London has a worldwide reputation for expense. Whether you’re shopping for a snack or for quality property, the costs of these things will be higher than in most other areas. For many, it’s shocking and appalling. London is like every other capital city; raising prices in every sector in relation to things like industry activity, high demand and the general economy too. First time renters and those on low salaries will be lucky to scrape by in London.
Still, the property market in London is worth examining further. Is it sustainable? Is it fair and open to all, or is there an extensive criterion that must be met? We deliberate on this below.
The Other Side
In a move few would have predicted, asking prices in London have dropped considerably in London after the 2.3% fall in nationwide property prices this month. The naïve among us would interpret this as a win; that homes in London are now finally that little bit more affordable! Of course, things are never really this simple. We can’t just think of the buyer when it comes to property problems.
A market works two ways, and it’s the same in property. If property is being sold for drastically cheaper prices, it means the investors and real estate professionals are being (however deservedly in some cases) robbed. They need to make their money if property is to be viable, and if crowds flood the homes for knocked off deals nationwide, then many real estate businesses are at risk of collapsing, throwing their workers into disarray too.
Less Happy Buyers
Since 2010 property prices have needed to come down, but they’ve need to be lowered the right way in a thoughtful and carefully controlled fashion. Otherwise, millennials can suffer even more, as they are already struggling to find a foothold on the property ladder. Moreover, they’ve been dubbed ‘generation rent’ by various branches of the media, and their financial struggle is often tacked onto the end of all property market coverage.
Many millennials might put up with a shabby property during their student years. After all, they’re more likely to pass a degree in mess making than their actual studies. Still, properties are serious investments for professionals to make, and quality is the name of the game once graduation is over. When the asking prices in London come down, it has a knock-on effect to the quality of the properties too. Whether it’s cleanliness or safety, it all suffers to the chagrin of both buyer and seller. Standards drop!
Keeping Tabs
The property market is constantly slow in London, despite its reputation for general expensiveness. Change isn’t generally made at the snap of the fingers. As it’s experiencing turmoil now, everyone in the industry will be vying to keep tabs on a slow-moving situation. Still, only through being informed can any solid progress be made, and this is something that is true no matter what side of the market you’re on.
However, Featherstone Leigh allow homeowners in London to determine how much their property is worth on demand. They can book a free valuation at the click of a button, meaning they can keep in constant connection to the property market at large. It ties everything together and lends some unity in trying times. Visibility is important here, and knowing where one stands is important before even dipping a toe into the London property market.