A recent article in the Financial Times has revealed that some London real estate markets are even hotter than we thought.
According to the article, the UK real estate market is currently hotter than any other country in the World.
“The UK real property market is now hotter than every other country,” the article reads.
“At the moment, it is the hottest real estate in the G20, ahead of only Russia and Singapore.”
“The real estate boom has not gone unnoticed,” said David Goldsmith, an associate professor at the University of Surrey’s real estate institute, in a press release.
“As the UK’s real-estate bubble burst, a huge number of new projects were completed, creating a huge glut of supply.
This glut is creating demand for property, leading to a huge spike in prices, making London the hottest property market in the whole world.”
The article continued, “The London property market’s high demand has been fuelled by the construction boom.
According the British Institute of Chartered Surveyors, there are currently more than 20,000 high-rise residential buildings in London.”
This means that the UK capital has an estimated total housing stock of more than 24 million homes, which is more than any country in Europe.
“A recent study found that fewer than 1 in every 500 homes in London are being built every year.” “
There are fewer and fewer properties being constructed in London, with some being abandoned, with others under-utilised, with many buildings still in need of repair,” Goldsmith explained.
“A recent study found that fewer than 1 in every 500 homes in London are being built every year.”
The housing boom has created huge demand for high-rises, with prices in London rising by more than 25 percent between 2008 and 2014.
According a new study by the London-based consultancy Knight Frank, the number of properties in London that are under-used increased by nearly 30 percent from 2015 to 2017.
“As demand for luxury properties and residential buildings increases, demand for affordable housing is also increasing,” the report read.
However, some of these properties are being sold, leaving more empty properties in the city.
“In fact, many of the UK properties under construction are now being sold off, with the majority being sold to foreign investors who have the potential to make billions in profit,” said Goldsmith.
“It is unclear how much profit foreign buyers will make from these properties, as London has been described as ‘London’s casino.'”
This year, a record high number of high-end homes are expected to be completed, with another 15,000 under construction, according to data compiled by the British Association of Realtors.”