The London property market has been getting a bad press in recent times. Due to the uncertainty surrounding Brexit, house prices in the capital have been undeniably stagnant in the past 12 months, while increases in tax and stamp duty changes have also had a negative effect. Unsurprisingly, the headlines have been jam-packed with all kinds of doom and gloom as a result.
However, London has always been a great place to live, and the current political situation certainly doesn’t change that. In fact, buyers could actually use this situation to their advantage as house prices continue to slump, serving up a particularly appealing investment opportunity for buyers looking to settle down somewhere for a long time.
But why exactly should you consider moving to London in 2019?
House Prices are Low
As previously mentioned, house prices in London have been stagnating over the past year, with the most recent UK House Price Index showing that the average home has fallen in value by 3.8% (in the year to February 2019). More recently, figures show that prices have dropped for the 14th month in a row, with the average house in London now costing around £471,000, at least according to the Land Registry.
Although sellers in the capital may be understandably concerned at these startling growth rates, this is excellent news for those looking to buy. Since house price growth is expected to return to normal levels once the outcome of Brexit has become clearer, buyers can now take advantage of the lower prices and potentially see valuations soar over the next few years.
This may not be an ideal situation for someone hoping to live somewhere in the short-term, but it’s a great opportunity for buyers hoping to invest on a longer-term basis. If you want to live in London for a substantial amount of time, then now could be a fantastic time for you to take the plunge and make that investment.
Crossrail is Coming
London is famous for its excellent transport links, with the convenient bus, rail and underground services allowing commuters to easily make their way around the city. These public transport services are set to become even more impressive, however, with the highly-anticipated Crossrail network expected to open in October of this year.
This new rail service will run directly through the centre of London from west to east, starting in the thriving town of Reading and heading all the way to Shenfield and Abbey Wood. Not only will Crossrail ease the pressure on other travel services, but it also means it’s much easier for those living in further out, more suburban areas to make their way into central London.
Somewhat inevitably, this has already led to an increase in house prices these areas, as buyers recognise they can get more for their money and still enjoy a convenient commute. Since development on the Crossrail project began back in 2009, house prices in areas near to stops have soared by an astonishing 66%, with that figure expected to rise further once the new Elizabeth line is open.
We Have a Fantastic Property Development
One of the biggest reasons you should consider moving to London is the fact that Blackmore Homes currently have a fantastic property development just a stone’s throw from the city centre. Based just a 15-minute walk away from Ealing Broadway, this exciting development is known as ‘The Park’ and comprises eight gorgeous mews houses.
These properties all include 4 bedrooms and 3 bathrooms, making them a perfect option for families looking to live near the capital. Each home also includes underfloor heating and a beautiful contemporary interior, nestled in the suburbs of Ealing and offering a quieter, family-friendlier neighbourhood near the heart of London.