Property owners with homes in central London will be pleased to hear their asset is likely to increase significantly in value over the next few years.
According to Savills, they could increase by eight per cent in 2022, and by as much as 23.9 per cent by 2026.
This comes after prime central London homes experienced a few years declining in value, with next year the first time they will return to their 2014 peak.
Research analyst at Savills Frances Clacy noted that prices have dropped by 20 per cent over the last seven years, so the “capital’s most prestigious postcodes is overdue a recovery”.
“We’ve already seen the beginnings of this, primarily driven by demand for larger houses and, as such, by locations such as Notting Hill and Holland Park.” She stated.
Last month, the estate agent recorded a huge number of new buyers, with demand growing by 60 per cent compared to monthly averages in 2019 and 2018.
Additionally, there were more sales of houses worth over £5 million than any other October since 2014. Buyers with a substantial amount of cash flocked back to the market too, and there were more sales of homes worth £10 million-plus than any month since July 2013.
This could have been the result of international buyers returning to the city following uncertainty of Brexit and the pandemic.
Savills recently suggested ways London could achieve its target to be carbon neutral by 2030 through new developments. These included introducing certain credentials to ensure the industry met green funding requirements; conducting strict assessments to determine whether a building could be re-used, as opposed to re-built; and building homes that have a much lower need for heating or cooling.
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