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| Published: 8th November 2010 |
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Average London Property Prices |
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Average UK property prices in 1980 were marginally in excess of £20,000 whereas by October 2010 they were £217,000 for the UK and the average London property price in October was £388,000 (see London Price Index for October 2010).
There is little doubt amongst many that the long term course for property prices in London is set to remain on an upward trend but the seasonal and short term fluctuations in property prices have often caught out many unsuspecting home buyers.
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Two ways of looking at today’s property market |
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There are two ways of viewing such market conditions as today’s. For sure, if the market, as is widely predicted, is either about to stabilise or even take a bit of a downturn, one would expect that any bargains to be had are not here yet but are just around the corner. In that case it could well be worth holding back on any immediate purchase.
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Greater choice |
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On the other hand, when the heat (as it does from time to time) temporarily disappears from the usual pent up demand for London homes this can only result in a short term greater selection from which to choose. Rarely in London does one enjoy the luxury of a wide choice of good quality property especially with the chance of negotiating a favourable price in the absence of overpaid bonus recipients bidding to crazy prices.
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Supply and demand |
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Being an Island, the physical size of the UK can of course never grow (although we did historically find a way of expanding Britain’s reach much to the dismay of the rest of the world). The population however simply does not stop growing and so we are well advised to remember the most basic principles of economics which dictates by the laws of supply and demand, that property prices can do little but increase in the long term.
Regardless of short term fluctuations, it is unlikely that you will find anyone claiming that they paid too much for their home and as history has repeatedly shown us, today’s property prices (whenever today happens to be) are cheap when being assessed in tomorrow’s market.
In short, buy now while stocks last!
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