London, England, is the only mega city in the United Kingdom. Greater Londons population was estimated at 8.5 million in 2005.
The extended metropolitan area boasts population of more than 12 million. The City of London along with 32 London Boroughs lie within the area that is known as Greater London.
Real estate in London, England, as you can imagine, runs the gamut from luxurious to humble, tiny to extravagant and expensive to affordable. Your experience buying real estate in London, England, will depend upon what you are looking for and what price you are willing (and able) to pay.
As one of Europes oldest capitals, London is an eclectic mixture of ancient and modern. From Georgian townhouses on Mayfair, to magnificent historic homes, the city marches forward to greatness in the new millennium with modern structures, trend-setting fashion and design, and inimitable style.
As a prominent player on the stage of world history, London will forever remain a cultural magnet, assuring that events of note will always be just moments away for the London homeowner.
In 2008, the venerable Forbes ran an article Londons Real Estate Profile Implodes (by Lionel Laurent, 3/11/08), which declared London is no longer a magnet for real estate investors and went on to say, The British capital was ranked 15th out of 27 European cities for investment…
But that was 2008, when London, along with the rest of the world, was feeling the sting of a nearly worldwide housing crisis and a global recession.
In 2012, the adverse effects are still being felt. According to This is Money, (What Next for Housing Prices, by Simon Lambert), most analysts predict another tough year ahead. According to an asking prices report from Right Move, a UK listing service, the average home price was £159,883 in May, 2012, down to nearly the same level of August 2004.
Tony Luckett of The Motley Fool says in Invest in Residential Property via Shares (June 25, 2012) that over-investment in residential property played a major role in the current and previous downturns.
A different market entirely, London Prime Central reportedly has an average residential property price of £1.2 million. Analysts, including the writers of this June 20, 2012 Economic Times article, indicate this area continues to be wildly popular with wealthy international investors. London Prime Central includes Mayfair, Belgravia, South Kensington and parts of St. Johns Wood, RegentsPark and Chelsea.
Although it remains a bit harder for the average buyer to secure a loan with credit-wary bankers, there are still opportunities to be had, especially with creative financing techniques. Generally speaking, it is considered a buyers market when home prices are falling.
A recent search of Zoopla.com (a real estate listing service) for lowest price turned up many instances of what appear to be bargains. For example, a two-bedroom flat for £10,000 deposit on a rent to buy agreement, a one-bedroom flat with low down payment and liberal seller financing, and a double-fronted, recently-refurbished studio shop for only £15,000.
By contrast, a five-bedroom detached brick home in an upscale neighborhood could be had for £1,395,000, and a three-bedroom flat with hardwood floors, modern interior design, and private patio in a nice neighborhood offered the chance for domestic bliss at a price of £444,950.
Luxury home seekers may look to Luxury Portfolio International to peruse an array of higher-end real estate currently on the market. Here you may see a magnificent town mansion in London for £32,000,000, a stunning period property for £8,000,000, and an ultra-modern apartment with inspiring floor-to-ceiling window views for £6,275,00