For many months now, the London property market has continued to surge. Prices continue to rise, as does investment. Investors and buyers simply cannot get enough of London property and it is property in London that is leading the revival of the housing market. With every passing month, the strength of the property market here reaches new highs and there are no signs of it slowing down soon.
The rising wealth and influx of foreign investment is also contributing to the marked rise in sales of luxury London properties. It’s expected that the number of homes sold for and in excess of £1 million will go up by half by 2018. The amount of properties reaching this boundary have seen a marked increase in boroughs such as Haringey and Brent, and central London looks set to remain a prime location for these popular properties. The gulf between London and the rest of the UK, in terms of prices, has risen to its highest in 20 years and shows no signs of slowing down. Simply put, if you have a property within the city, especially one that was purchased several years prior, then you are sitting on something that can grant you a significant profit.
The price rises have increased so much that, recently, a couple’s home that was bought for £17,000 in 1967 was able to ask for the price of £3 million. London houses now account for 35% of the UK’s property market as well. Though it has been shown that the property market was slowing down, recent news has seen Savills note that UK house prices will end up being 9.5% higher for the end of 2014 then they were at the beginning of 2014. This means that sellers and investors are finding themselves in a great position to make money. If an investor can afford to place their money in London property, especially within the prime property market, the potential for gains is simply enormous. Those who find themselves with a luxury property can rest well in the knowledge knowing that foreign buyers and investors are clamouring to purchase property within the capital and that a sale is all but assured. Even those without luxury property can still be assured in the popularity of their property.
Even if you don’t want to sell your property, simply putting it up for rent can give you a boost to your profits. London rents are increasing by £500 a year and are constantly on the rise month by month. Even with this in mind, demand remains strong for rental properties. If you have a portfolio of properties and haven’t put them up for rent, then you should do so with the aid of an experienced company such as Finefair who can ensure that you are given a constant income and the help and advice needed to put your property up for rent.
The ever-growing property market shows no signs of slowing down. Now is the best time to act in order to gain a share of the wealth flowing through the city. We offer you a number of options to do so, offering guaranteed rent and acting as a professional lettings agent in Bromley and the rest of London, as well as providing a plethora of other services designed to help you make the most from your property or your portfolio.