Creative clusters across Greater London identified for house price growth
19th April, 2022
Creative clusters can substantially outperform the average for their borough
KFH has identified the top ten creative clusters with potential for further house price growth
Tufnell Park, Croydon and Putney Vale are the top areas in Greater London with the highest potential for growth
London’s creative sector, considered to be one of the city’s strongest assets, attracts talent from across the globe. It is a key economic driver for the Capital and its post-pandemic recovery. Across London, neighbourhoods are being vitalised by creative communities spanning across a range of businesses, including art, crafts, music, dance, fashion and design, textiles, jewellery, media, film, TV and theatre.
A recent report, conducted by the Creative Land Trust, identified that when creative workspaces are added to new developments, the potential value uplift is 4.4% per annum above the London average.
Expanding on this research, we mapped significant creative clusters in neighbourhoods across Greater London and overlaid this with recent house price growth. Our findings show there is potential for growth in areas which have a dynamic creative presence but have historically lagged their borough average.
Tufnell Park, Croydon and Putney Vale are the top three areas in Greater London with the highest potential for further house price growth. These were closely following by West Harrow, Wimbledon and Edgware.
Housing Creativity: The impact of clusters of creative industries on house price growth
John East, Land and New Homes Director at KFH, comments: “London is justifiably proud of its flourishing creative sector. Not only does it underpin the city ’s cultural life, it drives economic growth and plays a critical role in revitalising places. As London rebounds from the pandemic, this is a good time to uncover opportunities for developers.”