LONDON, October 23, 2012 /PRNewswire/ --
You can buy a hotel in Blackpool for less than the typical price of a one-bed property in London, http://PropertySales.com can reveal.
According to London Property Watch, the average price for a one-bedroom property across 102 areas in the capital stands at more than £352,000.
PropertySales.com, a Financial Times service for buyers and sellers of commercial property, currently lists The Gables Hotel, an eight-room guest house located less than mile away from Blackpool Tower, for sale at an asking price of £147,500 - less than half the average price for a one-bed property in London.
Even more astonishing is that, of the 102 London areas included in the statistics, only two, Northwood and East Ham, list an average price lower than £147,500 (£134,000 and £141,000 respectively).
A report from commercial property advisors GVA shows that London property prices continue to rise (and have even accelerated in recent months), while prices continue to fall outside of the South-East, although the rate of decline is slowing.
"It's generally accepted that the London market exists in a bubble," says Faye Ferris, Director of PropertySales.com. "But the statistics show that we may be reaching a bottoming-out point across the rest of the UK."
While there is legitimate cause for concern - both that prices outside of the South East continue to fall and the very real possibility that the London bubble will burst - this situation also presents a huge opportunity for Londoners.
"If London homeowners are willing to relocate, there's a world of opportunity available to them," explains Ferris. "Many may not be aware of the position they find themselves in. The commercial property sector presents a rich and varied selection of investment opportunities and this may be the ideal time to make your move."
PropertySales.com is a commercial property website from Dynamis, publisher of BusinessesForSale.com.
PropertySales.com provides you with the opportunity to list or search for commercial property locally, nationally and internationally. The site also features information, research and analysis from leading agents and investment groups in our reports section - making us the leading site for landlords, agents and occupiers looking to buy and sell commercial property.