If you are looking for luxury homes for sale in London, this is the right time for you to seek out for them. The affluent families and homeowners who own properties in Central London have decided to lower their asking prices just to get rid of their properties before the prices may fall after the elections if the government will be led by the labor sector. The Telegraph reported that about 40pc of mansion, townhouses, and apartments in this luxurious part of the capital were sold lower than their actual market value during this year’s first three months. It is said that you can save up, up to £240,000 on homes that are more than £1M in value and to the exclusive London homes that are valued at hundreds of thousands in pounds. It is said that property values for luxury homes declined by 4.3 percent compared to the year before.
According to the director of Lonres, the atmosphere in high end property market is charged with emotions. Homeowners tend to raise the value of their property merely saying it is lovelier than the house before it. Selling the homes is not really based on logic anymore. That means that it is high time for you to invest in your dream luxury home in London. There is such a high rate of high end homes that are being constructed that are seen to go beyond the construction capacity of London. It has been said that a couple of homes that are around £60bn worth are being erected and this may result to a construction crunch. This is due to the economy of UK being right on track. And London has always enjoyed a good reputation for international investors. Among the many popular places for buying high end homes is South Bank. About one-third of the new exclusive London homes are done here. This is followed by Chelsea and Fulham. Investors or home buyers have been interested in homes whose value is £500 to about £1,000 for every square foot. This is particularly the case near Crossrail which serves as the link between the east and west London. It’s also true to areas that are near London’s Overground Network. It is said that about 1,300 luxury homes for sale in London will be available for home buyers this year. There is a good marker for luxury homes in London, luxury home listings stay on the market far shorter than in the previous years. A luxury property in London only gets to stay for 104 days on the list while in 2011 and 2012 it was 120.
What is encouraging people to buy real estate properties is the aim to preserve assets. It has always been seen as a safe means of investment. The values of some currency are also weakening which adds up to it. One more thing is that based on profiling, luxury home buyers are picky with the properties they intend to buy. Their demands include having concierge services, fitness gym and spas, housekeeping, security, much like what you get from a five star hotel.The younger generation is a good source of buyers for luxury homes in London. Forty-three percent of the younger luxury home buyers are thinking of buying it next year while only about 21 percent of the 55-year-old said they would buy luxury homes in that same time. The reason for this is the rise of more favorable interest rates and also a surge in the income rate of the tech sector. This is why developers are stepping up in their ability to respond to the demands of a varying market.
According to Michelle van Vuuren of Sotheby’s International Realty UK, they have been receiving calls from buyers around the globe and they all want to get into the market. It is said that from the inquiries on the properties, 50 percent comes from UK residents while the other 50 percent is from overseas buyers that are mostly from Asia and the Middle East. It has also been a trend when buyers try to rush things just in case the seller will raise the selling price. Monetary policies are seen to become loose and this will make London to the foreign investors more suitable for investment. Improvements in the market in London are also seen to trigger into other markets that are far beyond the capital.