Tuesday, May 16, 2017

London suffers the fastest fall in house prices of anywhere in the UK

Evening Standard: London suffers the fastest fall in house prices of anywhere in the UK

"London house prices fell faster than anywhere else in the country in March as the impact of Brexit finally caught up with the property market."

Posted by becky @ 04:14 PM (3974 views) Add Comment

8 Comments

1. mombers said...

The great thing about not being at the top of the ladder and not having more than one home is that every home that you would want to move to gets cheaper faster than yours. This covers pretty much everyone, and all renters.

Tuesday, May 16, 2017 06:05PM Report Comment
 

2. icarus said...

Why "suffers"? And to what is financial 'services' the "key"?

Tuesday, May 16, 2017 07:52PM Report Comment
 

3. mombers said...

@2 +1. More people rent than own in London, so good news. The vast majority of those who do own would like to move to a better home so also good news for them (my family included)

Wednesday, May 17, 2017 09:38AM Report Comment
 

4. sneaker said...

I for one am CHEERING that our capital city will - once again - be priced for normal people with normal ambitions.

A capital city should not be an elite citadel from which the already-successful sneer at the aspiring masses - and lock them out.

A capital city should be the engine of training, opportunity and growth - which the young come to take advantage of and then the benefits of which they take with them back to the regions. It should also nurture its natives and allow them to grow old with the people they grew up with. None of this should depend on colour or money.

I stand by my firm believe that it is house-prices (and especially London prices) that caused Brexit. I don't vote for it because I believed house-prices would correct anyway. But I still call it as I see it and I believe that the young voted for a house price crash.

Wednesday, May 17, 2017 12:31PM Report Comment
 

5. britishblue said...

I would maintain my claim that prices in South West London have been falling for over a year and the falls are more extreme. The less desirable properties have been sticking and the more desirable ones with money spent on them have been selling, but the housing indices do not adjust for a property that has had £100,000 renovation. May, June and July are peak moving times, but the activity on the ground is less than 2008 and 2009. I don't see anything in the Tory manifesto that would lead me to believe they will prop up the market and ith 5 years in the bag, they maybe better of allowing it to fall.

Thursday, May 18, 2017 07:49AM Report Comment
 

6. sneaker said...

The top of the London Super Prime Market was exactly when Russia annexed Crimea. Russian sanctions and the oil crash stopped everything. Then came all the rules about offshore-owned property and higher Stamp Duty and you had a perfect storm.

But because it is (a) such a small market (volume-wise) and (b) followed mostly by people outside the UK, almost nobody hear heard about it.

But trust me, by the number of estate agents who are closing down (having just redecorated with chandeliers and silky carpets in 2013 - just before the market topped), there is serious agony out there.

The great thing is that NOBODY IN THE UK WILL CRY because these speculators and launderers are getting some serious backside lubrication and DO NOT VOTE HERE. So our politicians - correctly - will do nothing about it. There are no votes to be had, so all your offshore lot please lube up.

I for one shall laugh when humble UK onshore buyers are able to buy the quite ordinary shoeboxes that for some reason every oligarch should be priced like Monaco, even though we are a completely different country and not landlocked.

In fact, I have been laughing hard for several years but only now is it starting to catch on.

Thursday, May 18, 2017 11:07AM Report Comment
 

7. libertas said...

But, but, but, I understand there will be a lull, though I still see the cheaper parts like Waltham Forest, Enfield, Barking and Bexley playing catch up still, but in the end, a couple million people moved to London recently and they are actively planning 1.5m more people to have it a mega city of ten million. Right now we have some mega skyscrapers being built and Crossrail adding 10% rail capacity, so I do see there being no let up in a big way for some time.

For example just two of the skyscrapers being built in the city of London, being 22 Leadenhall and 1 Undershaft, between them can accommodate 30,000 workers, so my bets are still on for affordable spots a short train journey from Liverpool Street, and Stratford is going nuts in terms of construction.

Friday, May 19, 2017 07:22PM Report Comment
 

8. icarus said...

But, but, but....playing catch-up can mean standing still while the rest fall back. And those supply increases could put downward pressure on the market. Asset prices are driven by availability of money/debt and inequality (the last meaning that there's lots of investible funds sloshing around) more than by supply and demand. So it's at the former that we need to look.

Sunday, May 21, 2017 09:51AM Report Comment
 

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