It has been quite a difficult year for house prices in the UK. There have been several months of cooling, resulting in falling prices in some regions. Many investors have chosen to sell, especially with the uncertainty around Brexit. October saw some positive signs though. Most importantly it shows that when it comes to property investment City of London remains an attractive area.
In October house prices in England and Wales grew by 0.4%. This is the first rise since February. In the last twelve months the average value rose to £304,433. While some regions are still cooling, others remain strong markets with lots of demand.
The highest growth in October was in the City of London. Prices grew by an impressive 11%. There are several reasons for this including the shortage of housing and high demand, especially from ultra-high net worth individuals.
The City of London remains a good sellers market. High demand means that some investors can earn more than the asking price on their properties. This is more likely if the homes are in good locations, including close to local amenities.
Another thing that will continue to attract people to this area is the new City Plan 2036. In it the City of London Corporation details their plans to improve the natural environment and air quality. A process of urban greening will achieve this. New developments will also need to include “biophilic” designs.
A new greener infrastructure would be very beneficial for residents and businesses. It could result in improvements to air and water quality as well as help energy efficiency. In addition a greener area would improve the physical and psychological health of residents and workers.
Finefair offers a selection of services in London, including guaranteed rent. We can find solutions for all clients, suiting their specific needs. If you are looking for property investment City of London is one of the safer bets. Contact us today to find out more about what to look for.