19 per cent of properties in the boroughs were found to have ‘Diamond’ investment status however with an average price tag of over one million, these Diamond properties won’t be accessible to all investors.
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.
Whereas developers and investors would typically be looking for the 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.
Experts said “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.
“Generally the three million market may not be performing as well as other properties in London’s wealthier areas. But our data shows a lot of the properties around two million have underlying strength at this price range. They have bottomed out in terms of price and could even experience gains in the near future.
“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.”
Experts added “Other top locations 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.”
