London Property Prices Soar

For many, there's only one place to live and that's the booming heart of our capital, London. Surrounded by the city buzz of a thriving cosmopolitan nightlife, retail industry and cultural scene, are just some of the reasons which make London such a sought after location. But of course with desirability comes a hefty price tag and according to recent research London property prices have indeed reflected this with recent house prices soaring during this year.

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    • According to a report by Clutton's London View, property prices in London, particularly in the centre have increased by a massive 7.9 per cent over 2011. This is only a mere 2.5 per cent below the average price tag seen in 2007 when the London property market reached an all-time high. As a result the average property in central London is set to cost around a not so average sounding 1.72 million pounds by the end of the year.

    The Clutton report indicates that the desirable location and sought after post codes are what's driving London property sales to increase. As limited houses come onto the London market buyers are jumping at the rare chance to purchase, so are often heading in with offers way over the initial price tag. And as the prices of houses in London creep higher and higher buyers are pushing to settle deals before the year is through with predictions stating that the increases are to continue into next year.

    On the other hand however, central London renting prices saw a decline of 0.4 per cent this year, the first drop seen in over 2 years. The report stated that tenants are becoming less willing to fork out for renting, forcing landlords to lower prices and become more flexible when it comes to what they charge.

    So if you're looking to buy or sell property in London there's never been a better opportunity to do so. With predictions of future house prices rising, buying now could prove a great investment. Whilst at the same time if you're thinking about selling your London home the healthy market is extremely promising. For the first time in a long time you could expect purchasers to meet your asking price if not exceed it. So think smart and get your foot on the London property ladder, you might just thank us for it.