The Property Press Online were lucky enough to speak with Kevin Whiting late this month about London property. Kevin is a director at K.C.W Properties Ltd who operate in Marylebone, London.
When do you believe the correct time will be to buy a property in London?
The market at the moment in London is leaning towards first time buyers as prices for properties within the M25 have dropped significantly. For inner London I would say correct time to buy is now.
Which areas are becoming more so popular to buy property in around London?
Over the last few years, there has been a lot foreign investment withdrawn from the centre of London. Also, the Crossrail prices have continued to rise which has been having a knock-on effect. Surrey, Hertfordshire, Maidstone, Canterbury and Tunbridge Wells are becoming easier to commute from and seeing lots more buyers. Places to avoid investing are Purfleet, Grays, and Barking as there is a variety of social housing and many cheap developments in the areas.
Do you think Brexit will affect the London property market? If so how?
Brexit has affected the housing market due to the incompetence of Theresa May not taking Great Britain out. This has led to a downturn in values which will end once the situation is resolved.
What do you think the future holds for the London property market?
The London property market will improve and as soon as Britain is free from rules of EU. An increase in foreign investors and more developments being built will also help with the housing shortage.
When do you anticipate the rise of house pricing within London to increase again?
If Brexit happens on 31st October, I would say the summer of 2020 will be when the market starts to increase again. This will be due to the return on people confidence in the market and the government will hopefully start to become more so stable. From this hopefully there will be a brighter economic future.