For those of you living and renting in London, you might want to stop reading this post now. The Evening Standard reports that the last flat valued at under £100,000 has been sold. And, housing costs continue to skyrocket.
Last year, a report conducted by Savills estate agency, revealed that house prices have almost doubled in value in the past 10 years. In 2003, the overall value of London property was estimated at £662 billion. In 2013, the value was set at an eye-popping £1.24 trillion.
The report also found that Westminster, Kensington and Chelsea saw a large spike in property value. But, the largest rise were in the boroughs of Hackney, Waltham Forest, and Lambeth.
What does this mean for those of us who haven’t quite made it onto the property ladder? First, don’t panic. Second and third, start saving and start exploring the city. All nine zones of it. Sure, areas such as Hackney, Peckham, Kensington, and Brixton are well-established, desirable places to live, but there are other parts of town just waiting to be discovered. All it takes is a travel card and a little imagination. (The Evening Standard)
Photo: Via The Evening Standard.