Fri, 16 Nov 07
All the glamour, prestige and indeed wealth make the capital of
Whether this is in general prices (reflected by
In the case of property the gap with the country at large has grown as the
Window of opportunity?
Yet this situation may have suddenly changed, offering a window of opportunity for property investors to get a bargain. This is the view of 1st Property Investment, whose managing director Andy Smith said: "At this point it is probably the strongest moment people have had in the last three or four years to get a good deal done in London and the south-east."
The reason, Mr Smith stated, was that the recent housing slowdown, which has left many would-be first-time buyers sitting on their hands waiting to see how the market moves, has in turn caused many companies, "particularly large developers", to offer enticing deals in an attempt to ameliorate their worse than expected performances this year. Therefore we have been achieving deals that we have never seen before," he added.
Investors may therefore take a fresh look at the capital and its hinterland, whether considering buy-to-let or hoping to increase their commercial portfolios. In the latter case, overseas firms certainly set a high stall on having property in
Now is the time to enter the market
Marc Hardwick, the body's research manager, said such firms liked the wide range of choice in office space, offering attractions such as flexibility and prestigious addresses.
But there was more, he noted - London is the best place to make money on commercial property in Europe: "The annual European Regional Economic Growth Index (E-REGI), recently published by LaSalle Investment Management, ranked London the top European city in terms of the returns on property it can offer investors."
Thus if London can offer the best returns in a whole continent, perhaps now is indeed the time to enter the market and search for a bargain which - literally - offers a big capital gain.
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