Croydon, a borough in South London, has emerged as the top choice for savvy property buyers and estate agents. Its excellent transport links, ongoing redevelopment projects, and the potential arrival of Westfield have positioned it as the prime location where property prices are expected to soar. Though house and apartment rental options in Croydon have grown extensively over the past few years, getting a foot on the property ladder became more challenging due to the government’s decision to advance the deadline for the Help to Buy Scheme
Nevertheless, Foxtons, a renowned estate agency with branches across London, believes that Croydon presents a smart investment opportunity that could yield substantial returns within a few years. Neil McGimpsey from Foxtons told MyLondon, “When taking that first step onto the property ladder, it’s important to accelerate the process of moving on to the next property. Croydon has been primarily driven by its affordability, but we encourage buyers to consider an area that is poised for change.”
According to recent data published by Dataloft, Croydon is projected to experience a remarkable 23% price growth over the next five years. Additionally, with the revival of the Westfield shopping centre project, those who invest in Croydon now could benefit from a surge in property prices resulting from the town centre’s revitalization.
One resounding reason for Croydon’s appeal is its exceptional transport infrastructure. An impressive 82.6% of homes in the area are situated within a 200-meter radius of train stations, Tube stations, and bus stops. This makes it an ideal location for individuals working in central London, with a journey to London Bridge or Gatwick Airport taking only 23 minutes by train.
Oswald Jones, an estate agent for Haart Croydon, states, “Croydon offers affordability and great value for money compared to neighbouring areas. It takes just 23 minutes to reach London Bridge and 15 minutes to Victoria. Buying activity in the area has been steadily increasing since around 2016.”
Croydon has witnessed a surge in the establishment of restaurants, bars, nightlife venues, and leisure spots in recent years. The presence of popular destinations like Boxpark has attracted a younger demographic, prompting them to lay down roots in the area. However, some have raised concerns that the town centre may have suffered from the dominance of Boxpark, with many people not venturing beyond East Croydon station due to the abundance of dining options right outside.
Elliot Purcell of Bairstow Eves reveals, “Even during market downturns, Croydon has retained its value. There are still untapped areas, and as more people visit, they realize the great opportunities available.” According to Purcell, their average first-time buyer is in their mid-20s, and it is possible to acquire a two-bedroom property in the borough for £250,000 to £260,000.
Neil McGimpsey from Foxtons advises potential buyers to act promptly, as the completion of the Westfield development will further increase the desirability of the area.