Lowdown on the London property market
The resilience of London’s residential property market in recent years has led to a rapid increase in development activity in the capital. The London market has far outperformed the rest of the UK. Prices and activity, especially in prime central London, have bounced back much quicker from the fall-out of the financial crisis with prices in prime central London climbing nearly 60% since the post-crisis trough.
This performance, as well as London’s position as a global hub, has attracted attention from buyers and developers alike. Such success could have only come from truly high quality work, that is both durable and reliable for its inhabitants, and such skills are applied in newly constructed flats within the city. Technologically advanced techniques are utilised for recent constructions to optimise the living conditions for London citizens and the designs of each building will make living there an advantage in itself.
A prime example that best represents London’s success in residential property developments is the 87-story skyscraper, or “Europe’s first vertical city,” known as The Shard. Located in the heart of London, The Shard forms part of the London Bridge Quarter Development. The building itself was designed as a spire-like sculpture emerging from the River Thames. The construction lasted merely three years and was ended recently, in 2012. The intricate qualities embedded within the architecture of this skyscraper, as well as the sophisticated characteristics that contribute to its durability, reflects how the residential properties in London are developing as a whole.
Although quite old, the Battersea Power Station is another representation of the developments taking place within London. The building itself was constructed decades ago, in 1933. The redevelopments of the Battersea Power Station are what deserve the spotlight as £8 billion is pledged towards the cause. Two prominent architects, Frank Gehry and Norman Foster, will co-design the retail stretch, known as The High Street, which will encompass shops, restaurants, a library, a hotel and a leisure centre. Foster + Partners will add residential buildings to the east, while Gehry will work on the residential zone to the west – the architect’s first major project in the UK.
“Our goal is to help create a neighbourhood and a place for people to live that respects the iconic Battersea Power Station while connecting it into the broader fabric of the city,” said Gehry. “We hope to create a design that is uniquely London, that respects and celebrates the historical vernacular of the city.”
For those who cannot afford to purchase a newly constructed flat right away, finance packages are available, allowing interest-free loans for buyers. And, for those who simply are not interested in purchasing a residential property, rentals are available with annual payment. If you prefer to rent a home, you might be interested in Rentify, the UK’s leading online letting service, allows for the landlord or renter to receive the same service from a letting agent without the massive and burdening fees. They seek to repair the “broken rental market”, by eliminating nonsense fees, saving each client at least £760 a year, and creating a straight-forward and an affordable path towards the ultimate desired result.
Wherever your personal preference lies, whether it is to become a flat owner or renter, being a resident of the city of London is a consummate decision that you will find hard to regret.
