How much are houses in London
London is one of the most visited cities in the world. The fact is that the UK as a nation has a relationship with almost all the other nations on earth. Having colonized over 100 nations in the past, it strives to keep some level of the relationship going. There are thousands of people moving to London each year.
Because of this, it is correct to say that many people are granted entry into the city mainly based on this old, though unfavourable relationship.
However, while many people are coming on visits to the city of London which is the capital of Britain and by extension the UK, majority come here to study in London and get some education, live and work in the city.
One of the major concerns of the people who come to live and work in London and the original citizens and inhabitants of the city is the issue of the cost of housing. This has been projected to be on a very high pedestal, in the sense that people of lesser income find it very difficult to rent or buy a house for themselves due to high house prices in London.
However, due to ripple effects of the global economic meltdown, there was a decline in the price of houses in the city of London. The trend later went back to normal. However, the statistics at hand has it that the 2 bedroom and 3 bedroom house prices London recently moved downwards by £30,000. This happened around November and December last year. In the whole nation, there was a £9,000 downwards movement.
However, this fall in price has not recovered fully up till now, and that is about 2 months away. The main issue here is that direct customer asking prices for these houses started coming down during the summer. This peaked at about £570,796 from £601,180 in November. The simple statistical truth about it is that the above mentioned gives a 5.1% decline. This is against the expectation of the sellers all over the city. There were no known and sacrosanct outcomes expected by the sellers. But there were, just like in every other business some level of optimism that things will get better and not this negative result.
House costs in London
The most significant part of this is that the fall in house price was witnessed simultaneously in all the London borrows. Though the 32 boroughs all experienced this, Fulham and Hackney had the worst results so far. They witnessed 7% and 6% fall respectively in Wimbledon.
So how much are house prices in London at the moment. One thing to note is that though there was a decline in price as occasioned by the projected growth and what the market gave some few months back, there was also a general increase in what the sellers demanded when compared to what was the case in December 2013. However, this drop continued to happen as the month rolls by, to the extent that there was about 0.2% increase in the number of sellers that listed homes for sale in December than the number in November.
The projection is that the year 2015, will experience some more increase in the asking prices. This will peg at about 5%. There has been an announcement of the changes in stamp duty in the UK and the simple analysis coming from the estate agents is that this has the potential of increasing or causing more upwards movement in the price of homes in London.
However, many of the people who are into the estate and removals business have said that the fall was an expected one in December coupled with the increase in asking prices. However, not even deterred by this, many of them are still listing homes at very high house costs in the market with some belief that they will sell, even though they envisage some slow growth this year.
The expectation is that other south eastern parts of England will witness the greatest growth in house prices this year, as occasioned by the ripple effect of what happened in London. This will also spread to other parts even as homes are very scarce. However, some optimistic firms believe that there will be a 4% growth in the price of houses this year and some 4.5% growth in 2016. However, some have said no to this, by positing that there will not be much growth this year even when it is obvious that affordability issues will be the greatest threat to it.
To find out what are house prices in London please contact our office. We can calculate how much it costs to buy a house. If you looking at house costs and are planning removals you can check our moving house checklist..