The London property market has developed some exciting trends in recent months: prices for property in the Capital are continuing to grow with no sign of abating. This is driven in part by the rarity of properties for sale, with the imbalance between potential buyers and available properties keeping prices buoyant. London also remains a popular place to live, and young professionals are flocking to the City in search of opportunities.
Whilst many will struggle to afford a property of their own, one further trend that's on the increase is the move towards mortgage-free house purchases. This is also boosting house prices, as those with significant capital can negate the rise in mortgage interest rates levied by the Bank of England.
The high market value of London properties will help to mitigate any discounts, and this may put former sellers in the advantageous position of being able to make a cash purchase on a smaller properties or those outside London. This will then enable them to negotiate discounts on such properties and also enable them to purchase without conditions imposed by mortgage lenders.