London house prices are set to rise by an overall average of 11.88 per cent by 2021, almost double the national average (6.1 per cent), according to a new research by Barclays wealth and investments.
The study found that Richmond upon Thames will enjoy the largest increase in the UK at 39.1 per cent followed by Camden, Westminster and Wandsworth that are expected to grow at 33.9 per cent, 31.9 per cent and 31.1 per cent respectively.The average overall price increase in London over the 2017-2021 period is expected to be 2.27 per cent per annum compared to 1.31 per cent in the UK.
Investors from London own an average of four properties while the total value of a property portfolio in the capital is over £2.2m. Also, over three-quarters (79 per cent) of investors in London said they plan to buy new property in the next three to five years.
Mark Smith, regional director, Barclays Wealth and Investments, London, said:
“London has seen rising property prices for decades, and it’s encouraging to see this growth trend continuing. As job opportunities, commuting links and property demands rise, London will become an even stronger option for investors from the UK and further afield.”
Source: City AM