London’s Property Peak Sees Families Cash In
Whilst many of us struggle to fathom the ever increasing prices of London’s properties, many families are seeing the benefits – they are cashing in on the property boom. Recent reports show that as many as 60,000 families has purchased properties elsewhere, spending a total of £24billion on homes outside of London; the most since the economic crisis.
Yet as families cash in on the benefits, first home owners are reaping the consequences. With the average home in London reaching prices of up to £500,000, young couples and individuals are having no choice but to look beyond the outskirts of London. So much so, reports have shown that home ownership is at an all-time low, with only 45% of 20-30 year olds owning their own home.
It is as clear as day that these figures are reflecting the increasing bridge between prices of London and outer London prices. But what we should really be questioning is when will we stop feeling the constraints of London’s property market? Is the possibility of owning a home in London a thing of the past?
There is evidence to suggest that prices are hitting their peak, with prices steadying in many of the wealthy areas. However, the reality is that many of us are not looking to buy in Kensington or Chelsea. This merely indicates that extortionate prices and living are even being felt by those who once could afford it and that maybe, in a bid to sell, reductions and lower sales are becoming the result.
But what does come of all this, is the hope that the Conservatives extension of the Help To Buy policy will aide in helping keep London from being a pen full of investors.
So as we continue to hope that prices will dwindle and that the London we all know and love will be restored, we recommend you take a look at the original article as perceived by the Daily Mail (click here).