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Average Price for Properties in London Set to Decrease

18 January 2017

  • The number of properties put up for sale in London has plummeted by nearly 14%

  • House prices depreciating as a result of the lack of houses being marketed.

  • It has been said that Londoners seem to have “lost that moving feeling”

 According to Rightmove, more than 40,000 London properties are listed for sale on their website, however there is a shortage of new listings which is causing a constriction in the asking prices of these homes.

It is believed by Homes & Property that the three main reasons for the lack of newness out on the London property market are Brexit, changes to tax & home improvement. As the nation is still undergoing the full aftermath of Brexit, people are taking a more cautious approach to moving home as they are unsure of what its impact will have on house prices despite Savills forecast of them remaining flat. Instead, it has been said by Miles Shipside, housing market analyst at Rightmove, that Londoners have lost that “moving feeling” whilst a “don’t move, improve” craze is beginning to emerge.

“Homeowners now seem well aware of the more challenging conditions of putting a property up for sale with high Stamp Duty costs, which is perhaps making them hold back from trying to sell”.

London estate agents Foxtons claim that “should current levels of London sales activity continue in the short term, it is likely that 2017 volumes will be below those in 2016.”

Whilst there seems to be less activity in London, this does not appear to be the case for those areas outside of the capital. Mortgage Introducer reports that the east of England has seen the biggest growth in house prices with an increase of 7.9% whereas London has seen an annual house price inflation of 0.2%.  

Last year, the overall average price of a property in London was £580,600 comparison to £190,569 in the East Midlands Rightmove has revealed.

Robert Nichols, managing director at Portico estate agents states that despite reports of the east of England taking the lead, we should still expect certain hotspots in the outer London zones such as East Croydon, Forest Gate & Leyton to experience steady price growth.

In contrast to all of the above, Halifax have reported that annual price growth in the UK as a whole has been at its highest level since March 2016.

As a result, it is hard to predict which areas will show a decrease/increase in house prices therefore it is best you visit local estate agents who can provide some guidance.

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