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London is made up of 32 boroughs, some of which are host to some of the most expensive properties in the world, which reside next to social housing, owned by the state and rented at around a third of the cost on the open market. London is often included in the overall UK and country statistics, which disguises what’s really happening in the market. As a capital city, it should be compared to other capital cities across the world rather than other areas in the country due to the level of international investment it attracts and the higher rates of renting versus home ownership. Read more here.
The prime market in London is incredibly specialised and is well reported and measured by Savills and Knight Frank. Here is a summary of their reports.
The main summary of the national figures is that for sellers, this is probably one of the best times to put your property on the market, but they are only likely to benefit from the reduced £250,000 stamp duty holiday as it’s likely to be too tight to sell now before the end of June. Regionally the market is starting to go back to different levels of growth. Read more about what's happening in the property market here.
The horrific events of the Grenfell tragedy on 14th June 2017 have pulled into sharp focus the potential for significant health and safety issues around external cladding and fire safety in high-rise buildings. This article looks at the issues that someone affected by cladding who also may be considering buying their freehold may need to think about. To understand the position - which is likely to vary from case to case - we need to understand some of the background to the cladding crisis and look at how this has affected different buildings.
There are a lot of headlines about cladding and the impact it’s having on people and their homes. What we are trying to do in this series of articles is help you have the information you need, to know if this is a problem for you as a seller or as a buyer, and point you in the right direction for help.