House prices in London have fallen at their fastest rate since 2009. Homeowners throughout the city are undoubtably feeling uncertain about what the future may hold and how the current market as well as the predicted property market may effect them and the value of their property.
The first thing to remember is that whilst there have been many dramatic headlines in the news recently, in real terms the figures are nominal, the market is not crashing as such it’s merely stabilising and with the house prices in London having been on the rise for a long time now the market seems to be slowing down. This news comes, I’m sure, as music to first time buyer’s ears, having struggled to even get a look in on the London property market for such a long time now, the prospect of falling house prices means the dream of owning a home in London is slightly more achievable if not yet obtainable.
However what does this new market position look like for the people who already own a property in London. So far it seems to only have affected people who’s homes are on the market for over £1m. There has been a reported decline in the amount of £1m+ houses being sold for the full asking price, however houses on the market for £500,000 or less are actually being sold for their full asking price and in some cases even more.
For many homeowners the very fact they own a property in London means that their home is likely to be valued in the higher price bracket therefore with so many homeowners in this bracket it’s important to consider the options as, experts have predicted that whilst house prices in the rest of the UK are expected to remain the same or in some areas actually increase, in London they are expected to continue to fall.
In order to work out how to get the most out of their home and not loose out in this time of market stabilisation, London residents must identify what their intentions are and make the relevant plans. For London homeowners looking to move out of London to another part of the country in the next few years it might be best to consider doing so sooner rather than later not only to get the best value from their London home but also so to attempt to avoid any potential property price rises in the area in which they wish to move to.
For London homeowners looking to stay in London they might find extending their current homes a good way to maximise the length of time they are able to live in their property without outgrowing it, not to mention that renovating and adding an extension are really good ways to add value to a property.
Byoot provides a full turnkey solution to our clients, from planning, architects, structural engineers, building control and the build, leaving our clients to focus on their day jobs while we do ours. If you are thinking of extending, renovating or improving your home speak to one of the team on 0208 4509185 or send us an email at firstname.lastname@example.org