Figures released by the Land Registry have revealed a 9.2% rise in property prices in the last twelve months. The demand for property simply exceeds the supply. As the availability of housing remains lower than the need, it stands to reason that prices will remain high. The latest census figures for the capital show a 900,000 increase in population from 2005 to 2013 with only 175,000 new homes built.
Recent years have seen many potential homebuyers priced out of the city centre, which has led to the rejuvenation of many other boroughs and districts across London. The city has seen a multitude of high end developments with the flats constructed as part of the Battersea Power Station redevelopment being sold for approximately £1 million each. Zones 1 and 2, which cover the centre of London, suffered a significant drop in sales volumes. However, there has been a dramatic rise in outside districts such as Walthamstow, located in Zone 3, which saw an 18% increase.
The current condition of the central London market continues to drive renters to other boroughs. The large proportion of people who cannot afford to buy and are looking for quality rental accommodation spells great news for landlords, investors and developers. As the demand for rented properties continues to grow, along with the construction of high end developments in up and coming areas, we will continue to see the enhancement of these areas in terms of new and improved retail, leisure and entertainment facilities and convenient transport links for daily commuters.
If you are looking for investment opportunities in affluent areas we can help. We provide quality services for investment properties in Hammersmith and Fulham, Kensington and Chelsea and all other London boroughs, and we can help you locate and secure the best possible property for you. Our role is to help you facilitate safe and lucrative investments and we provide every client with a committed and attentive service.