If you are living in London you are already very aware of what you home cost you to purchase, what it takes to maintain on an annual basis, and what your dreaded tax bill may look like at year end. According to Plentific.com, a leading home improvement online marketplace, home and property valuations have risen in many areas of London over the last year. While not all markets are increasing in value, most them are and they are increasing at double digit percentage points. Take London, specifically, Greenwich. Property values increased here at a rate of 19.9%! On the low end, you have the area of Barking which saw a 14.79% increase in average selling price of a home or property. What does this mean for Londoners and those seeking to live there? A few different things. People that purchased their homes in these areas just one year ago, have seen hefty increases in their property values. If they needed to sell their home or property tomorrow they could get all their initial investment back out and then some. For those that want to live in London, it means that you are going to have to shell out more of your hard-earned cash to get into the area that you covet. For everyone else, 2017 may be the time for you to throw your hat in the real estate ring.
If you are a real estate investor and you are looking for the next big boom market, London may be the place for you. You can invest in commercial real estate, such as office buildings and the like. There are also apartment buildings and multi-family homes that you can sink your cash into if you’ve got it. You can hold onto these properties and sell them in a few years’ time if the increases continue or at least remain stable.
Fixer Upper’s & the House Flipping Market
Another quick and efficient way to turn a nice profit is investing in homes or buildings that need some work. You can find these properties for sale, make a cash offer, put in the renovation work and flip the house for a profit rather easily. Another interesting statistic about property flipping is that it may be a bit harder to find them in the upcoming year, though they still do exist and if you can get your hands on one of them you stand to gain financially.
Projections for 2017
With the projected population increase to continue to increase going into the next 15 plus years or so, the demand for property and housing in the UK and in the London area is not on tap to slow down anytime soon. It may be time to purchase a property before the prices continue to rise. If you are a first-time home buyer and you need to stay within very specific budget parameters, you can still get on the property ladder. Shop around and invest wisely. Good Luck!