The luxury real estate market in London has become more attractive as per latest reports. Penthouses and other luxury properties are more attractive in the city due to several factors. This may well be an excellent time to snap up London penthouses and other premium real estate due to factors such as high supply levels of luxury housing units and apartments along with Brexit. Falling prices have made it into a buyer’s market as per reports and Brexit has reportedly kept several buyers from finalizing property prices. There is high inventory of luxury real estate in the city and these properties can be bought at comparatively reasonable prices.
Prices have come down by a whopping 17% from the year 2014 onwards. They have touched an average value of roughly $4, 985 per sq. ft. and foreign realty buyers are still investing in the London luxury realty market. Prices have gone up in comparison by 36% roughly between the years 2012 and 2014, touching an average of $5, 773 per sq. ft.
The strong London real estate market for homebuyers is a major trend and hence demand continues to remain high for luxury real estate buyers. New launches have come down although there is adequate inventory available. For those looking to purchase London real estate at a considerably lower price, this would probably be the best possible time.
