Buying can be more cost effective in London where supply is higher than demand

Although growth in the property market in London has slowed, prices remain high, but it is possible to get good value by making the right choices, according to a new analysis.

Buyers should look for locations where there is more supply than demand and they could be pleasantly surprised by the prices that are being accepted, according to Sara Ransom of Stacks Property Search.

She explained that the residential market is ticking over, prices have been gently sliding since 2014, and there are great deals to be done. ‘To get the best deals buyers should seek out over-supply and dispense with old perceptions,’ she said.

‘Some areas that were once out of reach have returned to more sensible levels, while others have seen less in the way of price drops. As always, extensive research is the key to shrewd buying,’ she added.

She pointed out that some of the big developments in Battersea and Kings Cross have large quantities of stock, and saturation of supply brings with it attractive pricing, or at least the opportunity for hard bargaining.

‘Young professionals will find Shad Thames and Borough are more affordable than they were when they first emerged as the places to be, and emerging areas such as Elephant and Castle offer excellent value. By contrast, Hoxton and Shoreditch have retained their values and look less affordable,’ said Ransom.

‘Families who in the past have bypassed Fulham and headed to Clapham and beyond will find that Fulham prices have taken a big hit, while prices in Clapham South and Balham have been more robust. Hampstead and Notting Hill prices have seen rapid cooling with some high profile examples of massive price reductions, while Maida Vale and Little Venice have stayed a little warmer,’ she explained.

Her top picks for shrewd buyers in 2019 are Tooting, Acton and Kings Cross. She believes that Acton, situated to the west of Chiswick, has been enjoying much focus in recent years and is attractive to families and young first time buyers alike.

‘With the opening of Crossrail now within sight it may well experience a small up lift in prices too, but for now prices are around 15% cheaper than in neighbouring Chiswick. Acton offers lovely terraced Victorian houses from £1 million and converted flats ranging from £450,000, some 15% cheaper than Chiswick which is quarter of a mile up the road,’ she explained.

She also pointed out that Kings Cross, with its international links via St Pancras, has transformed beyond recognition through massive redevelopment including the now iconic Gasholders development and new shopping area. ‘A new residential release is imminent, so off-plan buying in this area could be shrewd move,’ she said.

‘Tooting is a family neighbourhood with plenty of shopping and restaurant options, surrounded by large green spaces such as Tooting common yet with a direct commute on the Northern Line into the city. The lovely Victorian and Edwardian houses with fair sized gardens are 10% to 15% cheaper than in Balham which is just one tube stop to the north,’ she added.

She also explained that developers are introducing interesting communal elements into their spaces and she thinks it makes sense to pay a bit more for an apartment in a development that has extras that are valuable to you. Indeed, some have communal work spaces that for the self-employed or for families with young children there are crèches.