In a future housing market slowdown, Tower Hamlets is set to perform the best.
Tower Hamlets, home to Canary Wharf, Brick Lane and the Tower of London, are set to perform the best of all London boroughs in any future housing market slowdown, research by Proportunity has found.
This was followed by Camden, Hackney, Newham and Haringey, all of which feature large young populations and a relatively low number of new build homes.
Vadim Toader, founder and chief executive of Proportunity, said:“Buying a property is the single biggest investment decision most of us will ever make, so it is vital to do it in the most informed way possible.
“The great thing about modern technology is that analysing vast amounts of data to harvest themes and insights can be done more quickly than ever before.
“By analysing the performance of London flats - the most popular property type among first-time buyers - in the last recession, we have been able to pinpoint the factors that feed into a local housing market’s resilience and identify potential safe havens going forward.
“Clearly, big data isn’t a crystal ball.
“But globally, property markets respond in similar ways to fundamental shifts in population, age, crime, accessibility and of course, affordability.
“Now we have the tools to process these shifts, predict the reaction, and get that information to those who need it.”
