Can Battersea dethrone Knightsbridge?
Is it time London redefined its prime addresses? JLL’s recent report suggests that the continuing under-supply in the property market has shifted the gears of London real estate.
According to JLL, the Brexit shock is over and the real estate market is starting to pick up again. JLL forecasts a rise of London house prices by an average of 8.7% over the next five years, with UK average house price growth of 2.5% from 2018 to 2022.
High-profile development projects such as Battersea Power Station, contribute immensely to price growth, as according to the research, the biggest regeneration areas outperform the London average by 40% over five years.
JLL investigates the market trends in London and observes that prime London boundaries are becoming elastic. The report identifies Battersea as one of the areas that could possibly dethrone Knightsbridge in the battle of the golden addresses. A good address is every investor’s best bet and London’s prime addresses are expanding.
Overseas investors have been paying special attention to Battersea Power Station since it launched. Our international clientele has shown great interest in investing in the development that has become one of the largest and most prestigious regeneration projects in Europe.
Apple headquarter at Battersea Power Station
Battersea Power Station’s allure is due to the high standards of the project paired with eclectic placemaking. The arrival of the new US embassy and the office deal for the Apple HQ are paving the way for foreign investment in Battersea. Our team predicts that Battersea could soon become the Knightsbridge of South London since it combines fast links to Chelsea and Pimlico with privacy and exclusivity.
JLL also forecasts rents to rise steadily by around 2.5% per year for the 2020-22 period, due to the growing trend of renting by choice. London’s real estate reign, says JLL, will remain strong since it will always be one of the greatest cities in the world to live or do business in.
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