Central London has a multitude of options for food, fashion, culture and music, so there’s no wonder it’s seen as a hotspot for those wanting to live where the action is. There really is something for everyone – many come all over just to visit the British Museum, Buckingham Palace, Big Ben, London Bridge, the London Eye and Trafalgar Square.
Looking at trends over the past 35 months, property prices in Central London have declined by 1.8% in June. Property agency Greater London Properties have confirmed that recent reports have revealed all upscale properties in Central London have registered a price drop.
The smallest price drops were noted by the more luxurious homes. Those worth £10m saw a 1% drop in June, whereas homes that have a sales value between £5m and £10m witnessed a 1.2% decrease. Looking at properties that has a value lower than £1m saw a drop in price by 1.4% and those priced £1-2m fell by 1.6%.
Greater London Properties believes that some of the reasons for this downfall is due to tax changes, as well as uncertainty in relation to the current movement of Brexit.
The agency raises the question: Is this the best time to buy in London? It has been pointed out that a recent survey looking at growth in house prices shows that it is at its lowest in 2018, in comparison to the previous nine years.
Conducted by Hometrack, the research shows that whilst house prices are increasing in the areas of Manchester and Edinburgh, London prices still remain low. Cambridge and Aberdeen also saw a drop in prices, of 0.9% and 5.7% respectively.
With house prices dropping in close to 40% of London boroughs, and specifically in Central London there is a 4% yearly drop. Hometrack is expecting the gap in median house prices for London and other cities to narrow in the next two years.
Overall, this is why Greater London Properties believes that now may be the perfect time to purchase a property in London. Would you consider this area as investment potential for your portfolio?