5 Reasons to Invest in Old Street Property
Old Street, one of the many spots in London that combine an incredibly rich past with the exciting possibilities of the future, is home to Silicon Roundabout and the city’s most vibrant tech start up scene.
It’s long been the place to invest in the new wave of fintech, proptech and a slew of other “-tech” businesses – but what about property? As one of Old Street’s premier estate agents, we look at the salient reasons to invest in the local property market, whether you’re interested in buy-to-let or permitted development.
Demand is increasing
As we mentioned already, demand continues to heat up for residential property in Old Street. Proximity to Shoreditch, Hoxton and the Square Mile, the growth of new tech firms in the area, and a relatively recent (10 years or so) reputation as the City’s core of cool, have led to an explosion in the number of people looking to move to the area. There are no signs of any cooling in demand whatsoever, which means that Old Street property will remain valuable for some time to come.
Old Street is the UK’s tech hub
The E2 postcode has become synonymous with technical innovation and creativity. London is now home to the third-largest technology start-up cluster in the world, behind San Francisco and New York, and Old Street is its beating heart, offering an attractive location to start ups and giants alike. With so many technology firms setting up in Old Street and Silicon Roundabout, buy-to-let investors are guaranteed a steady stream of young professionals looking to move closer to work.
Sheltered from the Brexit effect?
Unlike other areas of the capital, Old Street may be largely unaffected by Brexit. The technology sector has shown itself to be insulated from the effects so far, and companies do not look likely to pull out of the capital in the wake of Britain leaving the EU. In fact, the resilience of Old Street is having a profound impact on both the commercial and rentals market. Co-working and shared office spaces are cropping up in increasing numbers, with an accompanying growth in young, entrepreneurial tenants seeking property.
Crossrail is coming
In 2019, Crossrail will connect East London with West London and the Home Counties. Liverpool Street Crossrail will be a short walk from Old Street. In all likelihood, property in the area will experience a considerable boost in value as a direct consequence of the new line. With developers looking to cash in, there will be no shortage of opportunities to become a landlord to young professionals. In fact, several promising developments are due for completion this year in Old Street and the surrounding area.
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