Why you should be investing in London property and inspiration on what to buy right now.
Sponsored by IP Global.
Why would I buy in London?
London is a popular choice right now for investors looking for a market that provides stability, established property laws and mortgage financing. Over the last 12 months property prices in the capital have increased by 11.4%, marking the 11th consecutive month of positive price growth and the strongest annual growth experienced by any other region in UK and Wales. There is room for growth too, with prices still lower than their 2008 peak.
Where in London should I be buying?
Tower Hamlets – This borough just minutes from the City has performed well over the past year with prices increasing by 10.8% and in August rising by 0.6%. Rents in the area have increased by an impressive 18% over the last 12 months. Its relative affordability and expected high return on investment makes it an interesting location for investors looking for a foothold in the London market.
What is available there right now?
Investors might be interested in Myrdle Street (see gallery below) – a development in Tower Hamlets which still has three units available. The apartments (ranging from 582 to 1439 sq ft) feature fitted kitchens, designer bathrooms and balconies or gardens and Old Spitalfields Market is just a short walk away. The development combines strong capital growth prospects with a steady and reliable income with prices ranging from GBP370,000 – 675,000.
The 2012 Summer Olympics should reap rewards for London property investors, attracting regeneration in much of East London. Tower Hamlets, designated as one of the five official host boroughs, is set to prosper, with a new East London underground line improving transport links with the rest of the city. A recent report by Lloyds TSB found that average property prices in East London have risen by 26% since the announcement in 2005 that the area will host the Olympics and many Chinese investors are now showing interest in London property having seen the effect of the Olympics on property in Beijing.
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