London house prices flat or falling for 16 months in a row
London house prices flat or falling for the 16th straight month as Brexit uncertainty hits UK property market
As reported recently by the Independent London house prices continue to remain flat or continue to fall for the 16th straight month due the uncertainty around Brexit. This is a longer period of poor results than during the economic crisis in 2008.
Official figures are showing prices in the capital dropped 2.7% in the year to June. With the average prices in the UK remaining below the peak reached in August 2018.
Howard Archer, chief economic adviser from the EY Item Club said that “consumers may well be particularly cautious about committing to buying a house, especially as house prices are expensive relative to incomes”.
With the uncertainties in the housing and labour markets the possibilities of your home being in negative equity will continue or could happen even if you have just purchased your house with a lower deposit such as 5%.
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