I was living in the UK for two years, and I am deeply fascinated by the people and culture. Let’s just say that I’m falling in love with UK.
In those two years, I live in Wolverhampton, West Midlands. A nice, diverse city that is full of college students. Of course, I travel – a lot – to other cities, which include, obviously, London.
Let’s talk about London, shall we?
I stayed for several days in London (at a hotel in Easton Street) and, to say the least, I enjoy my stay. I definitely visit the places of interest – the London Bridge, Trafalgar Square, and the lot. I absolutely love it.
Until today, I still follow what’s going on with London and UK, including the business and economy. Not only tracking the economy, I’m also building business relationships with freelancers, business owners and PR agencies, mostly from London.
During my many conversations, I find out that, during my stay about a decade ago, the property market was pretty much booming. A few years later, unfortunately, the market crashed.
In the past few years, however, the property prices, once again, soar in London and throughout the UK.
London property boom
According to the infographic released by Freehold Sale, the average price has risen from £515,379 in July 2013 to £587,174 in July 2014.
Nationally, London house prices are 117.3 percent more than the UK national average. The London Borough of Waltham Forest enjoys the most increase, account for a 28.1 percent increase in prices compared to last year. Meanwhile, Canary Wharf enjoys the highest rise in average asking price, 43.1 percent from last year.
Want to rent a house in London? Prepare an average of £1,412 /month.
Enjoy while the boom lasts
The property boom is exciting news, for home buyers and investors alike. Perhaps this year is the best year to invest in a property in London. Next year might be too late. Here’s why.
To recap: The boom will slow down (not crashing, in my humble opinion) 12 months from now, as the number of houses for sale exceeds the number of house buyers. So, again, entering the housing market next year might be too late.
Remember, the UK property market, as mentioned by Stephen Smith at the Legal & Generalmortgage Club, is a two-speed housing market. London is booming, and the South-east region is too. If you missed out the timing to invest on London properties, you might want to consider other UK areas, such as the northern areas, where house prices are timidly rising.
By all means, mine is a non-expert view. So, please consult with a local estate agent as they have the insider knowledge I don’t.
Now over to you: Are you considering to invest in London or UK properties? Why? Please share your opinions with us!