Purchasing a house in the city is everyone’s dream. However, with property in Central London now hitting prices that are 14.5x higher than the salaries of an average employee, this dream may remain a dream for a while.
Real estate experts recommend interested buyers to head west for properties that are luxurious, yet budget-friendly. Take property in Fitzrovia for example. Real estate selling at £3 million and upwards is now available at as less as £2.4 million. Multi-bedroom apartments at prime locations are now within grasp of interested renters and buyers. Properties for sale in Soho are also experiencing price cuts. One reason for the reduction in prices is the fall in the valuation of the Sterling Pound, after Brexit. Price cuts implemented after the EU Referendum are taking a toll on every industry, including real estate. While this may not be optimistic for the UK economy, it is certainly great news for people interested in purchasing or renting residential and commercial property.
Properties for sale in Covent Garden too are seeing a reduction in rental and purchase prices. The real estate market in London is seeing an abundance of luxury listings, leading to a reduction in rental prices by 2-5%.
Choosing a property in a West End Neighbourhood would see property owners have the best of both worlds – a budget-friendly luxury listing and access to Central London’s thriving commercial districts.
If you would like to speak with a London Estate Agent please call a member of the Greater London Properties Team who would be delighted to help. We specialize in Residential Sales and Lettings plus Commercial Offices and Retail. Our branches are based in our Soho and Bloomsbury the team are always on hand to discuss property in Central London.
Call Greater London Properties, Estate Agent London today on 0207 113 1066.
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