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sideysid

London House Prices Fall at Fastest Pace Since Financial Crisis

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'Early data point to home values in London declining 2.7 percent in September from a year earlier, the most since 2009, according to Acadata and LSL property Services. A 0.7 percent fall in August marked the first negative reading since 2011 as sellers in some of the city’s most expensive boroughs, including Westminster, Wandsworth and Hammersmith, were forced to cut prices.

In London, values fell for a sixth consecutive month. If the provisional estimates are confirmed, the average price of a home in the capital was less than 582,000 ($773,000), the lowest since the end of 2015. '

 

Moneyweek had an article

http://moneyweek.com/londons-slowdown-is-spreading/

' Average house prices in London fell by 0.6% in the past year, according to the latest house-price index from Nationwide. This doesn’t sound like a particularly dramatic drop, but it is unusual in that average prices haven’t fallen year-on-year in the capital for eight years, since the financial crisis.

Generally, most talk of falling house prices in London has been skewed by price drops in the most expensive areas, with prices in the rest of the capital continuing to rise at a steady level. The latest numbers suggest, however, that while the luxury market is still distorting trends, it’s now the other way around – a small number of high-value transactions appear to be propping up an otherwise faltering market. ''

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26 minutes ago, sideysid said:

 

https://www.bloomberg.com/news/articles/2017-10-15/london-house-prices-fall-at-fastest-pace-since-financial-crisis

 

Still don't worry its states st the end of the article  "Prime Minister Theresa May’s government announced an extension of its “Help to Buy” mortgage-assistance program earlier this month."

Phew...

HTB isn't as supportive as TFS or FLS

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I've mentioned this to a london EA, they just brush off falling london house prices with "the media are always contradicting themselves". While that is true this is the first time in almost 10 years that a constant supply of falling London house price storeys keep coming.

Quote

a small number of high-value transactions appear to be propping up an otherwise faltering market.

Zoopla would seem to support this, the crappy ex council one beds that I used to rent and watch the value of have fallen 6% in the last six months in Wandsworth.

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  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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