Finefair is a team with an incredible amount of experience in the property market. We can offer unbeatable services, whether it is lettings, management, guaranteed rent, or leasing. As a result we are the best team to trust. While we work across the whole of London, if you have investment properties Tower Hamlets has nobody better than us.
Moving up the property ladder can be very tricky in the UK. There are several reasons why including a shortage of specific types of home, high demand, and high prices. There are some places where moving up is easier than others though. New data looks at this, seeing which locations have the smallest jump in price when moving up.
Before looking at the data we want to talk briefly about the property ladder. Most people start off by buying their own flat or apartment. This is generally the first step on the ladder.
As people move up the ladder they tend to upgrade to different types of home with more space. For example the second step for most people is to trade up for a terrace home. Next is a move to a semi-detached house. The top step is a detached house.
The cost of moving up the property ladder can be very steep. According to the data the area with the biggest jump in price between steps is the Borough of Haringey. Here it costs £475,967 on average to take the first step on the ladder. Then it is a 29% jump in price to reach the next step and buy a terrace home. Finally, it is an incredible 93% jump to get a detached home.
Surprisingly the cheapest area on the list was also in London. Tower Hamlets had the gentlest rise between steps on the ladder. To take the first step it costs £437,007 on average. The price to jump all the way to a detached home is just 19%.
To put the figures to reach the last step on the ladder into perspective, the national average is a 39% increase in price. With this in mind Tower Hamlets is way below the average and Haringey is almost two and a half times more.
Choosing investment properties in Tower Hamlets
If you are looking to invest, whether in your own home or an asset you can lease, Finefair can help. We offer reliable services and excellent value. In addition, we can change our services to suit you and offer the comfort of guaranteed rent.
You can rely on us to manage the investment properties Tower Hamlets is home to. Get in touch today to find out why working for us makes good sense.