Are you Zoned out of Affording Property in London?

It is a feisty old topic to discuss with many opinions which makes for interesting read on the varied news channels online – Property prices in London.

Betting on the UK house price scene, yes that is right betting agencies gives odd on prices going up or down not only which horse will win the 3:15 at Kempton Park,  now predicts falls in property prices. The Gentleman’s Bookmaker, Star Sports Bet, are giving odds on for house prices to fall in 2016, check out their page here. Decrease in prices is 8/11 on and a drop of 5% or more is 6/1.

Online Estate Agent, eMoov, shared a very useful Property Price map themed on the London Underground regions, highlighting most locations within the zones 1-4 are averaging £1 million plus. Barking, Dagenham and Becontree showed to be the cheapest places to purchase in the zone 1-4 area at a price of £237,377 (I can remember looking at a property in this location nearly 20 years ago at £33,000)!

Though prices are not only high in the usual places such as Green Park, Mayfair, Park Lane as we have always known, ie as per Monopoly Board days, other locations of London are equally expensive especially comparing what locations look like. A recent news story though by International Business Times says that prices are in fact dropping in London, especially those that are for the rich and famous whereas the lower priced region, the outer regions, are motoring in valuation are they are seen as investment opportunities.

A write up in the Independant by Chris Blackhurst states that London Property prices will fall and are currently at the midnight hour state. An interesting read that runs through why the time will soon be upon us that the plug could be pulled from the London property market.

So, are prices too high? Is Buy To Let about to collapse and flood the market with property that brings house prices down, a total swap around of current market conditions where new valuations are like gold dust to Estate Agents? Will there be a level out of property in London, outer regions growing and inner locations falling? Is London just too expensive for today’s current financial climate?

 

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Letting Agent Talk

Letting Agency Owners: Are You the Bottleneck in Your Business?

As a letting agency owner, it’s easy to fall into the trap of wearing too many hats. But it’s not just exhaustion and burnout you need to worry about – it’s the impact it’s having on your bottom-line. Guest Blog By Sally Lawson – Agent Rainmaker “From managing client relationships and handling operations, to overseeing…
Read More
Breaking News

Latest developments in Renters’ Rights Bill: What landlords need to know

On the brink of becoming law, the Government last week rejected the majority of amendments put forward by the House of Lords, which would have mitigated the severity of some of the amendments. Property professionals, landlords and tenants are poised to navigate this once-in-a-generation overhaul of housing legislation.   Lucy Jones, Chief Operating Officer at…
Read More
Breaking News

What Will Commonhold Mean for Property Managers?

By Robert Poole, Director – Block Management, Glide Property Management, part of LRG The government’s ambition to end leasehold for most residential properties has put commonhold back into the spotlight. First introduced in 2002, commonhold offered a resident-led alternative to traditional leasehold ownership. However, legal and commercial complexity stalled adoption. Two decades later, policymakers are…
Read More
Breaking News

Think You Know Mortgages? These 5 Myths Could Be Costing You Money

When it comes to mortgages, most of us have had advice from family and friends. The trouble is, a lot of these so-called facts are myths, with many individuals missing out on better deals or opportunities, due to not doing their own due diligence. Emma Graham, Business Development Director at Hodge Bank, explained: “Mortgages are…
Read More
Breaking News

Just 17% of homes selling for more than £500k

The latest analysis by eXp UK has revealed that while just 17.4% of homes sold across England and Wales so far this year achieved a price of £500,000 or more, agents in London, the South East, and the East of England will face the greatest need to adapt should the Government press ahead with plans…
Read More
Breaking News

Estate agents back Rachel Reeves’ stamp duty shake-up but call for abolition without replacement tax

The latest research from GetAgent has revealed that the majority of estate agents in England are supportive of Chancellor Rachel Reeves’ plans to overhaul property taxation by scrapping Stamp Duty Land Tax (SDLT). However, 44% argue that the new levy should be focused only on higher-value homes, while 79% favour abolishing SDLT outright without introducing…
Read More