The triple increase in property prices, number of transactions and the amount of properties on the market has been welcomed by residential conveyancing solicitors in London.
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Construction Contracts Drop
The fall in the number of construction contracts has been evidenced by a 25% insolvency increase in building firms since the pandemic.
Escalating inflation, delays in significant infrastructure projects, a drop in the construction of new homes and the cost increments of materials are the chief culprits here.
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A large commercial property company in the West End of London has reported its tenants are generating sales in all sectors at a pace far in excess of pre-pandemic conditions. It has noticed a significant increase in lettings.
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Flat sales in London are up nearly a quarter compared to pre-pandemic conditions and house sales are showing a smaller yet still significant increase. In prime central London renters are being forced to pay more as there are fewer deals on offer, with particular demand in up to two bed properties. Suburban rents have increased even more so.
New leases and renewals are being reported by some of the commercial property mega corporations with rents holding firm even though foot fall remains slightly subdued due to hybrid working. Recent builds especially are of interest.
Share This:- West End Commercial Rents are Up
Professional and financial services have led the way causing an increase in rents over the past five years to £125 per sq ft from £100. The opening of Bond Street Station on the Elizabeth Line can only serve as a catalyst.
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Property Prices Are Soaring
The residential property market is achieving price levels seen only once before since 2007. In London this was a 0.3% increase above the national average.
Share This:- Residential Conveyancing is Getting Busy in London
People returning to offices have started an avalanche of conveyancing transactions as they tire of the commute and its cost into London from the home counties and beyond where they have sought refuge during the pandemic and are buying properties in the metropolis once again. A significant rise in prices has been noticed recently.
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Student housing has become an attractive investment proposition particularly in the north of England as it offers fast returns, high yields and is low risk. Student accommodation is now relatively luxurious and reflects the monetisation of higher education in recent years.
Share This:- Properties with the Freshest Air in Central London
If you’re buying a property in central London the air quality may be important to you. The postal areas from the highest to the lowest are:- W1K,SW1X,SW1W,SW1Y,SW1A,SW7,SW3,W1J,SW10,W8 and W1S.
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