Guide type: Area Guide
30th April 2015
As property values continue to rocket at a phenomenal rate within the heart of the city, potential home buyers that might have previously looked to purchase a property in central London are instead heading out to the cheaper yet still convenient, neighbouring Zone 3. More than just a travel zone, Zone 3 is an exciting district undergoing mass regeneration and its population is on the rise.
The majority of buyers are looking for properties in the £250,000 to £750,000 price bracket, which accounts for the bulk of demand in the capital. As a result of this, a ‘spillover’ trend is occurring with more people hunting for less expensive homes a few miles further out (which often equates to just a few Tube stops down the line). According to online estate agency eMoov, a Zone 3 address is on average, 41% cheaper than in Zone 2.
Rightmove reports that the average cost of an apartment in Camden (Northern Line, Zone 2) is £745,482 whereas in nearby Brent Cross (Zone 3 and only five stops up from Camden Town), the average price is just £491,407. Foxtons reveals a similar trend with the average cost of an apartment in Canary Wharf (Zone 2) at £628,969 whilst in the Royal Docks area (Canning Town Tube station, Zone 3), home buyers can expect to pay an average of £385,615.
Home buyers and investors alike can reap the rewards of moving to residential areas in Zone 3; as well as getting more for their money, they can benefit from new and improved transport links, high street makeovers, newly-created parks and emerging business hubs. The eagerly anticipated arrival of Crossrail in 2018 is also creating a buzz for Zone 3 districts as journey times to and from the city centre will be significantly reduced, further enhancing the appeal of these burgeoning catchments.
As London’s population continues to grow at a significant pace, many developers are stepping in to build more homes, as demand is sure to strengthen during the next decade.
Brent Cross Cricklewood is a prime example of a Zone 3 district undergoing a mass £4 billion regeneration masterplan. Covering an area of around 350 acres, this brand new address and town centre will provide 7,500 new homes, 27,000 jobs, three re-built schools, community facilities and improved public transport and road links. Parks and open spaces are another important facet of this redevelopment; once complete there will be 22 acres of new open space that will include a transformed Claremont Park. Brent Cross Shopping Centre will also be vastly improved; it will offer a wider range of shops and evening entertainment options that will boast a new cinema and a variety of restaurants. This historic retail space is set to become a world-class shopping destination.
At Galliard Homes we have recognised the significance and potential of this locality and are offering a brand new off-plan development the Silver Works in neighbouring Colindale – only two tube stops from Brent Cross. This contemporary and multi-faceted development will offer an impressive collection of homes that vary from starter properties to family homes.
Colindale in NW9 has been identified as an area for significant strategic growth and is one of the largest growth and regeneration areas in North London. The new and improved Colindale will be a modern metropolis and key gateway into Central London. Investment fundamentals for the area will include: 12,500 new homes, a new piazza address, a redesigned Tube station, four new schools and 2,000 new jobs.
London's Royal Docks is poised for a £3.7 billion regeneration plan and is set to be the largest development of its kind in the UK, transforming a 35-acre site into a state-of-the-art business district. The area has firm foundations for growth, with existing assets including the University of East London, Crossrail, Docklands Light Railway, and the nearby O2 Centre. The ExCeL Exhibition Centre and London City Airport have been hugely successful and are both planning to expand. Above all, there is much public sector land, owned by the Mayor of London and Newham Council, primed and ready for development.
With our long history of developing within The Docklands, Galliard Homes are proud to have built Royal Gateway, our development located just minutes from Canary Wharf and the City by DLR and set to further benefit from the new Crossrail interchange at Custom House. Residents of this prolific address benefit from panoramic views of London and the ultimate in exclusivity with a concierge and podium landscaped gardens.
Less than a 20 minute walk from the regeneration zone of the Royal Docks, and only a five minute walk from Canning Town Tube and DLR station, sits the sold out St Luke's Square development. Each apartment was exceptionally designed with stylish specifications to optimise a contemporary lifestyle close to the City and Canary Wharf.