UK: Prime London Properties Maintain their Rising Prices
According to the London Central Portfolio, it believes the various assumptions that prestigious Central London property prices are falling is false.
Additionally, the top 20% of the property market is stationary, with rising prices in all of the remaining sectors.
Within the top 10% tier of the market, the properties prices are approximately GBP £6.5 million and on average, the stamp duty has doubled. These properties have experienced an 8% per cent decrease in price due to the peak in the market in the third quarter of 2014.
According to various sources, UK home ownership fell to 64%, the lowest percentage in the last 30 years. Moreover, in 2017, private renting beat mortgaged home ownership in the city of London.
Moreover, Airbnb are putting a considerable amount of pressure on the private rental market. The business model permits owners to rent their houses on a nightly basis and so, minimizes accommodation from the long-term rental market although maintaining high purchase prices.
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