With the Crossrail slated to be fully operational in 2019, many people are becoming open to live within commuting distance in London. Outer boroughs near the Crossrail stations are turning to be property hotspots with demand increasing.
The Telegraph has mapped the top 10 hotspots in London. South Ruislip is leading the list as the area saw a 75 percent increase in demand since last year. Eastcote and Ruislip Manor followed close behind, both generating 71 percent rise in demand. Debden is the fourth hottest market with demand up 68 percent, followed by Northwood Hills at No. 5 up 67 percent. Hornchurch and Ruislip, which both saw demand climbed 66 percent, come at No. 6 and No. 7. All recording 65 percent increase in demand are Dagenham East, Rayners Lane and Dagenham Heathway, completing the top 10 list.
This comes following the news that house prices in central London becomes more and more unaffordable for middle class. The capital saw a 12.4 percent increase in average house prices in 2015 at £514,097 ($740,400) by the end of December. Median rent in the city ranges from £122 to £402 per week from one- to three-bedroom homes. The significant increase are attributed to low housing supplies in the capital, coupled with the rise in population and the government's new housing bill.
A study by think tank Resolution Foundation found that nine out of 10 modest income earners aged 35 below are unlikely to be able to buy their own homes in the next 10 years. With that, they will be forced to stay as renters or live with their parents. The Resolution Foundation also said that homeownership among low- to middle-income households in the U.K. fell 25.3 percent in 2013-2014, while the number of private renters rose 53.5 percent, The Guardian reported.
