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London asking prices fall for third month in a row

Brexit fears are compounding a downward spiral in the Greater London property market as vendors ‘desperately’ look to cash in on years of house price inflation in the capital.

Latest figures released by Home.co.uk have revealed that between July and August asking prices dropped by 1.2%. This is the third monthly fall in a row, with Greater London’s average asking prices slumping 1.1% between June and July and by 0.4% the previous month.

The annual rate of price inflation for Greater London property now stands at just 2.5% and falling. Home.co.uk is predicting this will fall to 0% within a mere two months.

Housing supply figures from Home.co.uk strongly suggest further price falls are inevitable in the capital as Greater London vendors overload the property market in the aftermath of June’s Brexit vote. The firm reports that between July 2015 and July 2016 new listings in London leapt by 27%, compared to a year on year rise of 6% the month before.

The ‘Typical Time on Market’ has also risen in the capital, from 68 days in July to 73 days in August, forcing vendors to further slash prices in a property market that was already in a precarious position through BTL taxation changes.

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