As you well know London's housing market is always on the move. The past few years have seen considerable price movements for both buyer and sellers and the following article in London's Evening Standard makes for interesting reading.
The statistics reported include surprising buy-to-live and buy-to-let purchasing trends across London's inner city, with areas from cheaper Barking to popular Wandsworth making notable appearances in the article.
They report that there is also a ray of hope for prospective first time buyers who aren't looking for something in the swanky five bedroom range, and are just looking for something with two bedrooms and enough room for a family pet.
Definitely worth a read for all of you currently looking to buy or sell at this time.
Key Takeaways:
- The most expensive homes in London are selling at a reduced rate compared to previous years.
- Smaller one and two bedroom homes in London are not increasing at as fast a rate as previously making it easier for first time buyers to buy.
- More people are buying to live instead of investors buying to let as investors have been affected by the costs of the stamp duty.
"London house prices have experienced their biggest annual drop in nearly eight years, as sellers of more expensive homes in desirable inner London areas adjust their expectations following years of spiraling price rises."
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