Luton property market booming
PUBLISHED: 20:36 22 November 2016 | UPDATED: 20:38 22 November 2016
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.
“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.”