London is one of the most populated cities in the world and as such we all expect it to grow. And grow is exactly what London is doing. The only strange thing is where it actually is growing to. Latest statistics show that home building is concentrated in the centre of the city instead of the surroundings.
Based on the figures and the lack of space in the centre this would not seem logical at all, but recent investments have pushed the boundaries to their limits. And the same goes with the flats as well. The ones that are more likely to be bought are the two- and three-bedroom flats, meaning that the modern Londoner is looking for a large property in the centre of the city. Given the amount of space available in London, such properties will probably be at the high end of the price market, but when it comes to the capital of the United Kingdom there will always be a customer for a new luxury home in a top notch location, even if the price is sky high.
Another study, which supports what we have already said, claims that 8 out of 10 new building projects are completed in the centre of the city, while the outer borrows suffer a decrease in building projects density. One of the major reasons behind these latest trends is the large amount of international investors who want to spend their money in the best possible way. Given that there are a lot of investors from the near and far east who are quite well of financially, combined with a lot of buyers from Eastern Europe who want to live in the centre, this is not that big of a surprise.
Another reason for this development trend is the increasing number of builders that come in the UK every year. Most of them are looking to relocate themselves permanently in London and bring their families with them. And as more and more people wish to live near the centre, this increase is actually quite logical. The big question is where the extra space will be found and once it’s found what the prices of those new properties will be. Global Briefing has reported that for the last year alone new properties have been bought by people from 52 nationalities at a value of £2.2billion.
At the end of the day we may all find ourselves asking where all these people come from, how come they can all afford to live in a newly built home in central London, and when the space for new properties will finally be exhausted. And the answer to all these questions is quite straightforward: As long as London is one of the most desired living areas in the world and a dream for many, people will keep coming, the amount of buildings will grow, the apartments will get bigger, and the overall expansion of this modern-day megapolis is inevitable.
If you’re one of the many who want to submerge in the atmosphere of this iconic city and want to buy a property of your own, you should be very careful when choosing a place. You should plan in advance for all refurbishment works that need to be completed after the purchase and you should choose a reliable builder for the job. If you ever need one, you know whom to call.