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New research has shown that prime central London has the most ‘Diamond’ rated investment properties in London.
Analysis by property investment portal oneandonlypro found that Kensington & Chelsea is the best place in London to invest in property as Brexit fears continue to hit prices. 19 per cent of properties in the borough were found to have ‘Diamond’ investment status by One and Only Pro’s unique algorithm, though average prices for a ‘diamond’ rated property was over £1 million.
It is thought that price reductions in prime central London areas have led to more ‘diamond’ rated properties for investment purposes.
The research ranked London boroughs based on the percentage of ‘Diamond’ properties on the market in February 2019. Investment properties across London were given a score from one to ten, with properties rated ‘ten’ dubbed ‘Diamond’ properties and the most likely to increase in value.
While developers and investors often look for up and coming growth areas, the research shows that property is all about location and it is currently better to buy in the prime areas of London as you are getting more for your money in terms of location and long-term value.
In second place, with an average Diamond property price tag of £520,669 was Hammersmith and Fulham with 11 per cent of ‘Diamond’ properties, while the City of Westminster came in third place with 9 per cent and an average £917,799 Diamond property price.
Fourth place went to Barking and Dagenham – a potentially attractive option for investors with an average price of a Diamond property in the area of only £367,716 and 57 properties currently on the market which qualify for ‘Diamond’ investment status. In fifth place was Camden with 4 per cent of properties offering a sound investment, however the average Diamond property price of £802,019 puts it in a similar league in investment terms as Westminster.
Henri Sant Cassia, CEO at oneandonlypro, commented: ‘We were expecting prime central London to do better than the rest of the London boroughs as this area has already been discounted much more than the outer areas due to Brexit fears. We are seeing a high number of properties now at an attractive price and with weaker sterling this has been attracting foreign buyers back into this market.’
He continued: ‘Outside of Central London Barking and Dagenham shows most potential and with average property prices of less than £400,000 this is also a very accessible investment opportunity.
‘My other top location tips for buy to let investors at the lower end of the market would be Newham and Haringey – the Diamond properties in these areas cost less than the average cost of a home in the UK at between £170,000 and £218,000.’