How Do UK House Prices Look As Our London Market Slumps?

UK House Prices

It’s not surprising for London to be counted amongst the most expensive cities in the world when it comes to real estate. But during 2017, house prices in London slumped for the first time since 2009, triggering a wave of panic among estate agents London. U.K. Capital witnessed a 0.5 percent decrease in prices, with London taking the weakest spot in the whole of Britain, something which has never happened since 2004.

London’s house prices fell from £490,000 in July to £482,000 in November, making the city the weakest performer in the region’s real estate market. But despite the fall in London house prices, the average house price across the UK continues to grow, reaching £226,000 after a 5.1 percent increase. The growth was majorly contributed by the boom in less expensive areas, such as West Midlands where the average price rose 7.2 percent to £192,000, and East Midlands where the average price jumped 6.4 percent to reach £185,047.

Estate agents London also seem to benefit from the 15.2 percent annual increase in new homebuyer mortgages for homes in less expensive areas. The rise in lending to homebuyers coupled with an increase in re-mortgages show that people will benefit from the existing low rates of interests and a competitive UK real estate marketplace. To know more about housing deals, contact an estate agent London today.

Estate agent in London

Greater London Properties, estate agent London – specialize in Commercial & Residential Sales, Lettings and Property Management. We have been established in London Property since 2003 and are one of the largest independents left in Central London. If you would like to speak with a London Estate Agent please call a member of the Greater London Properties Team who would be delighted to help. Our branches are based in Soho (uniquely the only shop front London Estate agent in this area) and Bloomsbury, Judd Street and our team are always on hand to discuss property in Central London.