It seems that not as many homes are being built in London at the moment, which means there will be a need for apartments for sale in the area, to match up to the demand for people looking to move to London.
There has been a decrease in sales and prices, however, which means that people are waiting for the right opportunity, the right property – apartments for sale – set in the right location for them and at a reasonable price.
The general feeling in the central London residential development market has dramatically improved since the start of 2017, forecasters have said.
The number of properties breaking ground is down by 75% year on year as many housing developers have decided to put their plans on standby. Some house builders have scrapped their plans altogether, according to JLL, a real estate company.
Around 1,270 residential properties were started in zones one and two in the final quarter of 2016, the report highlighted. This is the lowest total in five years!
An increase in stamp duty at the upper end of the market, in particular, continues to have a damaging effect resulting in a 10% levy up to £1.5 million and 12% above that figure. This widely explains why fewer property transactions and lower prices are successful.
It also demonstrates the number of homes that are changing property owner names in London has decreased by 24% too – this was recorded int he fourth quarter of 2016 to just 1,800 transactions. Prices for new homes that have been built has plummeted too, by 5.7% every year.
London is a fantastic place to invest property in. It offers tourists and buyers all over the world the chance to enjoy a booming economy full of vibes and exciting energy.
The place is full of shops, restaurants, inspiring buildings and educational history. It is a place that comes to life every single day, so investing and searching for apartments for sale may be a very wise decision.
Written by Gemma Smith