Tale of two housing markets: London drops as rest of UK grows

first_imgHome » News » Housing Market » Tale of two housing markets: London drops as rest of UK grows previous nextHousing MarketTale of two housing markets: London drops as rest of UK growsLondon house prices have now dropped for eight quarters in a row, the latest house price index from lender the Nationwide has revealed, although prices outside the Capital continue to rise.Nigel Lewis2nd July 20191 Comment1,065 Views London house prices have now dropped for eight quarters in a row, the latest house price index from lender the Nationwide has revealed, although prices outside the Capital and the home counties are continuing to rise at a modest pace.Prices in London dropped by 0.7% during June taking its annual tally to -3.8% although price reductions are slowing, the Nationwide says.Many agents are claiming that the market had begun to recover from the Brexit effect during April and May after the March 29 political deadline passed, but that the resignation of Theresa May and the possibility of a no-deal Brexit have dented sentiment again.“Political and economic uncertainty has weighed on London and the South East more heavily than other regions which, along with high buying costs and affordability constraints, has made the capital’s housing market extremely price sensitive,” says Iain Mckenzie (left), Chief Executive of the Guild of Property Professionals.“The outcome is that buyers are now self-regulating in terms of price, and this has resulted in the London market finally re-aligning to what buyers are prepared to pay, meaning those properties priced sensibly are selling quickly.”Housing marketElsewhere in England, annual price growth remained relatively modest in the second quarter of the year, with Yorkshire & Humberside the best performing region with a 3% year-on-year rise.“While many remain sceptical about the current direction of the UK housing market, it seems as if the latest figures from Nationwide suggest that while we may be travelling at a different rate of knots, we are at least doing so in the same direction,” says Marc von Grundherr of London agency Benham & Reeves.Guild of Property Professionals house prices Nationwide Benham and Reeves July 2, 2019Nigel LewisOne commentAisha , NA NA 2nd July 2019 at 10:36 amYou can check real time property price discounts at swirb.com/biggestDiscounts – some properties are priced at 70% – 75% below their initial listing price. I would be cautious about buying at this time too!Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img

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