Post-Olympic London is still proving to be a highly desirable place to live, according to recent figures.
While the property market in the UK as a whole continues to struggle, the capital remains an exception to the rule. The average price for luxury London properties rose 0.4 per cent in January while the total value of housing stock in 10 London boroughs is said to be worth more than Wales, Northern Ireland and Scotland combined.
London’s homes account for 22.5 per cent of the UK’s housing value but just 12.2 per cent of total stock, indicating that properties are doing more than just holding their value; prices are rising as they continue to fall elsewhere in the UK.
Here at Hastings International our experienced sales and lettings teams are definitely seeing no signs of the buzz that surrounded London last year fading away. London property is as popular as ever with some people prepared to spend a lot of money on homes in the most desirable areas of the city.
This isn’t only true to the exclusive residences,– we’re finding that the London market remains positive at every level, whether it’s a one-bed studio flat, a lavish executive apartment or large family home.”
Thanks to the sporting action and royal celebrations of 2012, 2013 is expected to be healthier still for London property, particularly in terms of commercial investment. This is a result of unprecedented interest from overseas investors with foreign companies looking to open up an office in one of the most high-profile cities in the world.
Foreign investment isn’t always about office space though – there has been an influx of French nationals buying property and middle class Chinese who have children coming to study in London. Investors have also quickly moved to reserve luxury homes planned for the revamped Battersea Power Station, with the majority of the 800 properties already snapped up. These river-facing penthouses are expected to carry an asking price of more than £6m.
We at Hastings believe that it’s an exciting time to be in London, whether you’re a resident or a corporate executive. Hopefully this is a promising sign for the capital, we can only hope that the prosperity will spread outwards to the rest of the UK.