The Housing Market In London Is Falling
According to Zoopla, the fall in house prices that have affected London in recent months is spreading across southern England.
The latest figures from the property site revealed that 36% of homes in the south of England are in an area where house prices are falling. However, the data indicate that price declines are not sharp and limited to some local areas where house prices are already high. On the other hand, the most expensive areas in southern England are experiencing higher growth rates.
In some passenger cities such as Working, Epsom and Maidenhead, where the average house price is much higher than £ 400,000, prices fell by 1.6 to 2.3% last year. By contrast, house prices in Dover and Hastings – two cities for passengers with traditionally cheaper housing – rose by 3.4% and 2.9%, respectively.
The average home price in the south of England is now £ 323,910, an increase of 0.6% over last year. However, while house prices in London have fallen since 2016, Zoopla expects that falling house prices in the region as a whole will be short-lived and will recover by the second half of next year.
“Home prices in southern England are following London now, but trends are less clear,” said Richard Donnel, director of research and vision at Zoopla. “It took about a year for prices to fall in London to the southern markets and the downward trend began to impact in the third quarter of 2017. Currently, more than one-third (36%) of housing is in the local real estate markets that record the annual price fall. Lower prices are less than 2.5% The research team at Zoopla expects more markets to experience price declines, culminating in the first half of 2020 and then slowing down Residential sales volumes in southern England have fallen by 10% since 2015.
“London is a major global city whose impact is not limited to housing demand in only 33 regions of London The current slowdown in southern England, which has spread from London, is the result of weak demand for housing after a period of high price hikes. Where buyers respond to multiple tax changes, new mortgage regulations, and increased affordability pressures, however, we do not expect the extent of price declines to be as clear or as lengthy as in London, as prices have been lower in our opinion.
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Trends in London and southern England are an integral part of the ongoing housing cycle. There is still a lot of demand for housing in the south of England, but there are fewer and more cautious buyers looking for value for money. For homeowners entering the market, the key to selling insurance is to be realistic in price based on the demand profile of homes in the local market. Our analysis shows the extent of trends in regions and all differences in local markets. Sellers who are considering selling should talk to a good local agent with their finger on the pulse of the local market to get a real view of the demand and the right price to achieve the sale as market conditions seem challenging for the rest of 2019. ”
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