Housing can be one of the best types of assets to invest in. This is especially true if you choose the right kind of home in an area where demand is high. Finefair Ltd is a team that can help investors who target London. We can provide advice and then arrange all kinds of useful services. This can even include the most cost effective property management City of Westminster has to offer.
Adding £2.7tn to the value
New census data shows that the last decade was an incredibly successful one for the housing market in England and Wales. Between 2011 and 2021 the property market grew from £4tn to £6.7tn. This is an astonishing 67% increase.
In 2011 the average house price for England and Wales was £172,625. By 2021 it had grown to £271,501, a huge surge in values.
At the same time, the number of households grew too. In 2011 there were 23.4 million in England and Wales. Ten years later there was an additional 1.4 million.
Looking at it by area
As you would expect, London takes the top spot if you look at values per region. Housing here is worth a staggering £1.7tn, putting it far ahead of every other region. In the decade it grew by £775bn.
London did not have the biggest growth in terms of the percentage though. This honour went to the East of England. While it may lag behind the capital with a total value of £837.1bn, it grew 82% between 2011 and 2021.
In terms of local authority, surprisingly the highest prices were in Buckinghamshire. The county saw property values rise by £39.7bn in the period, reaching £94.6bn. This is largely due to the fact it is a very green spot in a fantastic location within commuting distance to Greater London.
The next two spots were both locations in the capital though. Firstly was Westminster with a housing market total value of £91.1bn. It is a location with lots of amenities, and one we know very well. Landlords can rely on Finefair Ltd to provide the best property management City of Westminster can offer.
Kensington and Chelsea had the next spot. The total value of housing here was £88.7bn. This is one of the most affluent areas and has a high percentage of homes with values over £1m.
What does the future hold?
While the decade was a very strong one for property values, forecasts expect it is coming to an end. The estimate is there could be a fall in prices later in 2022.
There are a number of factors driving this estimation. Firstly is the fact that mortgage rates are rising rapidly. The Bank of England has already increased the Base Rate five times. In April 2022 the average rate was 2.26%. This is 1.15% higher than 2021.
The cost of living crisis could also make it harder for people to get on the property ladder. Fuel, energy bills, and food are all seeing price increases. It could mean people look to delay buying a property until the situation is better. That could cause a drop in demand and drag prices down.
The top choice for property management in the City of Westminster
Whatever the future holds, properties will always be fantastic assets. Finefair Ltd works with clients who understand this. We support them with our first class services, including full portfolio management and guaranteed rent.
We stand out as a leading provider of property management City of Westminster landlords can rely on for a number of reasons. Firstly, we make it as easy as possible. We specialise in schemes with local councils. Here they take on the job of managing the properties so you don’t have to. It is the best option if you want to be hands off. Plus, there are no costs for managing the assets.
So, if you want to find out more, speak to us.
