Residential
property in London has attained a reputation as a safe asset class and
as far as any investment is a safe bet, London property appears to be
the place to invest with values outpacing all other investment types,
and it’s not just the case in the more affluent areas of London like
Kensington and Chelsea or Mayfair – up and coming boroughs like Lewisham
and Tower Hamlets are seeing prices continue to increase too. According
to a report by estate agent, Savills, Lewisham is set to see its
property prices rise by 20% over the next five years.
But
it’s not just Savills that are recommending investing in London
property as a sound financial decision. The world’s biggest property
agent, CBRE, has produced a report that ranks the UK’s capital city
right at the top spot for the most attractive places to invest in
property. And, in fact, London was in pole position on the same report
last year too. So, with property prices continuing to rise in the
capital despite the rest of the UK’s continued economic turmoil, could
London make it three years in a row?
Despite
property prices hardly being buoyant in other areas of the UK
(Craigavon in Northern Ireland has been the hardest hit with property
prices having fallen by 18.4% down to an average of £91,530), London
prices have remained safe within their own economic environment. property investment opportunities in London
are plentiful and can be found all over the capital. The top five
places to invest, according to a report by Savills, are the boroughs of
Westminster, Kensington and Chelsea, Hammersmith and Fulham, Camden, and
Islington. For some of the best property investment options, visit Galliard Homes.
New
research by estate agents, Cluttons, has revealed that the average
price of a flat in central London has soared above £1 million for the
first time ever. Elsewhere in London, however, it is possible to stay
well under this price bracket – and the Land Registry of England and
Wales shows that the average price of a flat in London (information
sourced between January – March 2013) was £391,496.
A
popular place to buy property outside the central London belt – but
within easy reach of it – is Greenwich. Here, property owners have the
benefit of all the amenities of London on the doorstep but live in an
area with more of a village feel. Greenwich park, the Observatory, and
the Cutty Sark – along with the Thames, a great selection of pubs,
independent shops and the ever-popular market, continue to make
Greenwich a popular prospect with buyers. What’s more, with the newly
improved tube network, commuting time from Greenwich has been eased
considerably.
There
are more financial benefits of investing in property in London if you
are to consider the property renovation market. Although somewhat
saturated with people turning their hands to property makeovers, there
are still opportunities in the property market for those prepared to
look. First time buyers can climb the property ladder quickly if they’re
prepared to turn their hand to property development. London boroughs on
the outskirts of the capital are more likely to hold investment
opportunities within an affordable price range.
Developers, and those
with a portfolio of properties, meanwhile, will be able to invest in
houses with more attractive postcodes. However, even if it’s just a case
of a quick lick of paint, a new kitchen and a new bathroom, thousands
of pounds can easily be added to the value of your home in a matter of a
few months.
Article Source: http://www.financial-news.co.uk/16900/2013/08/financial-reasons-to-invest-in-london-property/
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