London property hotspots announced

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London property hotspots announced

Tue 9th Jan 2007

Property hotspots in London for the new year have been forecast and they include previously modestly priced areas such as Elephant and Castle, Woolwich and Stratford.

London continues to lead the way in terms of house prices in the UK and this trend is set to continue during 2007, according to property advisor DTZ Residential.

Fringe areas in the English capital will see a surging demand for housing, buoyed somewhat by the city bonus season that is imminent as well as the London Olympic Games in 2012.

Peter Braithwaite, chairman of DTZ Residential, said: "The prime central London market has experienced higher price rises than expected in 2006, with high demand expected to continue into next year."

"Coupled with low supply, this should ensure the market remains fluid throughout 2007," he continued.

However, John Butler, chief UK economist at HSBC, has said that he believes factors such as rising utility bills and the impact of the Bank of England interest rate hikes last year will mean that the property market will slow in 2007.

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