London is one of the most popular cities in the world for property seekers. It has a population of over 8 million people, and its metropolitan area is home to more than 14 million people.
London’s economy has been growing steadily since 2012, with recent forecasts projecting that this trend will continue due to Brexit mitigation efforts by the government. As such, it may be a good time to buy properties for sale in London with all these factors coming together- especially if you are looking at long-term investment opportunities.
Below are some of the best reasons to buy properties for sale in London today:
- House prices are expected to rise in a few years’ time.
House prices in London are likely to grow by 15% over the next few years, making your £400K house potentially worth up to 60k more than what you paid for it!
A decline of 2025-2030 is expected mainly because of post referendum uncertainty and COVID19 pandemic. However, most experts agree that if there’s a gradual recovery instead then property can steadily increase with little decrease; this has been proven true after the 2008 global financial crisis when they saw an average growth rate around 12%.
- Consider rising rents.
Renting is often seen as a cheaper alternative to buying but recent research shows that London tenants are paying more every month than those who own their homes. The average weekly rent for prime property in the city has gone up 3% from last year, reaching over £600 per week (628).
Some renters have even been found guilty of paying extra 179 pounds each month just so they can afford monthly payments on apartments or houses – this would not only include mortgage interest but also maintenance fees such as insurance.)
This trend appears irreversible at present due largely because investors see high rental yields relative to either starter mortgages or low deposit requirements needed by home buyers these days.
- Play around with the mortgage rates.
Experts advise that if you have a deposit less than 15-20% of the property’s asking price, mortgage rates are going to be harder for now. However, they believe this will stick around and might even get better in time as transactions slow down at the end of stamp duty holiday when people may return with cheaper loan terms still available while interest remains low which make loans more attractive despite higher prices overall due to strong demand from buyers looking forward towards the next couple years.
- Look at the supply and demand situation in London real estate.
Based on industry research, the balance of supply and demand is different in PCL than OPL. Currently, there are 11 buyers for every available property (down slightly) compared to 17 on average when looking at all of London’s outer prime areas combined—including towns in South London with 10.5% annual price increases despite slowing home sales.
It should be noted however that while many regions saw declines last year, they have since started stabilising or even increasing again; if you’re interested make sure you study different neighbourhoods across London to gauge which property area suits your needs and budget.