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Rising Cost of Property In London

Written by Posted On Monday, 22 May 2017 10:02

 

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London has always been one of the costliest cities and real estate costs have been growing steadily. Last year property prices in London grew by 7% and this year property prices are once again on an upward trajectory. Everyone wants to know the state of the property market in London even if they are living in some other part of the United Kingdom. You could say it’s a national obsession. A recent study has said that London property market value is actually a quarter of the property market value of the whole United Kingdom. Hence, the obsession with London property prices among Brits.

Where property prices are rising in London’s suburbs, they’re soaring in its prime localities. Data from the Office for National Statistics show that prices in Paddington and Marylebone have been growing at more than 8.5 per cent. Rates in Paddington are rising very fast due to the awaited crossrail and the large amount of regeneration planned for the area. Kensington and Chelsea have also seen an upward shift in prices. Data shows an increase of nearly 7 per cent in these areas that include Kensington Palace and Notting Hill.

It’s not just residential property prices that are soaring in the capital’s most prestigious postcodes. The high cost per square foot extends beyond residential properties to commercial premises. For example, in Mayfair - one of the premium residential locations - the property prices are hitting the roof for housing, retail space, even offices in Mayfair are commanding a massive premium when compared to other prime locations in the city.

Southwark in Central London is also growing steadily. Similarly Lambeth nearby is also seeing increase in sales and property prices. The market here caters to all segments of the society and buyers who wish to buy in the lowest price band can do so as well as buyers who want to buy at the highest price band. The new Bakerloo line extension is also one of the reasons why property rates are rising.

Even in Outer London the property prices are going up. Barking and Dagenham are growing steadily due to the regeneration projects that are underway. Many first time buyers are investing in this area and fuelling demand and the prices.

A healthy property market is necessary for every city. When there is recession or if there are situations like Brexit, then markets tend to fall and can fall drastically. But London being the city that it is, it was able to take the Brexit fall in its stride. The prices of property did not fall drastically though it stagnated quite a bit. The tax rates were the other reason for the price stagnation. But you cannot keep a city like London quiet. The city has bounced back and property prices are on the upswing again.

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Author Bio:  Charles is a real estate broker for London. He is a successful entrepreneur, real estate agent and an author. When he is free he likes to play with his 2 pet dogs, Zezo and Clay.

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