Owning a prime property in the buzzing metropolis is the dream of many. Central London is where you can get the best of music, food, people, culture and fashion. As a true melting pot of all things bright and beautiful, Central London is where all the interesting action is. With some of the world-famous destinations including the British Museum, Big Ben, Buckingham Palace, London Bridge, Trafalgar Square and the London Eye being here, it’s popular with home buyers.
In line with the trend over the past 35 months, prices of central London’s properties declined by 1.8% in June. Our estate agent London, Greater London Properties can confirm based on recent reports that all upscale properties in Central London neighbourhood registered price drops.
Ultra-luxurious homes in this area had the smallest of price drops. Homes worth £10 million (or US$13.16 million) witnessed a 1% drop in June while homes that have a sales value between £5 million (or US$6.58 million) and £10 million registered a 1.2 % decline. Homes that had a value of less than one million saw a price decline of 1.4 % and those between one and two million dropped by 1.6%.
Some of the reasons for this downfall are believed to be tax changes, uncertainty surrounding Brexit, among others.
So is it the best time to buy in London? If you need more convincing reasons to invest in a property, a recent survey shows the growth in house prices is the lowest in 2018 compared to the previous nine years.
The research conducted by Hometrack shows that while prices are increasing in Manchester and Edinburgh, London prices remain low. The other two cities where prices are falling include Cambridge and Aberdeen which saw a fall of 0.9 % and 5.7% respectively.
House prices are dropping in close to 40% of boroughs in London, and particularly in Central London, there is a 4% drop every year!
Hometrack expects that the gap in median home price in London and other cities will close in the next two years; it has already started to narrow down.
So in a nut shell, this is the best time to buy in London! Whether your downsizing, investing or looking to move to one of the best cities in the world – now is the time to act. Call Greater London Properties today on 0207 734 4062 or visit our website www.glp.co.uk.