According to property specialists, the London housing market has once again gone bonkers, with many quick to point out the disparities between those who can afford to invest in new-build properties and those who've been forced to look farther afield, often right out of London.
A prominent example of this trend is the new £15bn housing project underway in Battersea. At this in-demand housing project flats start at £602,000 and planning permission has been given for a 25-metre swimming pool, the 'sky pool', with a transparent floor that will be suspended between two 10-storey tower blocks.
Another notable project, where studios begin at £711,000 and parking spaces are £50,000, is London's first 'fashion branded' skyscraper, Aykon Tower, which has been promoted with tantalising sales pitches like "live the complete Versace lifestyle, a fantasy turned into reality".
With projects like this taking place across the city, you would expect property sales to be on the rise, but as the Land Registry recently announced, property sales are down yet property prices are still on the way up, with prices in many areas rising at a phenomenal rate. Many London suburbs and nearby commuter towns experienced price rises of more than 10 percent over the past year.
This is a trend that not only affects property buyers in London, but right across England and Wales, for instance, in Reading, Berkshire, property prices rose by 13.6 percent over the past 12 months, and many other cities have experienced similar price rises.
However, some see this as a welcome sign, with some viewing it as a 'cooling of the market', like Guy Meacock, head of Prime Purchase's London office, who recently said, "Normality has returned to the market, with the panic that has driven it in the past no longer present." Let's hope that's the case.