The JLL property consultancy is opening a branch handling sales and lettings in an area of London often by-passed by rival agencies – Wood Green, Haringey.
A sales price and rental growth forecast from JLL anticipates that Wood Green will experience a 27 per cent increase in house prices in the five years to the end of 2026.
This outperforms Greater London as a whole, where prices are predicted to go up by 25.8 per cent.
Wood Green rental values are also expected rise quickly, up 16.5 per cent in the next five years compared to the 15.9 per cent predicted in the rest of the capital.
The promising outlook is mainly attributable to the Wood Green Area Action Plan, which, amplified by additional private investment, involves £3.5 billion public funds invested into the neighbourhood’s regeneration.
JLL says the sustained injection of funds triggered sharp price rises 2021, with further growth expected throughout the decade.
An existing strong pipeline of supply is predominantly being driven by the Clarendon development, a new mixed-use city village situated on the site of the Old Clarendon Gasworks. The 12-acre neighbourhood will be the location of over 1,700 new homes by 2028, with a further 469 either already under construction or with permission.
Rosie Williams, associate at JLL’s new Wood Green office, says: “With its rapid and extensive regeneration, Wood Green and Haringey is one of London’s most exciting neighbourhoods to be involved in the moment.
“Within the JLL team, we have already amassed a wealth of knowledge in the area, and by expanding our business into the area, we’ll be able to apply it, and service clients our and customers, in the best possible way.
“Clarendon, in particular, will provide an influx of quality homes to the area as well as extensive business, retail and community spaces. As our research shows, tenant and buyer demand remains high for the area both for new homes and traditional stock and we will be pleased to have both offerings from our new office.”