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London is one of the most expensive cities in the world and one of the most inviting capitals for people from overseas. Home to the rich and famous, London is known for its elegant lifestyle, superior standard of living, magnificence and grandeur. The glamour and prestige of the area has created one of the most exclusive regions in the UK, but living in London comes at a premium.
To put the capital into perspective, the average home in the UK was £217,400. However in London, the average home far exceeds anywhere else in the rest of the UK at £555,000. Unsurprisingly, houses around Chelsea and some of the capital’s other costly areas very rarely give change out of one million pounds, and these are the ‘cheaper’ ones. Extortionate costs attempt to be justified through the plethora of luxury amenities on offer. Former stately homes, listed buildings, Victorian townhouses and modern apartments are often supplied with private rooftop gardens, cinemas, home spas and an array of other unique and desirable facilities.
Luring buyers from around the globe, London’s properties can vary from end of terrace houses to luxury penthouse suites at the top of skyscrapers, with asking prices in the region of £15 million and above. The famous Buckingham palace draws visitors from around the world, and although not on the market, in 2016, the palace was estimated to be worth around £2.2 billion.
In Camden, the average price paid over the last 12 months for a detached house was £3,208,329, for a flat it’s £874,995 and in Westminster the average flat costs around £1,191,574. One of London’s most exclusive developments has sold for £180 million, and has become Britain’s most expensive home. One Hyde Park in Knightsbridge earned the costly price tag as it boasts two wine cellars, two balconies overlooking Hyde Park and underground parking via a glass and steel car lift.
Prices of properties in the capital are often bolstered by intricate facades, proximity to affluent hang outs and world renowned shops like Harrods and Harvey Nichols. However, it is not just the exterior that entices buyers – the interiors are just as extravagant. Chandeliers, floor to ceiling windows and oak panelling are just some of the desirable features that can be found. Whilst immaculate properties may seem unreachable for many, they are expected to attract a generous amount of interest from foreign investors weighing up the possibility of a lucrative investment.
London’s central location is perfect for a high standard of living and an ideal hub for buy to let investment and if money is no object, obtaining houses in the capital can be extremely fruitful. However these properties only appeal to a very small percentage of the population as prices far exceed the budget of most. Turning your sights up north will enable investors to source properties at a significantly lower cost, whilst still producing excellent returns. Rental returns aren’t the only driver for success in property, northern locations present more opportunity for capital appreciation due to ambitious redevelopments changing the landscape. Well regarded companies like RW Invest provide step by step guides on how to secure properties below market value.