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Your Property & Cost of Living Assessment

9 January 2017 No Comment

The end of the year is upon us and this often conjures up the idea of assessment. Many of us want to look back at our past year knowing that we have accomplished something and that we are in a better place this year than we were then. Whether you hit some major milestones this year or not looking back, assessing, and then planning what your next moves will be for the new year is necessary if you want to keep moving forward. If you live in the UK, you are already aware of the fiscal unrest that has recently settled upon the area. Plentific.com, one of the leading home improvement marketplaces serving the London area has recently released some press regarding the overall sentiment of the average taxpayer in the UK and things are not looking good.

How Where You Live Influences Your Level of Tax Payer Approval

With the recent announcement of the 369million pound sterling renovation of Buckingham Palace many Londoners are scrambling to hold onto their loose change. The projected 10 yearlong renovation will cause an increase in taxes to cover the glaring price tag. Per the statistics, a whopping 68% of all UK taxpayers are not happy about the spending on the project but taxpayers living in London specifically were a bit more tolerant of the idea. They came in lower than the UK average with only 61% of the average taxpayer unhappy about the refit. What does this say about how where you live influences how you look at things? It is obvious that those taxpayers living directly in London may seem to understand the proposed benefits of the renewal project. Things like increased tourism, continued revenue generation and safety seem to outweigh the hefty price tag. Londoners are willing to take the hit now to keep their symbol of national monarchy in all her regalia in the hopes of a future pay out in the form of revenue for the country.

Increasing Property Values

Looking at statistical property values for the year, the overall assessment is that the UK saw great increases in property values this past year. Percent increases ranged from on the low end 16.58% to 21.5% in the top 10 areas of London. These are strong increases in property values which is a boon to London’s real estate market. With increases of that nature, investors from all over the globe are swooping in to get their fair share of the London property pie. For real estate investors with the ability to purchase in cash, there are opportunities to pick up fixer-upper properties, renovate and flip these properties for a tidy sum. Property values continue to rise due to the influx of global emigration to London and the surrounding areas and this influx is not expected to stop anytime soon.

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