The London property market has been a popular topic of discussion for many years, with people wanting to know whether it is a good time to buy a second home in the city.
We will take a closer look at the current state of the London property market and provide some insight into whether it is the right time to invest in a second home.
The London property market is one of the most competitive in the world. Over the years, the city has become a hub for global business and finance, attracting people from all over the world who are looking for a place to live and work. As a result, property prices in London have continued to rise, with demand far outstripping supply. However, recent years have seen a slowdown in the London property market, due in part to political uncertainty surrounding Brexit and the Covid-19 pandemic. According to data from Savills, a leading global real estate service provider, the average house price in London is expected to decrease by 2.0% in 2023 .
That being said, it is important to note that the London property market has historically shown resilience and has rebounded from dips in the past. Therefore, while there may be some short-term fluctuations in prices, prime real estate in London may continue to hold its value over the long term.
Whether it is the right time to buy a second home in London depends on a variety of factors, including your financial situation, your goals, and your long-term plans.
Here are some things to consider:
1. Financial situation
Buying a second home in London is likely to be a significant investment, and one that requires careful consideration of your financial situation. It is important to have a clear understanding of your budget, and to ensure that you can afford the additional expenses associated with owning a second property, such as stamp duty, maintenance costs, and property management fees.
Before buying a second home in London, it is important to think about your goals. Are you looking for a holiday home, or are you planning to rent out the property for income?
Fractal is the clever way of combining investment with lifestyle goals. Co-invest in prime London properties, earn rental income and enjoy personal stays.
Reach out to a Fractal expert to learn more here about our offering.