One of the most globally renowned cities in the world, London is the place to be. Whether you’re in the fashion business, arts and theatre or looking to make an entrepreneurial mark on your industry, you shouldn’t look anywhere else than the English capital.
Its booming tourist industry and incredible cultural diversity attract many to live and invest in London; if you’re looking to buy some property in the super city, here are some factors you can’t afford to forget.
The first thing you should know is that London is and always will be a prime spot to live. Although property in the two central boroughs of Kensington and Chelsea, and the City of West minster only has around 200,000 people, it is the most expensive property market in the whole of the UK.
If you’re considering investing in property in London, make sure you consider the future value. Properties in those areas are likely to double in the next 10 years, a fact that you might not want to forget! It’s all about location; think about how near it is to a Tube station, tourist attractions, colleges and universities. All these might mean that you get far more interest than you would in a more expensive but remote property, meaning renting it out will give you great return.
London is always expanding, growing, changing and developing. Investing in London property can see massive returns and your property price soar if you time it right. Make sure you do your homework on what’s likely to become a better area to live, and which house price areas are due to rise.
The cross rail work for example, is sending south east London and some west London area prices higher because of the improved commute for City workers. Those who were in the Olympic area during 2012 saw a great boost for the area and the surrounding economy. Think ahead!
Room to Breathe
It’s important to know your market before you invest. If you’re wanting a bachelor pad for someone who loves the nightlife and the buzz of the city, then you can go central, or somewhere with a great student vibe. If you want a larger house rather than an apartment that is more aimed at families, or people who will enjoy space and quiet, then get as far from the centre as you can!
A World of Its Own
One of the key factors to consider is the rise and fall of house prices and property values around theUK. An extremely important thing to note is thatLondonis no longer a beacon for the rest of the country where prediction is concerned.
Londonused to show rapid – and large! – rises and falls based on the economy, and the rest of the country would simply follow suit. Now though, Londonproperty seems to have stabilised regardless of what the rest of Great Britainis doing! It has been increasing in value percentage wise despite falls across other cities, and has shown increases similar to New Yorkand Hong Kong.
When considering property investment in London, it’s important not to just buy, buy, buy. Not every investment will be as good as the one that you wait for. Predicting the future is always tricky, but finding that great buy that comes good in a few years’ time could help make you a very happy investor! It’s all about location and timing, and thinking like a customer!