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Needs advice on UK property purchase
Is property business down in London/ UK and can I know the reason's behind it? I've a few plans in the future so I just want to know the current situation before getting into it.
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London is one of the places that is immune from the property bubble bursting. When I say immune, I don't mean totally.
Like most of the world, when the financial crises hit, house prices went down. The UK is not as bad as say, Ireland or Portugal. But London is the best for property prices. When I say best, I mean it has the highest prices, and they're constantly rising.
Just this year, London prices increased by over 6%. In Northern Ireland however, they dropped by more than 12%.
The reason for property being so expensive in London, is because of various reasons:
1. It's the capital of the United Kingdom
2. It's the financial hub of the world. Loads of people work and live here.
3. Most importantly, there is a shortage of housing. Supply and demand is the reason for this. There is a high demand for housing here, and so prices are high. If more houses are created, then property values fall because the consumer has a choice.
So yes, there it is. Hope I helped :)
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