The London property market has shown encouraging growth and high demand with predictions of a successful year for 2013.
(1888PressRelease) April 20, 2013 - London property prices have recorded an unprecedented two and a half years of steady growth, with high levels of activity during 2012 that looks set to continue throughout 2013.
Property sales in the capital have hit post-crisis peaks following the 2008 economic downturn, with the number of units exchanged in central London being the highest since the financial crisis. Further to this, the amount of more affordable housing is predicted to increase throughout London over the next few years, creating some much needed opportunities of property ownership, particularly for those looking to get onto the first run of the property ladder.
The main driving force behind the increase in demand in the market has come from overseas buyers and wealthy Londoners on the hunt for prime location London property. Asia-Pacific purchases are leading this market with buyers from Turkey and the Middle East following closely behind. The domestic UK market saw an increase in activity in 2012, with this trend looking to continue throughout 2013. The rise in demand for affordable property, coupled with the rising levels of employment and increased funding for lending schemes, has pushed the average house price in London to just £307,000.
However, the fall in the value of sterling means that London property is more appealing in comparison to the costs of buying and owning in other world cities. The impacts of the new increased taxation having been absorbed along with the uncertainty of any possible future increases, the London property market has shown a steady rate of quarterly growth in the first three months of this year. These factors along with London's 'safe haven' status and political stability mean London's property market is set to show continued improvements in the future.
Growth in the London property market is not only limited to prime London property, as the number of affordable housing in London has doubled in less than a year after much needed construction projects. The on-going demand for housing is responsible for boosting the capitals construction industry, whilst simultaneously creating thousands of jobs.
A spokesman on behalf of Hastings International commented that:
"The demand for London property is not only restricted to prime locations close to the major transport links, as the rest of the London property market also looks encouraging. If we want to see activity increasing, it is important that the supply of affordable housing is sufficient along with the continued demand both overseas and domestic. If we continue to witness high levels of investment, in both time and money, into the construction of affordable housing - it could be a successful year for the residential housing market."
The London property market has shown encouraging growth and high demand with predictions of a successful year for 2013. 
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