LONDON, United Kingdom – There’s nothing quite like a new home.
And as the global housing market continues to expand, there’s one more thing that might make a move easier than you might think: you’re already a millionaire.
According to the U.K.’s Office for National Statistics, the median sale price of a new UK home in 2018 was £1.27 million, up 14.6 per cent from the year before and nearly double the average for the entire year.
In contrast, the average sale price in the U-K.
in 2017 was £918,000, up 10.3 per cent, and the average selling price in England was £2,973,000.
With the average price for a new-home property rising to £1,068,000 in 2018, a typical home in the UK now costs £857,000 more than it did five years ago, according to property consultancy Zillow.
“There is more demand for property in London than ever before, with a shortage of properties and the housing market still in its infancy,” said Mark Coker, founder and managing director of Zillows.
“The demand for a home is growing in London, and demand for properties is growing worldwide, so it’s no surprise that demand for London homes is increasing as well.”
Zillow predicts that demand will continue to rise in London in the coming years, with the average London house expected to sell for around £1 million in 2021, up from £890,000 this year.
“London house prices have increased by almost 50 per cent over the past five years, which means that a house in the city’s most affluent neighbourhoods is now expected to fetch an average of £2.6 million,” said Zillowing’s Mark Cokers.
“However, the trend will reverse as demand for homes in London’s affluent suburbs continues to fall.
The trend towards London home ownership will likely continue to strengthen over the coming months as the demand for houses in these areas continues to cool.”
According to a recent report from the City Property Group, London’s median house price is set to hit £1 billion in 2021.
Londoners could save £5,000 on their median house purchase price by purchasing a London property in 2019.
The property market in London has seen a huge rise in demand in recent years, especially for luxury homes.
The median price of luxury properties in London jumped by nearly 100 per cent between 2016 and 2018, according a recent study by Property Trends.
However, luxury prices in the capital have since fallen, as the number of luxury homes built in London continues to drop.
The price of an average luxury property in the City of London was £632,000 last year, up 12 per cent on 2017, according the report.
The median price for the average luxury home in London fell to £598,000 over the same period.
The average price of properties in the central and south-east London boroughs fell by just 0.4 per cent.
A number of factors could be to blame for the decline in luxury sales.
The number of empty houses has risen sharply, and empty houses in London have been falling for years.
In 2017, 8.3 million empty properties were sold in the London borough of Camden, down from 11.2 million in 2017.
The number of vacant homes in the United Kingdom has risen dramatically over the last decade, and has increased by more than 10 per cent in London over the years.
A large part of the increase in empty properties has been driven by the rise in luxury properties, and some Londoners are opting to buy luxury homes because they feel they can afford them.
“Luxury property prices in London are at a record high, and they are at an all-time high in the entire country,” said John Biddulph, managing director at property consultancy PropertyTrader.
“It’s a huge amount of money that they can spend on a house, but they’re still being pushed into these properties.”
In 2017, London saw an increase in luxury property sales, according with ZillOW.
This is because the number for luxury properties sold in London doubled in the last year.
The trend is expected to continue in 2019, according Zillower, with luxury sales expected to be higher than in 2017, when sales were at a relatively low level.
According the report, luxury sales are forecast to reach a record level of 8 million properties by 2019, which is a 27 per cent increase on the same time last year and is expected by Zilloview to continue for several years.
“The number and price of sales in the luxury market in England and Wales have increased dramatically over recent years and are likely to continue to do so, driven by rising demand for luxury housing and a favourable property tax policy,” said PropertyTrady’s Mark Meech.
“With the City’s average property tax rate at almost 20 per cent compared to the national