At a time when house prices are falling across the UK and property owners are struggling to sell their homes for a decent price, property prices are booming in London. This is hardly surprising considering it is the capital and the economic hub of the entire country. There is little can be said that hasn’t been said already about why people are drawn to living in London like moths to a flame, suffice to say it is still the city of dreams for many.
Property prices are invariably way above the national average in and around London, but like everywhere else, if you are looking at houses for sale in London you should be realistic and look at the outlying areas which may not be the most fashionable areas at the minute but no doubt will be in the future. Overseas buyers are the most prevalent in the London property market at the minute, which is driving the prices up even further.
If you have money to invest in property London is probably your best bet in terms of stability of value and best yield. Flats to rent in London are the most expensive in the UK, and once again, it is the boroughs outside the city that offer the most affordable rental rates. With the top notch transport links into the centre, and commuting being easy, albeit crowded, there are a still reasonable rental properties to be had.
The average cost of renting a one bedroomed flat within the city limits is £720 a month, and this has given way to many sharing a larger space with other to split the rent and therefore be able to live nearer where they ideally want to be situated.
The average wages are a lot higher in London obviously, to keep in line with the inflated cost of living compared to the rest of the UK, and you will find the headquarters of more than 100 of the top 500 global companies in the world in London.
This effectively means that there is a constant stream of professionals coming and going from both other areas of the country and overseas, and demand for rental properties is high amongst those who want their own space instead of living in hotels. Work colleagues will often share larger flats and leave the studios to singletons, and splitting the cost affords them money for a social life and to send funds home where needed.