Few could have predicted the events that would come to influence the UK property industry this year, but one thing that we can definitely say is that life in the London property market still goes on. Market activity in January alone demonstrates the enduring appeal of owning a home in one of the world’s most in-demand cities, but understanding what buyers now want in today’s market requires a fresh pair of eyes.
London’s global appeal is reflected in its cosmopolitan culture and high growth figures year-on-year. Despite the uncertainties ahead, London tops the global rankings as the best city in the world to buy property, with property pull factors that you can’t find anywhere else.
London neighbourhoods are characterised by their own sets of distinct USPs: buyers are enticed by traditional markets in Brixton, Kensington and Chelsea wouldn’t be the same without white stucco, Pimlico is famed for its independent shops, and Clapham Common provides a much-needed respite amidst the urban sprawl.
Buyers love original and quirky property which London is full of!
24-hour London may be a fast-changing capital renowned for its entrepreneurship and innovation, but its house prices follow a set of traditional growth factors which seldom change: employment rates, local amenities, a Waitrose on the corner… But the single most-important factor on the value of a home is transport-led regeneration.
Over the years, key transport announcements and upgrades have swelled net returns in the capital. The effects of key upgrades – most notably Crossrail, Crossrail 2, and the Northern Line – on property prices in the likes of Battersea, Clapham and Kennington dominated industry predictions in 2016, and they’re still the same today.
Infrastructure improvements are often catalysts for substantial regeneration, as in the case of Victoria and Westminster, so properties in these areas can be easily marketed as long-term investment assets, whatever the conditions in the wider market.
Buyers will be seeking out houses with its own quirks, and in such a competitive market, it pays to keep an eye on the trends.
In the world of high-end property, nothing says ‘better living’ like a connected, smart home. Home automation systems, from home cinema systems and audio distribution to intelligent lighting design, smarter home tech systems are the next set of property investment must-haves to add value to your home.
In 2016, around 80 million smart devices were installed around the world – up 54% since 2015. As the next generation of digital-era buyers come of age in the property market, it’s up to current homeowners and the property industry as a whole to provide solutions that meet the lifestyles of these young yet sophisticated buyers.
If you are interested in selling your property in London, contact us today here.