Uncertainty around London housing market
Continued uncertainty around London housing market:
According to a recent article published by showhouse the uncertainty surrounding the upcoming General Election being held on the 12th December is leading to a continuation of house price reduction in London.
They discuss a recent Knight Frank report:
“Knight Frank figures show a drop of 14% in property prices in sterling terms since the EU referendum – a figure that falls to 20% once exchange rates are taken into account although it was as low as 25% before the recent bounce in the value of sterling. Peak to trough, these levels are lower than they were during the global financial crisis.”
Regardless of the outcome of the election the likelihood of prices increasing again will depend on an agreement being settled with regards to Brexit and a stable government.
The ramifications of the continued uncertainty are also discussed in this article in the Express. “Brexit and its many ups and downs are causing severe ramifications for the UK property market. Experts have claimed the latest property index shows price growth has slowed across the entire country. Increases in asking price remain subdued on a national scale.”
The Daily Express have produced statistics predicting the average house prices in each region of the UK.
According to this article from Property Wire “Across the South average asking prices fell by 3% in London, were down 2% in the South East and down 1% in the South West, the data from the report also shows.”
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