Real estate experts at Rightmove say that most of the buying activity in London is happening in the suburbs. Sales for Zone 1 are down 14% compared to the previous year. Zone 1 appears to be where most people are moving out of, rather than moving in to.
Of course, every bubble must one day burst. This boom can’t last forever, and we know it. What does the future have in store for the property market?
The current stamp duty tax break that could save you thousands of pounds, the boom in property sales and more; now is the perfect time to invest in a house in the UK.
An excellent example of this was the financial crash back in 2008, where house prices across the nation dropped by 20% in the space of just 16 months. It was only in 2014 that the market recovered, but it seems that the regeneration and growth will come much faster this...
Stamp duty thresholds are being raised to £500,000 until March 2021 to bring new life into the market following the drop caused by the coronavirus pandemic. What does it all mean for sellers and buyers, though? Let's have a look at the pros and cons of the new move
Some areas saw sharper drops in average prices than o thers. The average house price in London remained relatively the same. The average house in the capital costs just over £500,000, according to figures from Halifax.
The data suggests that house prices – and overall sales – are indeed on a downward spiral. Property website Zoopla predicts that house sales will fall by around half for 2020 compared to 2019.
One advantage of investing in property now is that mortgages are at an all-time low. The British Pound is currently weak against the US dollar, making property investments in London more attractive for overseas buyers, particularly those in the United States.
The London property market has been left in something of a stasis state following recent events. Buyers, sellers, and renters alike have been instructed to hold off on moving to prevent the coronavirus from spreading even further. While some transactions are going through right now, the market as a whole...
The biggest drops come from outer boroughs such as Bromley and Hillington. The number of new homes in these areas have dropped up to 91% since the government put restrictions in place last month. Merton, Redbridge, and Sutton all saw significant drops as well. The number of listings dropped 90%...