London Property Market ‘Lags Behind UK’
House prices in Greater London grew by 1.3 per cent between August 2020 and 2021, which is significantly lower than the 7.1 per cent change experienced nationwide.
According to the latest Halifax House Price Index, released earlier this week, the average price of a house in England reached £262,954 last month.
This represents a 0.7 per cent growth since July and a 1.2 per cent increase over the previous quarter.
However, the news was not as positive for London property owners, with the capital being the only region to experience a decline in value over the latest three-month period.
Additionally, the annual increase, despite going in a positive direction, was the weakest recorded in the last year and a half.
This could be of interest to investment companies in London, as it could be the ideal time to capitalise on lower prices before a potential rise in coming months.
Indeed, managing director for Halifax Russell Galley predicted there will be a promising few months ahead for the property market.
An improving employment sector, growing consumer confidence, and a short supply of properties for sale are all factors that “should continue to support prices in the near-term”.
According to Propertymark, the reason behind the dwindling housing stock is due to the high demand of homes.
Chief executive officer of the company Nathan Emerson recently stated: “Sellers have seen the headlines about the huge demand and are nervous about joining the market and selling quickly with nowhere to go.”
Indeed, it released a report showing a 40 per cent decline in properties on estate agents’ books since January 2021, Mortgage Strategy reported.
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