London House

As housing prices in London return to pre-recession levels, international and local buyers are taking note. In their January 2012 report, research group Colliers International forecasts increasing demand in contrast with low supply in the housing market. The group confirms that foreign buyers are especially interested in the market.

Residential properties in London are so in demand that contractors continue to thrive. On a 44 acre development in central London´s Kings Cross, total of 2,000 new homes are being built, with the Royal Mail assigning a new postal code to cover the area: NC1.

The King’s Cross Central Limited Partnership, in charge of the development, plans to create a livable community with residences, retail, and office space. They claim that 44% of the space will be houses that are affordable and operated by partner One Housing Group. The plan will also include student housing, 650 units in total to be completed in 2013.

London Property

The private sector is not alone in addressing the London housing shortage. Eric Pickles, UK Secretary of State for Communities and Local Government, recently declared that there will be 3 billion pounds of government funding allocated to housing projects in the capitol city. The Mayor of London will be formally responsible for managing the funding package.

This funding is timed in light of the Olympics, and attempts to turn Olympic Park into an affordable community after the Games. Pickles explains that the package will serve several initiatives: "The funding will enable the Authority to support the housing programmes it will inherit from the Homes and Communities Agency, the closure of the London Development Agency, and Olympic Park transformation and legacy, as well as its existing functions."

And so, with London´s housing shortage, housing prices making a comeback form the recession and both the private and public sector scrambling to meet the demands of the market, is now, finally, the time to sell? Real estate agents testify that in London, not only are houses selling at their asking prices, but they will also fare especially well with the added beauty of the upcoming spring weather.