The asking prices for buying property in London has hit a new all time record and it has risen by about twenty per cent. The current price of property is the highest that it has been since November 2007. The ripple effect has boosted prices in the east and south and this has led to new regional and national highest prices. April is the second month in a row that the price of property in London has hit new high prices and this is certainly helped by the ripple effect.
The new increase in prices has meant that the price of London property has risen by £19,818 and this means that the new average price is £572,348. This massive increase in prices has happened despite thirteen per cent more homes being listed than ever before.
The new increase in price has meant that buying property in London is a very expensive thing to do. Despite the way that the market is at the moment investing into property in London is well worth considering. The last time that London house prices were at the new current level was about six years ago, which was slightly before the credit crunch took effect.
Although there is an increase in the amount of houses that are for sale it is still not meeting the demand. Buy to let investment in London property is certainly something that is worth considering and it is possible to get a UK mortgage for non-UK residents.
The increasing prices at present means that buyers are not really seeing any advantages of the changes within the market. Estate agents are still reporting that there is a high demand at the moment.
The London property market is certainly very hot and this is evident in the seventy people in only one day who turned up to an open house event that was held in Streatham. This house soon went on to sell for seventy five thousand pound more than the asking price.
In the south of London the supply for property is very tight. It is fair to say that there is a vicious circle when it comes to buying property in London because there is only a little property for sale and this means that very few local home owners want to trade up and this makes the shortage even worse which then boosts the prices for sellers. There is currently hot spots appearing in the north of London and there is a better match between the supply and the demand for housing.
For more news, tips and FREE advice please subscribe to our blog here!