Tuesday, May 16, 2017

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

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 (5948 views)
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8 thoughts on “London suffers the fastest fall in house prices of anywhere in the UK

  • 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.

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  • Why “suffers”? And to what is financial ‘services’ the “key”?

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  • @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)

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  • 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.

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  • britishblue says:

    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.

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  • 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.

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  • 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.

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  • 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.

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