Until recently Hong Kong was the most expensive area of the world to live in according to property prices. Properties came in at an amazing £1,950 per square foot but London has set a new world record with prices reaching the £2,000 mark for the first time in history.
The incredible value can be traced back to several factors including the high demand and the imbalance between population growth and the number of new properties being built. In the last decade the number of people living in London has risen by 1 million whilst only around 200,000 homes have been built. This accounts for around five people chasing every single property. The natural consequence is a price rise.
The prime real estate market in London has experienced a boom this year with prices rising by up to 16% compared to a global average of just 9%. Over the first nine months of 2014 properties experienced a steady rise and continued to change hands even at the higher values. The market is showing signs of cooling now but this is only predicted to be short term, especially when you consider the demand/supply imbalance and continued interest from buyers both at home and overseas.
Investors might be looking away from the prime market for the moment but there is still a great deal of business to be done across Greater London. Regeneration projects are having a big impact and new transport links like Crossrail are bringing extra growth and opportunities. If you’re looking for a property with profit and long term growth potential there are many options to choose from all across the area. From Merton to Redbridge to Harrow, we cover all areas of the capital with our versatile property services, including paying guaranteed rent.