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

National Federation of Builders
Breaking News

GDP figures shows the need for planning reform

Following GDP growth of 0.4% in March 2024, April has seen no growth and in key sectors, such as construction, output has again dropped. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said: “The NFB Manifesto, ‘Supporting Construction to Power Growth’, was written with the UK’s GDP struggles in mind. While growth…
Read More
Breaking News

Breaking Property News – 12/06/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Leadpro integrates with Alto Leadpro, a lead generation and management tool, is excited to announce its integration with Alto, the market-leading software for estate agents This integration aims to drive efficiencies for agents by enabling the seamless transfer of leads from Leadpro directly into…
Read More
Estate Agent Talk

Avoiding First-Time Homebuyer Blunders: Your Roadmap to Success

Owning your first home is a monumental milestone, brimming with excitement and anticipation. It’s the start of a new chapter where dreams of having your own house become reality. Yet, amidst this exhilarating journey lies a maze of complex decisions and potential pitfalls, especially for first-time buyers. Successfully navigating the financial and emotional commitments necessitates…
Read More
National Federation of Builders 2021
Estate Agent Talk

NFB reaction and market insights to Conservative Manifesto

The Conservative party launched ‘Clear Action, Bold Action, Secure Future’, their manifesto for the 2024 general election. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said: “A healthy construction industry is the only way a nation can grow and unfortunately, construction has taken some great hits in these last five years. The…
Read More
Estate Agent Talk

Response to the Conservatives’ 2024 manifesto – Thoughts from the Industry

In its manifesto launched today, the Conservative Party promises to deliver a record number of homes each year on brownfield land in urban areas by providing a fasttrack route through the planning system for new homes on previously developed land in the 20 largest cities, cutting Stamp Duty and commitments to improving the energy efficiency…
Read More
Breaking News

Conservative Plans do Nothing to Address Shortage of Homes to Rent

Responding to proposals in the Conservative Party’s 2024 general election manifesto to scrap Capital Gains Tax for two years where landlords sell properties to sitting tenants, Ben Beadle, Chief Executive of the National Residential Landlords Association, said: “Tenants who want to become homeowners should be supported to do so. Whilst incentivising landlords to sell to…
Read More