Real Escape: London Housing As Haven Hits Locals Hard

Real Escape: London Housing As Haven Hits Locals Hard

Fearing the end of the single currency, many wealthy Europeans are investing in real estate – with London one of the favored markets.

Many people investing in London property are willingly taking houses that require plenty of work to be brought up to standard. Full renovations from new counters and ovens in kitchens to custom Shower Wall Panels for the bathrooms have been reported, and with the building codes as firm as they are in the UK these are being brought to a stringent standard.

The sudden influx of investors looking to secure their money in either buy-to-let or frozen asset housing shows no sign of decreasing as the concerns over the state of the Euro intensify. But that’s pushing up prices for locals, meaning ordinary people are struggling to get a foot on the housing ladder. Animosity has begun to brew in some areas of London for this behavior, which has infamously led to the reclamation and demolition of several council housing estates in the past few years and has caused an extreme shortage of affordable property in the capitol.

There are few signs of this trend halting, however; the rising costs of property reflect with the rising rents, and in turn, many of those buying en masse are seeing large profits from their investments already. Others are choosing to hold onto the property in a manner akin to stock, waiting for a surge in demand and prices before conceding and selling their claim.

Categories: ECONOMY

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