First of all, the location and attractiveness of the location. In the first place, we usually focus on the place of work. Most of the migration, whether external or internal, is mainly caused by the search for better employment. Well-paid jobs are usually found in capitals and larger cities. However, the closer to the centre, the more expensive properties. This is at the forefront of any property investor especially when the local government is planning any travel links to good sources of employment.
Potential buyers also value the proximity of offices, cultural and entertainment facilities, educational facilities and aesthetic values of a given place. For entrepreneurs, the most important places are easily visible, prestigious and with good transport accessibility. The prices of real estate for service purposes in city centres are high, and their owners can, in principle, freely shape the price.
The inflow of people is also a very important element influencing the prices of real estate. As we know, the United Kingdom as a multicultural society has one of the highest values of migration around the world – even despite the upcoming Brexit. Thus, real estate in these places is increasing, which foreigners are particularly interested in. Regardless of whether their goal is to rent or buy.
Where is the most expensive, where is the cheapest?
From the beginning of 2013, up to today, the average price increased by over £65,000. Undoubtedly London is the most expensive place to buy and rent. The average price of real estate located in the capital is £500,000. Over the last 5 years, this value has risen by as much as 56%. In addition to London, it is also particularly expensive in the east and south-east. The major cities in these regions are particularly expensive in St Albans, Cambridge, and Watford (East of England) and in Brighton and Hove and Reading (South East).
Why should a flat cost so much?
The reasons for this are quite obvious. A huge interest of potential buyers, but also an increasingly limited number of offers. It is nothing but high demand and small supply, which means that prices in these places have been growing rapidly for a long time and there is no indication that they will stop.
The most expensive real estate in the UK are found in Greater London (Greater London) he Kensington and Chelsea commune is the absolute record holder. For an estate there, you should pay an average of £1.2 million. £800,000 this is also the average for City of Westminster, Camden, City of London and Hammersmith and Fulham. An apartment in London also means work in London and hence higher earnings.
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