London's Church Street masterplan opens up Westminster investment
The past few years have been a challenging time for London's real estate markets, but the continuing enthusiasm of overseas property investors and huge levels of government and private investment have seen the UK capital remain competitive. House prices recovered in 2018 and will continue to grow over the next few years, spurred on by ambitious residential, commercial and infrastructure projects. With the finalizing of the Brexit deal bringing greater certainty, 2019 will see renewed confidence in the London property markets. Advances in digital construction methods and the government's Homes England initiative are helping to solve the house supply shortage, while the opening of the Crossrail Elizabeth Line is fueling demand for residential property in station neighborhoods. According to new UK residential research from Jones Lang LaSalle (JLL), Central London property prices are set to grow by an average of 1.5% in 2019, increasing to 3% in 2020 and 5% in 2021. Rental values are also forecast to grow steadily by 2% in 2019, 2.5% in 2020 and 3% in 2021. While the overall outlook is positive, it's important that investors consider their options wisely in a city as diverse as London, and find the gap where their investment will deliver the greatest returns. One promising new investment opportunity is the Church Street regeneration area in fashionable Marylebone, which aims to boost economic growth and enrich lifestyles in this popular Crossrail-connected district. Westminster City Council's masterplan provides a framework for all development in the Church Street area over the next 15 to 20 years. This plan aims to create a thriving new residential and business district in Central London.
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