As the number of properties for sale continues to drop, there are fewer and fewer homes available to potential buyers. This produces a rising demand for homes in London, as well as a sharp increase in prices. It is now increasingly difficult to find a family-sized property that suits your needs at an affordable price. If you’re considering purchasing your first home in London but you’ve been finding it hard to find one, read on!
This article will identify some of the most popular neighbourhoods and streets where empty properties can be found in London. The goal is to provide you with a list of neighborhoods where more homes are currently listed than sold – meaning that there is more opportunity to purchase your first home! Read on below for more information.
There are many neighborhoods in London where there are more homes available than sold. This article will show you the most popular neighbourhoods – and the streets within those neighbourhoods – that have more properties for sale than have been sold. You’ll also be given an in-depth description on why it might be a good time for you to purchase your first home in London.
London has a lot to offer, including a vibrant arts and culture scene, bustling nightlife and many fantastic dining options. But the capital also faces some of the UK’s most extreme housing challenges. With more people moving to London than ever before, house prices are on the rise and there is a severe lack of affordable housing in prime areas.
A report by Lloyds Bank reveals that Londoners need to earn over £77,000 ($104,000) before they can afford a mortgage in Zone 1 of the city. The average house price in London is now £482,769 ($660,000). A report by Lloyds Bank also suggests that Londoners need to earn over £77,000 ($104,000) before they can afford a mortgage.
The high demand for housing in London has led to an increase in homelessness rates – with more than 8400 people sleeping rough on the streets at any one time during 2017 (City Hall), according to research from homeless charity Shelter.
At present it is difficult for first-time buyers who aren't already living in London to purchase their own property due to rising prices and shortage of properties available on the market. This article will identify some of the most popular neighborhoods where empty properties can be found as well as provide you with a list of neighborhoods where more homes are currently listed than sold - meaning that there is more opportunity for you as an aspiring homeowner!
If you are considering buying your first home in London, it can be difficult to find the one you want to call ‘home.’ However, there is still hope! There are a few streets where empty properties can be found.
One of the most popular neighbourhoods for empty properties is Chelsea. Chelsea has an average price tag of £1,554 per square foot (PSF). The neighbourhood has 109 homes available on Rightmove at the moment and only 74 sold. This means that there is more opportunity when it comes to purchasing an affordable property in a popular area.
Another neighbourhood that is currently experiencing a high demand for new homes and less availability on the market is South Kensington. There are currently 149 homes listed on Rightmove with only 76 sold so far this year. This means that there are still plenty of homes available in this popular area and they will likely stay on the market longer than they would other areas due to their popularity among prospective buyers.
Give your property search a new twist by looking for properties that are not on the market. Finding an empty property doesn't have to be a stressful process. With a little help and guidance, you can benefit from the latest market information and make a more informed decision.
