A Perfect Moment: Why Buying a Property in London Now is a Great Idea
Despite Brexit uncertainty, London remains a great place to invest in property, whether you are a buy-to-let landlord or a homebuyer.
To Buy or Not to Buy before Brexit is Over?
Real estate industry experts are convinced that it won’t get much better than it is now to buy a property in London, compared when Brexit is over, and it becomes clear which direction we’re going in. Some potential buyers say they will wait until the uncertainty with Brexit is over as they feel prices may fall, and so they will wait. On the other hand, some sellers place their property on the market in the hope if they sell now, they may get a better price than if they wait until next year. For purchasers, it means more stock coming into the market and more choice. However, it should be kept in mind that good stock is being secured quickly, helped by continuing anticipated overall price growth. A realistically priced property is agreeing a sale within a matter of days.
The Prime Property Market is Strong
The prime property market in London is in a strong position to recover once Brexit is sorted, according to a new analysis that reveals no growth in terms of prices. In 2018, prices were down 4.4%. The survey from the London leading real estate agencies also show that there was a 5% rise in the number of new prospective buyers during 2018 in both prime central and prime outer London.
Meanwhile, sales in prime central London were 7% higher in the year to March than the previous 12-month period. However, by December, with uncertainty persisting ahead of the UK’s planned departure from the European Union in March 2019, volumes were down by 15% year on year. Pricing behaved in a similar way. While the annual decline recorded in prime central London at the beginning of last year was 0.7%, by December the decrease had deepened to 4.4%.
The Only Sure Thing to Invest In
The number of new prospective buyers registering in the prime London residential market rose by 5%. The ratio of new demand to new supply rose to 4.9 in the final quarter of 2018, the highest level in four years, experts say. They also admit that there was more hesitancy from foreign buyers over the course of 2018, but with the good current exchange rate, many Europeans are still seeing value in purchasing property in central London. It is because they know for sure that property will always be a good investment. Once the market settles, the property prices will rise again. In fact, property is the only sure thing to invest in these days as long as you are in it for the long-haul you will always make a decent return.
Based on www.propertywire.com