London’s new property market record

The property market in London continues to be turbulent but the latest figures show that the price of properties entering the market in the capital has reached an all time high. This comes at a period when the market is cooling and prices in some areas are even slipping backwards. According to data from Rightmove, the average asking price for properties on the market in London is now £594,585, up 7% on this time last year. This is impressive in itself but when you look at the growth over the last five years it is close to 50%.

The soaring prices in London are being caused by high, persistent demand. The lack of supply has contributed too, with recent governments falling short of their home building targets. Limited supplies always drive prices up, but this is typically only temporary until the supply can adapt. With houses, this lack of new builds means supplies are remaining strained and prices continue to rise.

The high price of properties in London is making it difficult for first time buyers to purchase a home and for people to move up the property ladder if they do already own a property. The result is more people are renting and owners are holding on to properties for longer.

The rental sector in London has boomed in the last few years, with some people claiming the prices in popular boroughs are now unaffordable. The rise in prices has made the prospect of letting a property far more attractive for owners, particularly during times when the value of properties is actually falling in many places in the capital. Investors are being forced to look at the longer term picture rather than a quicker turnaround unless they can find a property they can modernise and freshen up quickly.

If you’re investing in the property market, whether as a developer or a landlord, we can help you to monitor the conditions and make the best decisions for your bottom line. We are experienced at investments and will provide the support and advice you need. Our portfolio service means we can cater for people with one property or many, and as part of it we will actively look for new opportunities that we think will interest you. Make us your chosen Hounslow lettings agent and contact us today to find out how we can add value to your plans.