To buy 1 bedroom flats in London or 2 bedroom flats in London? Whether to look at 1 bedroom flats or 2 bedroom flats when looking to buy a home in London will inevitably depend on the size of your budget.
and nowhere more so than in London.
Prospective homebuyers, who may have been thinking about buying 2 bedroom flats in London, may now have to settle for looking at 1 bedroom flats in London, because against all the odds, residential property values are increasing once again
The average price of a typical home in London is now £336,409, following a 13% annual rise in prices, according to the latest data released by the Land Registry. This represents a hike of tens of thousands of pounds in just one year – literally the difference between being able to afford to buy 1 bedroom flats in London or 2 bedroom flats in London. Spare a thought for unfortunate first time property buyers hoping to step onto the property ladder. The fact that prices are generally improving is disappointing for those who hoped that the recent market slump would bring the price of buying a home to within their grasp. This is particularly the case in the capital, with the price of 1 and 2 bedroom flats in London typically greatest in demand among firsttime buyers – having soared across much of the city. Property price rises have primarily been fuelled by an acute shortage of houses and flats, particularly in London, in relation to growing demand. A recent RICS UK Housing Market Survey revealed that there has been a rise in enquiries for homes to buy, while a post election bounce is expected as vendor activity picks up. Various incentives including, the recent abolishment of home information packs and an increase in the stamp duty threshold for firsttime buyers from £125,000 to £250,000 has further fuelled demand for homes, particularly for 1 bedroom flats in London and 2 bedroom flats in London. This is because many properties in this size category now fall under the stamp duty threshold for firsttime buyers, saving them up to £2,500 – 1 per cent of the purchase price. Greater demand for houses and flats in London illustrates the need for more new build homes in the capital. However, there is help at hand, with house builders responding to an increase in sales enquiries, by starting to develop more new homes:
1 bedroom flats in London: 1 bedroom flats at Images in Ilford, Greater London, a stylish new property development, start from £175,000. This chic contemporary development is located near Gants Hill Underground Station, in North East London. 1 bedroom flats at Paradise Park, a unique new homes development in Hackney East London comprising 1, 2 & 3 bedroom flats, start from £189,950. This stylish, distinctive development, ideally suited for young couples and families, is surrounded by parkland and runs along side the River Lea, just a mile from the new Olympic park. 2 bedroom flats, incidentally, start from £249,950. 2 bedroom flats in London: 2 bedroom flats at Ridgemount in Mill Hill, North West London, a collection of 2 bedroom, two bathroom flats, within a landscaped setting, all featuring private outdoor living space, start from £330,000 2 bedroom flats at Air, a new build property development on Finchley Road, North West London, start from £525000. The development features balconies and terraces, with a lift to all floors. Finchley Road underground station is located nearby. Buoyed by spring optimism and greater purchasing activity, many housing surveyors expect both property sales and house prices to improve further over the next few months, which may continue to widen the gap between supply and demand. If you are looking to buy a flat in London, surely now is the time to make your move.