Photoplan360

London Homes Bucking House Price Trend

London Homes Bucking House Price Trend

The cost of homes in the UK capital has risen over the last year, while the prices everywhere else in the country fell, Land Registry figures reveal.

The London property market is the only area to see a rise in prices, according to the organisation’s May index, with the average UK property price having dropped 0.4% over the last 12 months.

London House Prices Hit Three-Year High

The news comes as consultancy Cluttons release their summer edition of the London View property market breakdown – which puts the average central London house price at £1.6m – its highest level since 2008.

Much of the observed activity is being attributed to a high level of foreign investors putting their money into the London market, however sellers are warned that they must continue to price realistically if they are to achieve a sale, since the current climate has created an attitude of caution among buyers who are unwilling to pay prices they see as inflated.

This tentative approach is also having an impact on property market supply in the city as sellers hoping to achieve offers at, or above, their ideal asking price are choosing to let their homes while they wait for buyer attitudes to change. The report states: “Homeowners are taking the view that values will continue to rise and are unwilling to sell unless absolutely necessary.”

Lenders Urged to Support the Market

Meanwhile, calls for lenders to support the market with more mortgage approval continue, with the president of the National Association of Estate Agents,  Wendy Evans Scott saying: “The banks must find a balance between the loose lending of the boom and the rigidity of the current lending rules.”

Share:

Facebook
Twitter
Pinterest
LinkedIn
Write a comment

On Key

Related Posts

co2 emissions

Reducing CO2 Emissions as a Real Estate Agent

As a real estate agent, you play a critical role in promoting sustainable practices and reducing CO2 emissions. The real estate industry is responsible for a significant amount of greenhouse gas emissions.

3d scanning

Unlocking the Potential of 3D Scanning

Hey, tech enthusiasts! Have you heard about the incredible advancements in 3D scanning technology? It’s transforming various industries by allowing us to create accurate, detailed, and digital representations of real-world objects and environments. In this blog post, we’ll explore some of the best use cases for 3D scanning, so get ready to be amazed!

Realtor

10 Proven Marketing Techniques Every Realtor Should Know!

To succeed in the competitive real estate market, realtors must implement effective marketing techniques that showcase their expertise and the properties they represent. Here are some of the best marketing strategies for real estate agents:

Newsletter Sign Up

Get property photography guides, property news and insights straight to your inbox!