Online estate agents eMoov.co.uk say central London’s demand for property has decreased by 28% in the past year, based on their newly released data on property demand across the London tube network. Many of the boroughs spread throughout London saw a boom leading up to 2012 Olympics, but have since fell behind in demand. One of these neighborhoods being our very own Hackney, the high price points of estates in the city’s center have caused a popularity in the out skirting areas in London. Though there’s a lot of speculation as to exactly what is causing this slow in demand, the reformed Stamp Duty tax on purchases of property may be a main factor in Hackeny’s case. As the average price of a semi-detached in Hackney is £950,000, the tax adds tens of thousands of pounds later.
However, Bethnal Green is the most in demand location along the Central Line in Zone 2, having the best average zonal house coast of £500,000. In addition, central London’s housing market hasn’t completely been deteriorated just yet now that the Crossrail infrastructure project is promising to cut commuter’s daily travels. Once the 24 hour service begins along the Piccadilly, Victoria, Central, Jubilee, and parts of the Northern lines, property demand will be due for some consequential benefits.