The property price boom in London and the South East is set to continue, with a typical property in the capital set to cost £1 million in just five years time. This could mean that now is an excellent time to invest in a property in the area.
Property Prices in London Up 9.5 Percent from Last Year
ITV recently reported on property price increases in London quoting figures from Rightmove. Average asking prices have now risen to £620,003, which is nearly £5,000 higher than the previous record set in July. This means that property prices in London are 9.5% higher than just one year ago.
With a prediction that the average price will be £1 million in five years the assumption is that prices will keep rising at the same pace – meaning now could be the perfect time for you to invest in a London property.
Other Southern Counties Also See Increases
But it’s not just London that is seeing price increases. In fact, some counties have seen even larger increases in prices. For example, Berkshire has seen a price rise of 11 percent over the last year, and Hertfordshire 10.7 percent.
This contrasts to the north of the country, where asking prices fell 3.2 percent in the North East month-on-month.
Even Derelict Houses Are Worth Over £1 Million
Prices have gone up so much in some areas that even derelict houses are being sold for huge amounts of money.
Get Surrey recently reported on a row of derelict terraced houses that have been put on sale for £11 million, demonstrating just how expensive some properties can be based on where they are located. The price of the properties is actually unsurprising when you take into account their location: Wentworth Drive in Virginia Water.
Earlier in the year, the Zoopla Rich List revealed that Virginia Water is the most expensive town in Britain, with an average property price of over £1.2 million. Cobham, also in Surrey, is the second most expensive place to live, with an average property price of just over £1 million.
It also reported that Surrey has the most property millionaires in the UK outside London. 43 percent of London streets have average property price of £1 million, but Surrey is in close second place.
Is Now the Time to Invest?
Property prices in the South East are at an all-time high. But with prices set to rise, now could be the ideal time to invest in a property. If you are thinking about buying a property in London, Surrey, Berkshire or Hampshire, I can help you find your perfect property in the area, and you can then take advantage of the continuing rise in property prices over the coming years.
I specialise in London and the Home Counties. I will use my contacts and my bargaining skills to ensure you not only find the best properties before anyone else does – but that you also pay the best price for them.
If you are currently considering buying or renting a residential property an independent home search consultancy could help you to source and secure the ideal property and guide you through the transaction process.
Call Richard Mottley on 0800 999 5758 or 07769 32 57 58 for further information or submit an enquiry here: http://sanderlinghomesearch.com/contact