Property prices in the UK, and particularly in London, boomed in 2014 with high demand driving up prices. There are now more than 400,000 people with properties valued at over £1 million, over 275,000 of which are in the capital according to the Land Registry. The numbers work out at around 160 homes crossing the seven figure threshold every day, a truly amazing statistic.
In the UK there are now more than 10,500 streets where the average house price is over £1 million. Kensington Palace Gardens is the most valuable street and property expert Zoopla claimed in 2014 that the average price was over £40 million. Grosvenor Crescent and Eaton Square in Belgravia bring up the next two places on the list of most valuable streets. All three are located in prime parts of London. Of the top fifty streets in the whole of the UK the first ten are all in the capital.
In 2015 the number of properties valued at over £1 million is expected to rise further. Experts are predicting it could even go as far as seeing 200 homes reaching the valuation per day, particularly if developments in transport and facilities continue. With new developments under way as well the market could see the amount of prime real estate increase even more.
The lucky winners with price increases are home owners that purchased homes ten or twenty years ago when prices were more affordable. Some of them invested in the right area and are now seeing higher potential returns than they could ever have dreamed of. There are various developments taking place in the world of London property, including the continued discussion of a mansion tax. This could potentially lead to more properties being made available as people look to cash in in case the tax does get introduced.
If you need any kind of advice or guidance on property investment in Tower Hamlets or any other area of London, we are on hand to provide the help and advice you need. As London property experts, we can help you to maximise your chances of success and profit.