House prices throughout London continue to increase

Once again the price of buying a home in London has increased, with many arguing that a price bubble is already present when compared with the rest of the UK; especially when it comes to 'luxury' postcodes. With a £10,000 increase in the purchase price of a London house during a single month, it would seem that the best option for those wishing to live in the capital is renting.

London house prices are expected to increase around six per cent throughout 2013, which is a higher rate of increase than the rest of the UK. Buying a home in London has now become a very expensive business and many are finding that they are priced out of the market.

Despite projects to build affordable homes, there is still a drastic shortage of housing on the market and homes are being snapped up within a week or two of going on the market - much faster than the average house sale in the UK. This, along with the continued decrease in London rental prices since last year, suggests that renting is the best option for those living in the capital.

With the increase in purchase prices throughout the City of London, many are indeed turning to renting properties. As a result properties in this sector are also being taken at an increased rate. In order to ensure that a person gets the property that is right for them, it is advised they sign on the dotted line as soon as possible to avoid missing out.

Those that are seeking to rent a property in the capital are advised to seek the expertise and advice of an Estate Agent. With higher demand for housing, more renters are reporting a decrease in housing standards. Estate Agents are able to help renters find appropriate properties for their needs that meet the required standards. Renters are able to get a better deal on their property when they receive professional advice.

 

Published 24th July, 2013

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