Does London property present a good opportunity?
The reduced asking prices of prime Central London properties mean that buyers have the opportunity of "a generation", one sector commentator has claimed, although with unemployment continuing to rise and the stamp duty holiday set to end, people may feel it is still safer to rent.
Research from Cluttons shows a 40 per cent increase in demand for prime property in recent months from professionals looking to invest their cash.
Meanwhile, Zoopla.co.uk has revealed that the number of properties worth over £1 million has fallen by 35 per cent in the last two years, however, 57 per cent of the UK's £1 million properties are located in London.
This could mean that buying a home in London is still an expensive prospect and may mean Britons wish to look for flats to rent in Kensington or another part of the capital instead.
Naomi Heaton, chief executive officer at London Central Portfolio, said: "The thing about Central London that has always existed is the fact that it is a scarce resource and a diminishing resource because there is no land growth potential."
Written by Andy Britten
Published 26th November, 2009
© 2009 Estates IT Limited
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