Average house prices in London have dipped in the year to February 2018, in a small boost to potential buyers in the capital.
According to figures from the Office for National Statistics (ONS), average house prices rose elsewhere in the UK in the year to February 2018, but by contrast have fallen in London.
Property values in London have been falling since mid-2016, around the time of the Brexit vote. The UK’s decision to leave the European Union has impacted the stability of the London property market, as have stamp duty rises.
Transaction volumes are lower now as more people are choosing to stay put for longer, though asking price reductions and more realistic prices have propelled London buyers into action.
Landbay’s Chief Executive, John Goodall, said: “Affordability is a key concern for aspiring home owners, especially in London where they are battling rents that are 2.5 times those across the rest of the country.”
Demand from buyers in London has slowed due to affordability issues, so the slight dip in average house prices can be considered a boost to would-be buyers.
What is still needed is continued investment into the delivery of new homes and infrastructure both in the capital and elsewhere in the UK.
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