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    Properties for Sale in London

    With over 9 million residents living in London, this city is rightfully considered one of the leading metropolitan destinations for living, working and investing in. The main driving forces behind the strong demand for property in the capital are limited stock and the easing of COVID-19 restrictions, as more people come back to city life. As a result, real estate in 2022 in the UK is selling faster than it has done in previous years.

    The delivery of new housing in London has slowed down for the first time in almost 10 years thanks to the lockdowns and supply chain issues, which have postponed the completion of developments. This led to a whopping 9.2% price increase in the year to July, according to the Land Registry, as the average house price reached GBP 544,000. According to MoneyWeek, a British weekly investment magazine, with higher capital values and buyers more dependent on larger mortgages, London house prices are expected to drop by 8% in 2023 and 4% in 2024.

    Real estate in London and across the UK in general can be freehold or leasehold. In the first case, the land and structure solely belong to you, which means you are liable for all costs regarding administration and maintenance of the property. A leasehold is a long-term rental arrangement, the length of which may vary between 40 years and 999 years. The lease can be renewed upon the expiry of the first term in line with the current market rate, otherwise the property has to be returned to the initial owner. In London, most properties for sale are in the leasehold category.

    Why Buy Property in London

    The most essential factors regarding economic appeal in London are:

    • For 6 consecutive years, London has been ranked as the best city in the world in terms of human capital, experience, infrastructure, culture, and prosperity. Not forgetting that it was named the European City of the Future in the Financial Times’ FDI Rankings for 2022/23. Finally, in Schroders Global Cities 30 Index, London ranked the top city for property investment 2 years in a row (2021-2022), further reinforcing its position as a safe haven for real estate buyers.
    • London boasts excellent infrastructure, especially regarding transport systems such as Crossrail. Aimed to enhance the city’s connectivity, it is the largest and most important transport system in the capital since the Tube network expansion over 100 years ago. That being said, properties located next to Crossrail stations are likely to be in strong demand and their capital value is set to increase.
    • London is among one of the most popular cities for young professionals to work in, which leads to a strong position in the local rental market. In general, vacancy rates of London stand at 2.2% due to a shortage of homes. At the same time, London private rental prices rose by 2.5% in the 12 months to August 2022, making it the strongest yearly surge in the UK capital since October 2016, according to the Office for National Statistics (ONS). As revealed by Statista, a German company specializing in market and consumer data, local rental prices are forecast to increase by a whopping 22.2% between 2022 and 2026.
    • The UK labour market is thriving, amidst a comeback from COVID-19 and Brexit. Now people are returning back to the city and have more job opportunities. That being said, about 400,000 people work in the capital, which houses headquarters of some of the world’s largest financial institutions, such as Standard Chartered and Lloyd Banking Group. It is worth noting that half of the financial service sector’s economic output in the UK is generated in London.
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    Types of Properties in London

    London offers various types of properties to buyers in accordance with features, size and design. Below we have reviewed some of them:

    • Flats are the most common property type in London. The building is divided into a series of individual flats, and the communal areas, which encompass lifts, stairwells and reception areas are shared. Flats come in several different types: a studio flat, maisonettes and 2-storey flats.
    • Detached residences are known for the utmost privacy as they do not share any walls with other properties. As a result, they are considered one of the costliest and most in-demand property types in the city.
    • Semi-detached units are 2 dwellings linked by a single wall in the middle of the residence. This real estate type is highly common in London and is popular with families.
    • Terraced houses share a wall with neighbouring houses on both sides. This property type tends to be found in old industrial cities and towns, such as Bath, Manchester and some districts of central London. These residences became popular back in the 19th century, providing accommodation to many working-class individuals.
    • End of terrace houses share only one wall with a neighbour, while the other one is detached. While its structure makes a house look like it is semi-detached, its price is lower compared to an actual semi-detached unit. At the same time, they still boast some privacy thanks to shared walls with only one neighbour.
    • Cottages are compact houses frequently nestled in rural or semi-rural locations. Typically, they feature one and a half floors, with the top level being significantly smaller. The ground floor usually houses a living room, a kitchen, a bathroom, a boiler room and a garage, while the first floor features exclusively an ensuite bedroom (s). These properties are purposefully built with thick walls to withstand cold weather, along with compact windows, low ceilings, structural pillars inside and in some cases, a thatched roof.
    • Bungalows are houses of a compact size, which typically feature a single floor, or in some cases, may include a second floor built inside a sloping roof. As a rule, they are rather affordable, which is why they are in demand among first-time homebuyers.
    • Mansions belong to the most expensive pricing category, as it is the preferred type of housing among wealthy individuals. Normally these residences consist of many generously-sized rooms, several floors and a big garden. Not forgetting that most of them have 1 or 2 swimming pools as well.

    Popular Areas of London

    The most popular areas of London for property acquisition:

    Barking and Dagenham is considered the best connected borough in East London, as it boasts excellent links to Central London, in addition to the availability of the Crossrail stations and the London Overground which stops at Barking Riverside. The areas feature 685 shops, 110 restaurants & cafes, 6 ‘Outstanding’ schools and 25 parks. The average house price here is GPB 336,000, with an average yield of 6%.

    Westminster is dominated by some of London’s most stunning attractions and architecture. In fact, this area has over 11,000 listed buildings of special historical or architectural interest. Thanks to its prime location with the City to the east and Kensington and Chelsea to the west, it is one of the most expensive to reside in London. Westminster houses Big Ben, the Houses of Parliament and the London Eye and is both a natural tourist hub and the center of UK politics. The average house price here is GBP 1,004,000, with an average yield of 4%.

    Hillingdon is the capital’s second largest and most western borough. One of the area’s most perks is that it house’s Heathrow Airport, providing occupants with seamless connections to European weekend pit-stops. Hillingdon also boasts excellent access to several new major waterways connecting it to the rest of the UK. The average house price here is GBP 448,000, with an average ROI of 4%.

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    Lifestyle in London

    London houses 100+ theaters, around 200 museums, 15,000 restaurants and dozens of iconic attractions, such as The Tower of London, Warner Bros. Studio Tour London and many more, and more than 40% of the British capital is taken up by parks. That being said, according to the latest edition of Tripadvisor Travellers’ Choice Awards, London has been crowned Europe’s most popular destination for 2022.

    London is also one of the world’s 4 main fashion capitals, with London Fashion Week taking place twice a year in February and in September. Shopaholics will be keen to learn that there is the largest department store in Europe; Harrods, which is located in Knightsbridge. Another element the dynamic metropolitan city is known for is football, as it houses the most football clubs of any city in Europe, with 10 teams in the top 2 English leagues.

    Not forgetting that there are over 3,500 pubs and bars around the city, where you can relax and socialize with your friends. In addition, when living in London, you have the opportunity to indulge in 87 Michelin star restaurants, including Alain Ducasse at The Dorchester, The Araki and Restaurant Gordon Ramsay.

    Last but not least, London is home to some of the world’s most prestigious universities and, as a result, has one of the highest student populations of any city. Imperial College and UCL are ranked in the top 10 worldwide, and in total there are 33 universities across the UK capital.

    Sale Trends for Properties in London

    Based on the figures collected from over 4,500 data sources, there were 350,980 properties for sale in London, as of Q1 2022. It is worth noting that 4 out of 5 units available on the market right now are apartments, and there is a lack of detached houses. Such a tendency is due to the ongoing demand for larger properties with a garden and an extra bedroom that can serve as a home office.

    According to the LonRes data company, the prime London sales activity remained above pre-pandemic levels in spite of an annual drop. To be more specific, sales fell 29% annually but were still 19% higher than during the first halves of the 3 years leading up to the pandemic. Such a strong position in the upscale real estate market is attributed to the resumption of international travel and relatively budget-friendly prime prices (capital values are still down by 15% from the market peak 7 years ago).

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    London Investment Properties

    As more and more people are returning back to London for work, there is an undersupply of not only properties for sale, but also buy-to-let units in the capital. In fact, the housing construction does not have the capacity to meet the 90,000-100,000 new homes required annually to keep up with the demand, which led to an astonishing price surge, mentioned earlier. As revealed by the HomeLet insurance company, the average rental price for new tenancies amounted to GBP 1,832 a month in July 2022.

    You can consider West London to purchase a buy-to-let property. For example, in the Harlington town based in Hillingdon, the average price for a 1-bedroom flat is GBP 221,021. At the same, the rental yields here are 4.7%. South London is also a highly attractive option for investment as you can take a look at Croydon with an average property price of GBP 397,000 and a yield of 5%.

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