There’s no denying that London can be an expensive place to live, and for many home-hunters and property investors, buying somewhere in England’s capital can make a great deal of financial sense. If selected carefully, opportunities do exist to secure a property which will make a healthy profit in years to come.
With 2012 being London’s year, all eyes will be on the capital to watch the Queen’s Diamond Jubilee and the Olympic Games. Such attention, assuming everything runs like clockwork, will only help to endear London to the world once more, not just as a tourist destination but a great place to live. Increased demand pushes up prices so now would be a great time to buy.
With the Games expected to provide a much-needed boost to London’s economy too, its infrastructure will improve on all fronts with tired areas brought back to life and under-invested boroughs finally getting a much-needed shot-in-the-arm. The East End of London, in particular, being home to a large number of the Games’ events, will be physically transformed as improvements will help drive renewal and regeneration in the area.
Property development and investment companies such as Galliard Homes have all jumped on the opportunity to continue the development of the capital. Already, 740 acres of polluted, low-grade industrial land and premises have been replaced by new sports venues, a new waterside park, a new village of 2800 homes, an improved local rail network and over 100 acres of development land. This will be followed by the introduction of Crossrail in 2018 which will open up great business potential for Stratford in particular, as it will evolve into a hub for sport, shopping, leisure and tourism and for international, creative digital and media business.
Over 30,000 new homes are expected to be built in the area over the next 20 years, with more than 7,000 in the Olympic Park site itself. Residents will also have access to a spectacular urban park, new education and health facilities, vastly improved transport links and outstanding shopping and leisure facilities.
Across London as a whole, despite the recent recession, property prices are continuing to rise faster than in any other region in the UK, with asking prices some 79% higher, notwithstanding the volatility of the current housing market. This equates to an average asking price for a London property of £340,308 compared to £159,999 in the rest of the country.
Added to this, predictions suggest that London’s population will need to accommodate a further 810,000 people over the next decade, which in turn will lead to continued long-term housing growth. This all points to London still very much being a city on the up, certainly not in decline, so making an investment now may ultimately prove to be a canny bit of business.