Demand for property in London from £1 to £2 million remains strong

Demand for property in London worth over £2 million remains strong. Given that the city’s population, according to the forecast, will grow by more than 100000 every year in the next decade, it is expected that demand will exceed supply and prices will continue to rise .

Over the past year, to August 2015, prices for luxury properties in Central London fell by 1.7%, taking the increase in Stamp duty in December 2014. Demand for real estate class “luxury” in London fell by 21%. In August 2015, the real estate market of London also experienced a drop in connection with the slowdown of the Chinese economy and stock market decline.

On the other hand, new areas of London came into the market of real estate – adjacent to the center of London’s prestigious indices , where the average price of residential property is between £1 million and more are extremely popular. It is areas such as Hammersmith, Maida Vell, Queenspark, Maxwellhill and Voshall. Over the past year, areas of prestigious indices, as Hammersmith (W6), Maida Vale (W9), Queen’s Park (NW6), East Finchley (N2) and Muswell Hill (N10). Further south, Battersea (SW11) and Vauxhall (SW8) significantly transformed. The real estate market of these areas has experienced significant demand from buyers in the range of £1 million to £2 million This sector of the market is better protected from those changes in legislation that have occurred in the political and economic life of the UK. These areas more popular with British buyers. The recovery is now an even stronger pace than analysts predicted, as evidenced by strong GDP data the economy in July 2015. For the last two years the price of property in Central London cheaper than £1 million increased in price by 17.5% and 21.3% outside of Central London. For elite real estate of London range from £1 million to £2 million also recorded a decent increase in price by 15.5% in Central London and 18.5% outside of Central London.

The number of views of real estate in a price range from £1 million to £2 million for the period from January to July 2015 increased by 3.6% compared to 2014.

The September data of the labour market also indicate an improvement in the UK economy, which allows to confidently say that the demand for luxury London real estate to range up to £2 million will remain confident, at least until the end of the year.

® Helen Entree. G. 14.09.2015

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