Property in London

Property in London

London, one of the world’s most visited cities, is the capital of the United Kingdom. Its history dates back to the period of the Romans, who founded it and named it as Londinium. The city stands proudly at the banks of the river Thames, in the Southeastern region of the Great Britain. The city’s beguiling landmarks – the iconic clock tower ‘Big Ben’, the monarchical coronation site ‘Westminster Abbey’ or ‘London eye’ providing the city’s breathtaking view, are striking milestones in its journey. With lush parklands and free to all museums and art galleries, the city has so much to offer. The city is one of the world’s top financial centres and has the fifth or 6th biggest metropolitan range GDP on the planet relying upon measurement.

London’s ancient core, the city of London, is around 1.12 square miles. With metropolis developing around the core, came the formulation of the count of Greater London. Forty percent of Greater London is covered by London Post town i.e London forms the part of their postal addresses. Greater London encompasses an area of 611 square miles with a population of around 8.7 million (As estimated). Greater London is split into inner and outer London for some purposes. The river Thames is modern London’s primary geographical feature and crosses the city from south west to east. The city is split into North and South by this navigable river. Rolling hills surround the plains of the Thames valley. The actual Geographical centre of London is in the London Borough of Lambeth, just 0.1 miles to the northeast of Lambeth North tube station.

The climate in London is temperate oceanic. London receives average 600 mm of rainfall every year. Summers are generally warm and sometimes hot. The average july temperature is 24°C (75.2 °F). On average London will see 31 days above 25 °C (77.0 °F) each year, and 4.2 days above 30.0 °C (86.0 °F) every year. Winters are generally cool and damp with occasional snowfalls. Outer London receives more snowfall than the rest of London. Being a large city, the centre is around 5 degrees warmer than the suburbs.

In addition to the ancient city of London, Greater London has been divided into 32 London Boroughs or districts. The city of London is the main financial district. The West End is the main entertainment and shopping district whereas East End being one of the early industrially developed areas and closer to the original Port of London.

London is widely believed to be the cultural capital of the world. It is a city of ideas and Imaginations.Its culture revolves around arts, music, literature, festivals, museums and other entertainment. The city is known for its theatre quarter and also home to notable cultural attractions like British museum , National Gallery and Notting Hill Carnival.

There are magnificent cultural iconic landmarks and objects associated with London like the Big Ben, Tower Bridge and Buckingham Palace. There are major concert halls for shows and operas with Royal Albert Hall being the largest of the venues. London is famous for its rock music and spawning of numerous successful pop acts. London hosts several festivals and fairs each year with 40 free festivals. West End sees the concentration of all major theatres with musical theatres being the predominant ones while Comedies and Serious Drama are shown a few times as well.

The city is home to two ballet companies and hence has a successful dance and physical theatre scene as well. It has over 240 museums, galleries and other attractions which are free of charge. These play a research role as well as attract tourists in a number.
London has a thriving nightlife as well with a number of pubs and clubs and music venues. It also has a walkway called the Avenue of Stars which is similar to the Hollywood walk of Fame. London is home to live comedy shows and the biggest being The Comedy Store, the longest running comedy venues in the world.

The presence of many professional sports teams and stadiums puts London high on the sports scene. They had been hosts to Olympic events as well.

London has the second biggest immigrant population ( 36.7%) just behind New York. These represent 270 nationalities and 300 tongues. English is the uniting language. The population grew with expanding industrialization and as per current specifications reached upto 8,173,941. The wider metropolitan area has a population of between 12 and 14 million. The population density is 5177 inhabitants per square kilometer. 45% of London’s population is White British while a further 15% are from other white groups. The next largest ethnic groups in London are Indians and Black Africans each making around 7% of the population. Christians are the largest religious group (48.4%) with ‘No Religion’ group coming second (20.7%). Muslims, Hindus, Sikhs. Jews and Buddhists are other groups.

The transport system in London comprises of various modes ranging from Airways to cable cars and cycles. London is a major international air transport hub with the busiest city airspace in the world. The London Underground which is also referred to as Tube is the second largest metro system in the world. It was formed from several private companies and includes 270 stations in its system. The suburbs are connected by a well developed rail network. There are 366 railway stations on the above ground suburban rail network. A new railway line running east to west is under way due to the need of more rail capacity. Similarly regional and intercity trains depart from several terminals around the city centre. 70% of all the rail journeys of the National Rail Network begin or end in London. The bus network in London is one of the biggest in the world with 8500 buses running 24hrs a day. Tramlink, the modern tram network, has 39 stops and carried 23 million as per 2013 reports. London also has Cable Cars to cross river Thames . Cycling and river boats are also used by the people to commute.

This is the best possible time to buy property in Central London as the city has turned into a buyer’s market post Brexit. The vote has created an anxious flood of owners who are slashing their asking prices and aggressively discounting because of political uncertainty.

Despite the negative news and short downturn, the average house price in London is still up 7% when compared to last year and now stands at £ 531,000. Flats are the most common form of property in London. The average flat in London is sold for £492,000. Be prepared to shell out £622,000 for a semi detached house and nothing less than £634,000 for a terraced property. The impact of Brexit has been felt most dramatically in north and west London. Areas west of Mayfair and Hammersmith have seen prices fall by 12% or more in one month.

Estate agents and market analysts expect the market to dip by 1% in 2017, which would make it the first year since 2012 when housing prices have not risen. This is great news for the first time home buyer who has struggled to enter the housing market since 2009 when prices first started to boom after the financial crash.