As with the wider UK market, the luxury property market continues to be unpredictable in 2023. Experts have previously forecast a difficult year in a chaotic current climate but recent property price increases have provided investors much optimism.
In this article we’ll look at the reasons why it’s currently a good moment for those looking to invest in property in London for 2023:
As mentioned in our previous article, UK house prices have risen for a third month in a row. This is expected to continue throughout 2023 as buyers become more confident as time passes.
Finding a partner who is working for you and looking after your interests is crucial if you want to get the most out of a property investment. Property markets vary greatly from one neighborhood to the next, and selecting the appropriate one may make all the difference in getting your desired profit and high rental yields.
Back in February we reported that UK repossessions increased by 134% when compared to the previous year. As we continue to exit out of COVID-19 and the cost of living remains at a high point, the number of repossessed properties are rising across the UK. When compared to the same period as last year, the number of repossessions in London increased by 159%.
Number of Repossessions in 2022 (source: gov.uk)
The basic approach to increase the value of your property is to add internal space and improve its functionality for future buyers. London is home to a large number of luxury houses that offer both the room for improvement and the gardens that buyers desire. Notting Hill, Belgravia, and Hampstead are great postcodes to invest in because they provide more outdoor space and greenery, among other things.
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With it being hard to forecast what will happen this year, we are predicting that the number of repossessed properties in the UK will continue to steadily increase throughout 2023. A significant increase in numbers compared to the previous year, paired with the economic state of the UK being the key drivers. Naturally, London should also record an increase in repossessed properties but where are the Repossession Hotspots in London for 2023?
Due to increases in repossessed properties both YOY and vs the previous quarter, we can see that Croydon, Tower Hamlets and Hounslow are the London boroughs which investors should be keeping a close eye on for 2023.
