London draws couples, singles and professionals with its excellent transport links, proximity to offices and array of nightclubs, restaurants and theatres. However, despite being one of the most expensive cities in the world in which to live, more people are lured to London for its iconic attractions, hidden gems and pockets of green space.
What is the current situation regarding property prices?
Certain areas of London are experiencing healthy growth in property prices, including Tower Hamlets, Hammersmith and Camden. These three boroughs have seen rises over the past month in line with the growth in the rest of the UK. The average property costs just over £665,000, according to the recent Rightmove house price index. The largest rise in asking prices was in Tower Hamlets in east London, at 1.1 per cent. Here, properties are priced on average at just under £600,000. Its parks and open spaces make it an attractive place to live.
Healthy property prices in the Capital: a good indicator for the future
Asking prices in the Capital have increased by just over six per cent, compared to a yearly rise of 6.3 per cent across Britain. The only two London boroughs which have not experienced a rise are Kensington and Chelsea and Lambeth. Other areas that have seen rises in prices are Hackney, Richmond and Hammersmith and Fulham. However, the Camden borough has experienced a surge in asking prices, with the average property having risen by just over £188,000 in one year.
Is now the time to buy a property?
With a reasonably buoyant market, now could be the right time to purchase before predicted rises take hold. According to Rightmove, the market does see an increase in asking prices in January as vendors test the new year. Homeowners on the move who require conveyancing solicitors London can seek assistance from specialists such as those seen here: https://www.samconveyancing.co.uk/Conveyancing-Solicitors/conveyancing-solicitors-london
What is the current average asking price for a property in Britain?
The average asking price for a home is approximately £362,438. This is a 0.9 per cent rise from December. According to The Mirror, the most expensive properties outside of London can be found in Cambridge, new research shows. As the average cost of property in the Capital reaches £524,400, stats show a number of UK cities are now not too far behind.
Demand for three-bedroom homes has fallen
However, estate agent Zoopla says there is currently demand for cheaper, more modest properties, with buyers holding off to ride out the current rise in mortgage rates. Zoopla has also pointed out the trend in purchasing smaller properties, with just over a quarter of buyers choosing a one or two-bedroom flat, as a result of higher mortgage rates.
In London, one and two-bedroom flats are purchased by almost half of buyers. By contrast, demand for family three-bedroom homes has fallen. Towns with good transport links to London, such as Slough, Watford, Chelmsford, Guildford and Dartford are proving attractive and affordable for hybrid workers.
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