London’s housing market has been on the decline since 2016 when a vote determined they leave the European Union, “the times may be a –
October saw asking prices rebound amid the lack of new properties. The biggest gains were seen in areas closest to the U.K. capital.
On Monday a report was published by Rightmove Plc, what reviled itself was a 2.4% increase in value to 603,855 pounds or $778,000. That is the average cost to own a home in London. On the year new listings are down 30%. The Brexit crisis has undoubtedly scared off some potential sellers as they wait to see what the market will do in the coming months.
Rightmove stated properties in London’s central transport zone saw a 6.4% bump in asking price since September, becoming the only area where values are up on the year. Prices increased Nationally by a mere 0.6% the smallest gain for this time of year since ’08.
Miles Shipside Rightmove’s Director had this to say;
“London has spent a few years in the price doldrums, but the scarcity of properties coming to market is now helping to underpin prices. Though with continuing Brexit uncertainty, there is still no certainty of a sustained price pickup.”
(Images courtesy of Yahoo Finance and Google images, Source Bloomberg)