London’s historic property market
A look at London property development; past, present and future.
Like many century-old cities in Europe, London has always had periods of growth and recession. However, in London these periods are markedly intense, as the last two centuries show us. These periods always cause big changes to the landscape of the city and its different areas as poverty or riches affect the housing and buildings.
No area is more symbolic of these changes than King’s Cross, which dates back as far as AD 61 when it became the resting place of Boudicca, the warrior queen. The story goes that her remains lay under platform 9 of King’s Cross Station.
King’s Cross as an example of the London property market
During the 18th Century the area was filled with open fields, also known for being the destination of choice by Londoners escaping the city. With the completion of the Regent’s Canal in early 19th century, the area was linked to the industrial cities in the North of England.
With the industrialisation of the area came two important arrivals: Imperial Gas Light and Coke Company. As well as the industrial expansion the development of the area was boosted by the construction of both low quality housing and more expensive properties.
The area suffered a sharp decline during the 20th century as result of the war and the Nationalisation, and went from being a booming industrial district to an empty site with abandoned buildings where crime, unemployment and poor quality of life brought the reputation of the district down.
July 2001, however, marked the start of the regeneration of King’s Cross and St Pancras. Ever since, the area has experienced heavy investment and a growing infrastructure. New modern buildings such as the Francis Crick institute, the Google building and soon their new offices only a stone throw.
This district is now considered one of the most exciting places in London.
UcaDO is bringing the 21st Century to London
King’s Cross is one of many examples of areas in London enjoying a renovated period of growth. This district is, perhaps, one of the closest to the City still enjoying this regeneration, as other districts in central London see their buyers moving towards the outer areas in search of their next property investment.
Rightmove reported in February that the property market in London is experiencing a huge growth as buyers unable to buy property in the expensive central districts head East to the outer areas.
London, once considered a beacon of industrial superiority, has today become a largely financial city with booming outer areas and a vibrant property market. With new businesses choosing King’s Cross and outer districts as their focus of investment, new opportunities for property development will follow suit.
London is also now one of the most sought after cities in the world in which to live; with a vast array of amazing space and areas all with their own history, character and feel. No wonder the city is always finding ways to renovate and rejuvenate itself to accommodate more and more new people to be able to live and work in this vibrant metropolis!
UcaDO, the new free app that will allow free listing and free use will soon become the future of buying and selling property. Ucado are confident the app will be the tool of choice for anyone looking to access the property market. Thus contributing to the renaissance of many districts in London.