#londonrentalmarket

[maxwellsestates]

London's Property Market Forecast: A Look into 2024

Introduction

London's property market has been a magnet for investors, with prices soaring by approximately 66.91% between 2013 and 2023. The city's status as a global financial hub, coupled with abundant job opportunities and sought-after neighbourhoods, continues to attract both domestic and international buyers.

Key London Property Facts (as of May '23):

Average Property Price: £525,629

Average Rental Yield: 4.1%

Property Growth Prediction (2023-2026): 4%

Rental Growth Prediction (2023-2026): 23%.

London's Rental Market in 2024

The rental market in London is even more promising, with average rents surpassing £2,500 in 2023—a 13.7% YoY increase. Projections suggest rents may reach £2,700 in 2024, marking a 28% increase since 2019.

Supply and Demand Dynamics

Supply and demand continue to shape property and rental prices in London. High demand and swift leasing have led to substantial queues of eager tenants. Increasing Bank of England base rates have also impacted rental prices, as aspiring first-time buyers face affordability challenges.

Securing a tenant in London now takes an average of just 17 days, the fastest turnaround since November 2022. Demand continues to outstrip supply, surpassing 2022 levels by 3% and exceeding June 2019 figures by an impressive 42%.

Investing in London Property

Investors are eyeing London's apartments, with prices up by 1.97% over the past year. With predictions of a 23.5% increase in London property values over the next four years, apartments are set for substantial growth.

Beyond the promising 2024 forecast, London property investment offers advantages like rising employment, sustained demand for rental property, and historical market resilience.

Conclusion

London's property market remains an attractive destination for investors and homebuyers alike. With strong growth predictions for both property and rental markets in 2024, opportunities abound for those looking to invest or secure a property in this vibrant city. However, it's essential to stay informed about the evolving dynamics of supply and demand, as well as economic factors, to make informed decisions in this dynamic market.

Explore property investment opportunities in London with Maxwells Estates and seize the potential in London's property market in 2024.

[theuniquepropertycompany-blog]

£400 per week to include some bills. New rental listing on West Hampstead. . . . #letting #rent #rental #listing #london #londonletting #londonrent #londonrental #londonrentals #londonrentalmarket (at West Hampstead)