Despite fears of a housing collapse and buyer caution before Brexit, London property prices have reached record highs in 2017. The average asking price for a home in the capital is now £650,000, incurring £22,500 in stamp duty costs.
While this positive movement has not been echoed across the entire country, the UK has seen growth elsewhere. Bristol has even seen property values grow faster than in the capital – a phenomenon that has not been seen for over 6 years. However, Bristol’s success is no surprise to savvy investors – the region has seen 46% growth in the last decade, and shows no signs of slowing down thanks to improved infrastructure.
Bristol properties are considerably cheaper than London, with the average home there costing just £250,000 – a full £400,000 less than an equivalent London property – but there are other factors driving up the cost of housing in the city. There is a large university population, offering excellent opportunities for landlords, as well as rising employment and a diverse employment base.
A train to London takes around 80 minutes from Bristol Temple Meads and an annual ticket costs just under £8,000, meaning that the city could even be experiencing growth as London workers are willing to move further and further away from their jobs to enjoy better property prices and quality of life.
Edinburgh, Glasgow, Southampton, and Birmingham are also seeing property price rises that outpace London’s, while property values in Manchester, Belfast, and Portsmouth are in line with the capital’s.
This news comes as London’s most expensive boroughs have seen falling prices, by up to 19.4% in some areas. The average asking price in Kensington and Chelsea is now below £2,000,000 for the first time in almost 2 years.
This movement offers opportunities for residential property landlords and investors both in London and throughout the UK.
Categorised in: News
This post was written by Innermedia Ltd