South Bank has been known to be a highly desirable area of London for quite some time and now there are the stats to back it up.
For the real estate sector in the district, according to new research, has been outperforming the wider central London market for the past five years. Median annual price growth from 2007 to 2012 stood at seven per cent, with returns averaging ten per cent. House prices have also increased quickly in the past three years, averaging 14 per cent, while returns stood at 16 per cent.
The South Bank's proximity to the City is one of the biggest reasons for its popularity This, coupled with the high number of quality developments in this part of London - has certainly played a part in its appeal. We have found that investors have been particularly attracted to one and two-bedroom apartments, in anticipation of the potential returns this type of property in the South Bank can deliver.
While some areas of central London have seen a slowdown in the growth of house prices, other more desirable locations – despite the onset of the financial crisis in March 2009 – have seen the cost of buying a home rise by almost 50 per cent.
Much of this interest in the likes of the South Bank have been from overseas buyers, with Russian, Indian, French and Italian investors being particularly active, it’s not hard to see why. The area has experienced extensive development in recent years, and is now one of London’s fastest growing districts. It has quickly become a cultural centre with numerous theatres, gallery and concert halls and is only minutes away from Waterloo mainline and underground stations. Due to its superior transport links South Bank is also an enviable location for office space as, within walking distance of Waterloo, the majority of London is within easy reach. There are so many advantages that it’s clear why investors are happy to invest their money into the area, as it is sure return a healthy profit.