Buying a property in London is probably one of the best investments you can make.
At the moment, the average property price in London is at £484,000, according to the Office for National Statistics. The average wage hovers around £30,000, so buying a property in Britain’s capital is pricey.
However, if you look at this chart, it is probably one of the best investment decisions you can make:
Even one of the most catastrophic financial events – the 2007/2008 credit crisis – just looks like a tiny blip in the long term chart, despite the housing market turmoil in the rest of the country. Less than a couple of years after that seismic event, London property prices continued to rise.
Prices are now around double what they were during the credit crisis.
Britain has a housing problem - there are not enough homes to sate demand, which pushes up prices. The issue has been particularly acute in London as a densely populated city.
