Despite the Covid-19 outbreak, the UK property market has shown to be resilient. Buyer demand has been high since May 2020, despite the continued health issue. Simultaneously, real estate values have risen by up to 5.4 per cent across the country. The London property market followed a similar pattern, however, there were some distinctions between the mass market and prime property locales. Price growth in Greater London was 3.9 per cent in October 2020, while prime residences were up by 2-4 per cent.
These data are useful when looking to buy a home in London. Owning property in London, one of the greatest places in the world to reside in offers doors to a variety of options in business, school, and leisure.A few things you must take into consideration before buying property in London.
The Capital Growth
The capital gains on London real estate are obvious. Since the beginning of 2010, real estate prices have risen by 45.6 per cent. House prices are predicted to climb by 5% over the next 12 months, which is a decent return if you contemplate investing in residential real estate.
The Strong Local Economy
Given the impact of Brexit and the continuing pandemic, the UK economy is stronger than that of other European cities as well as the United States. Since 2015, the cost of mortgage products has progressively risen, but with fresh lenders joining the market, obtaining financing for a home purchase has gotten easier, particularly for creditworthy purchasers. According to a market analysis conducted by Chestertons, real estate prices in the United Kingdom will slow by 1.5 per cent.
Supply Vs. Demand
According to research, the prices of real estate in Prime Central London (PCL) and Outer Prime London (OPL) are vastly different, and this is due to supply and demand.