Luton property market booming
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Buyers priced out of London and Herts might want to look north for their next property purchase.
The Luton market is enjoying a boost, thanks to interest from foreign buyers in the wake of Brexit.
A surge in the number of people across Europe who are considering buying in Luton has been reported by a local sales and lettings agency.
Investors are apparently attracted by Bedfordshire’s proximity to London along with the fall in the pound’s value since July, according to Ultimate Connexions.
Two one-bed flats have just been sold to a German investor and a buyer from Israel wants to complete on three apartments in Park Street.
A separate deal is being prepared for a foreign company involving land that can be developed into 50 one and two-bed flats in the town.
Sam Bains, managing director of Ultimate Connexions, said: “Luton is on their radar for the same reasons it appeals to UK investors. It is a perfect location for families who cannot afford London prices but need to commute to the capital for work.
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“Property prices have seen an extraordinary rise in the last year and the rest of the world seems to have woken up to Luton’s potential.”
The 30-minute rail link into central London and an international airport on the doorstep has made Luton a prime destination for families and business, meaning prices have risen hugely since 2015.
In September this year, an average Luton property cost £227,488 – up 18.2 percent from £192,513 year-on-year, according to the UK House Price Index.
Growth is predicted to continue at 10 per cent despite fears over Brexit.
Sam added: “London has become incredibly expensive over the years, so people are looking for alternatives that allow them quick access to the city, as well as a property that is affordable.
“Investment in Luton’s housing market has shown a lucrative return over the last 12 months and it seems that more foreign investors are now switching on to the potential.”