If you’re looking to move, or to grow your portfolio in the new year, and you want this next home to be something a bit different…you’re going to love what’s in store for London in 2024.
Weeks before Christmas, all is not quiet in Foxtons offices. Londoners have called for new homes to buy and rent, and developers have responded with big plans.
January will bring the buyer rush, see what's in store for London here.
Amit Masrani, Sales Director for New Homes says, “Developers we work with have some innovative new projects in the pipeline, and we’ve grown our network considerably. This is a really exciting time of year, because we get a glimpse into the future of the Capital. And in 2024, London is doing what it does best; trailblazing with new homes for better resident experiences. It’s going to be a great year.”
“There is a clear and growing demand for new homes to buy and buy to let in London,” Amit adds, “Developers are recognizing this demand and are bringing forward a number of exciting projects that will transform the city’s property landscape. They’re focussed on energy efficiency, engaging with the local community, and putting more thought, more tech and data into what they’re building.”
Where in London: 2024’s property hotspots
The new-build market is expected to be strong in central London, where there is a shortage of affordable housing. Some developers are responding to this by building high-density, mixed-use developments with a remarkable range of amenities and services.
However, across the Capital, Sarah Tonkinson, Managing Director - Institutional PRS and Build to Rent says, “there are more developments coming that’ll be really high quality, really well built, but won’t have the extraneous amenities like pet spas and rooftop pools – because some residents aren’t looking for those things. Developers are figuring out what the right value for money is at more price ranges, to give their residents what they truly want.”
“We are seeing a shift in the way that people are living in London,” said Joel Ellis-Duffy, Sales Director for New Homes. “People are so much more in-tune with what the market can offer, so they want the homes they rent and buy to deliver more in terms of lifestyle. They want exceptional convenience, service and a sense of community.”
There are also a lot of new homes coming towards areas earmarked for regeneration. These hidden gems of London have a lot to offer, specifically in transportation. They either have quicker commutes to the City than one might expect, like in Brentford, or have benefitted from recent development of public transportation, like in the outer zones of East London.
Read more about the effect of transport on regeneration in: What a City worker wants in a home
This is what people who are looking to move or invest aren’t hearing enough about: when finding new sites to start projects, the best developers are actively seeking out neighbourhoods with big plans and real enthusiasm. These local areas, from Watford to Woolwich, have more and more to offer in terms of amenities, cultural attractions, community events and new businesses – as well as new homes – so it is a truly exciting time to join them.
A new horizon; a growing skyline
The growing pipeline of new homes to rent and buy is expected to have a significant impact on the London economy. It is estimated that the construction of new homes will create thousands of jobs, and it will help provide a much-needed boost to the supply of housing. However, to make an impact on London’s remarkable demand for homes, more has to happen.
“Transport lines have improved greatly, but there’s still so much more to go, London’s looking to reach 10 million residents in the next 15 years, and its current infrastructure can’t cope,” Gareth Atkins, Managing Director – Lettings says, “Of course, we need more property, but ultimately, the processes that delay the speed of planning and building must be improved both at a local and national level. There is also a responsibility on the part of the government for improving the transport, schooling, health care and overall infrastructure and services that affect homeowners, renters and landlords.”
So, what can we say about the London property market in 2024? Gareth describes the energy in Foxtons Lettings, in monitoring the changes that may appear in the market in the coming year, “At Foxtons we invest substantial time and resources in state-of-the-art analytics and robust expert insight to ensure our clients are prepared, whatever the new year brings.”
The new year market is coming. What’s your next move?
If you’re looking to make the most of the upcoming the new year, get in touch and we'll help make it happen. Whether you’re starting a new adventure somewhere exciting, or you’re looking for an investment opportunity, we have a lot of exciting new homes to show you in London.
Ask our New Homes team what developements are coming to London for buyers
Ask our New Homes team what developments are coming to London for buy-to-let investment
Ask our Build to Rent team what developments are coming to London for renters
