An article in the Financial Times (20/05/2013) refers to research by the property website Rightmove, which states that the average asking price for a home in London has now risen to £500,000. These prices have been fuelled, rather quickly, by low mortgage rates and the Government’s recently launched ‘help to buy’ scheme. It will undoubtedly lead to another housing bubble.
Camden has now joined the boroughs of Westminster and Kensington & Chelsea with average property pricing levels of £1 million!
There are other interesting developments in the London residential market. Sealed bids (as in the Scottish system) are on the rise, as is the number of inquiries by single dwellers (both young professionals and post-divorcees) and open house viewings (where the property is viewed by multiple intended purchasers) are also on the increase.
If you are considering buying or selling in Camden or indeed anywhere in London, you will need to instruct fully qualified, leading, property and conveyancing lawyers. We have over 40 years’ experience, with top specialist lawyers who will gently and efficiently guide you through the minefield of property acquisition.
Contact Richard McConnell for advice.
