foodies, with new restaurants such as Bao, the Ninth, the House of Ho drawing in crowds from all walks of life.
We are seeing a high demand for property from local and overseas buyers, both owner occupiers and investors, all saying that they feel confident about the local market. Buyers and investors both tend to take a long-term view when buying property, particularly in prime Central London, so they aren't deterred by short-term influences.
We expect property transactions numbers to increase – homeowners are looking to cash in on their investment and new buyers are looking to secure property in a safe yet vibrant and lucrative market. Investors recognise that London is unique as a safe bet in terms of property as an investment - regulation remains a light touch and the city continues to attract new investment from around the world.
Many Londoners looking to move home in 2017 will need to scan the capital with fresh eyes if they are to achieve their goal of finding a nice place to live, in a good — or at least “improving” — area with strong potential for capital growth. Rather than a single overarching property market, our fast-changing city has many micro markets, each of which has its own dynamics. Urban renewal is constant in London: nowhere is “undiscovered”, but areas are continually being rediscovered. While rising prices have put central and parts of inner London out of reach of many buyers, forcing them to consider longer commutes and areas that aren’t their first choice, London is bulging with building projects, transport upgrades and cultural and employment shifts that are creating new hotspots and buying opportunities, whatever your budget.