Holland Properties News & Blog

Little-Known Facts About London’s Property Market

We’re moving

Londoners move 4.6 miles on average, well under the national average of 6.6 miles and the shortest distance moved in the UK. Removals website Buzzmove.com crunched the numbers from among 51,000 house moves it’s organised since 2013. Home movers in the East of England move the furthers at 12 miles, followed by Wales and the South of England. “This data shows that the myth that people don’t travel far when they move is just that – a myth,” said Damien Seaman, Head of Brand at Buzzmove.com. “People move for a wide variety of reasons, but this data shows that people are clearly willing to relocate quite far away according to their circumstances.”

London’s a crowd

If you think London is too crowded then remember that the city only recently surpassed its 1939, pre-war total of 8.62 million. Older residents will remember when, during the decades after the war, much of central and inner central London was a ghost town in the evenings and weekends and only started to fill out again during the 1980s.

Rooms to move

The number of people living in a home within London has increased from two in 1931 to 3.5 at the last Census in 2011. It is projected to increase to 3.7 by 2021 and 4.2 by 2031. There are currently 3.3 million homes in London, up from 2.5 million in 1981

Rental revolution

The number of people renting privately in London overtook those living in social rented homes in late 2010, the same year the number of privately owned homes dipped under 50% of all households. A quarter of all Londoners own their home with a mortgage – less than you might expect.

Price to pay

All prime property in London is currently dropping in value, research by Savills has revealed this month. Its report on the market shows that prime central homes have reduced by 6.9% compared to a year ago, while prime NW London is down 3.2% and prime SW 4.4%. The area with the smallest reductions year on year is prime West London.

Posh pad

The priciest property on the market at the moment is a five-bedroom apartment for sale within One Hyde Park, the Candy & Candy confection just over from Harrods. It has five bathrooms, three reception rooms and a huge set of picture-windows offering views over Hyde Park.

 

For the full article please visit: https://absolutely.london/facts-london-property-market/