London property values have escalated significantly over the last few years. However, homeowners have now been told that house price growth is going to slow down in the capital, falling significantly below the rate of other UK regions.
Real estate agent Savills has released its predictions regarding house prices in Britain over the next five years, estimating the average growth to be 14.8 per cent between 2019 and 2023.
However, property values in London will only grow by 4.5 per cent during this period, Savills forecasted, increasing its average prices by £21,084 over the five years.
Lucian Cook, head of residential research at Savills, stated this is due to both Brexit, which is a “major factor for market sentiment right now, particularly in London” and the continued fallout of the financial crisis of 2008.
“The legacy will limit house price growth, but it should also protect the market from a correction,” Mr Cook commented.
Homeowners in the capital who want to step up the property ladder might be inclined to stay put in their houses after hearing this news, so they do not lose out by selling their home for a lower price than they hoped to.
Instead, they could undergo renovation projects to improve their current house and delay buying another property in the near future.
One of these improvements could be updating their kitchen or bathroom. Changing the cupboards, adding stylish Italian porcelain kitchen tiles, and getting better appliances will not only make your house more liveable for longer, but it will also increase its value when you come to sell.
Indeed, Direct Line recently revealed homeowners can make as much as £9,275 on the value of their house by renovating their kitchen, reported Property Wire.