Real estate prices in London and surrounding areas have been falling over the past year. Home prices in the London area have fallen up to 15%. Last January, boroughs such as Wandsworth had an average home sale price of £805,000, but that dropped to £685,000 this year.
However, Northwest England seems to be experiencing a fast-growing market with Blackburn having an average price increase of 16.4% from the last year. Despite this increase, the UK property market as a whole is slowing down as shown by the drop of 1.8% in the yearly home price growth rate.
- The UK property boom has apparently slowed as some home prices in and around London have dropped by 15% since last year.
- There has been a lot of growth in the property market in the north-west of England, with Blackburn reporting a 16.4% increase in average sale prices.
- While the drop in average home prices started in London, it has been spreading across England and Wales.
- The yearly rate of home price growth in the UK has fallen to its lowest level in the past five years, giving strong evidence that the market is slowing down.
House prices in parts of London that were once at the epicentre of the UK property boom have fallen as much as 15% over the past year in fresh evidence of the impact of the EU referendum.
Other London boroughs are also showing steep price falls. In Southwark, south London, the average price has dropped from £666,000 to £585,000 in 12 months, while prices have pegged back in Islington, north London, from £750,000 to £684,000.
Your Move said that across the capital average prices were down 2.6% over the year, and have now fallen for the last three months in a row. “This is the steepest annual rate of decline in London prices since August 2009, during the last housing slump, which was itself associated with the banking credit crisis of 2008-09,” it said.
The north-west of England has now replaced the capital as the fastest-growing property market in the UK. Top of the league for price growth is Blackburn, which recorded average prices ahead by 16.4% over the last 12 months.
“While there have been monthly increases in house prices for the last two months, the annual rate of growth has slowed in England and Wales. Although its beginnings were in London, this has now spread to the south-east and north-east too. All three have seen prices fall on an annual basis,” said Your Move.
View the original article at The Guardian