LONDON’S new Ultra Low Emission Zone (ULEZ) will affect 3.8 million residents as of yesterday with the new £12.50 daily charge making its debut across the capital. As the cost of road travel increases, how will property prices be affected by the new restrictions?
The extensive ULEZ zone will see new emissions standards penalise heavily polluting vehicles driving across London. With residents liable to pay the daily charge when driving in the area, the cost of living in the capital is increasing – but how will the new charges impact house prices across the region? Express.co.uk spoke to property experts Simon Bath and Israel Moskovitz to find out.
How much does it cost to live in London?
The average cost of a UK home increased by £25,000 in the 12 months leading to August 2021, with a rise in property prices recorded across all regions.
According to the latest Office for National Statistics (ONS) House Price Index (HPI), prices in London hit a new high of £526,000.
Despite the capital recording the lowest level of growth among the regions for the ninth consecutive month, London property prices continue to rise with the housing market showing no signs of slowing down.
With the demand for property still outweighing the supply, experts insist prices will not fall despite the increased cost of living in London.
How will the ULEZ expansion affect house prices?
While the cost of living within the low-emission zone will increase for non-ULEZ compliant vehicle owners, property experts believe the expansion of the clean air zone will see an increase in the demand for homes in the capital.
Speaking exclusively to Express.co.uk, property expert and founder of Avon Group, Israel Moskovitz said: “Properties in less-congested areas that offer higher air quality will become appealing to house-hunters, especially as 92 percent of homebuyers in the UK have said that a sustainable community is important when determining where to live.
“As a result, we are expecting to see buyer demand increase for properties within these boroughs.”
Read the full article here: https://www.express.co.uk/life-style/property/1511361/ulez-expansion-property-prices-london-evg