Content adapted from this Zerohedge.com article : Source
For the past decade home prices in London have skyrocketed. This run started coming to an end in 2017 and only accelerated as we entered 2018.
Average prices dropped 2.6% in the month of January, the largetst drop since 2009.
This report might be a bit on the rosy since compared to what realtors are seeing.
Business has been slow in “a lot” of offices since the start of the year, though there are more deals being done in some central outlets, Simon Aldous, a director at Savills, said in a survey published last week by the Royal Institution of Chartered Surveyors.
Offers for homes are often more than 10 percent below asking prices, James Gubbins, a partner at Dauntons in Pimlico, said in the poll.
“Uncertainty over Brexit is the issue,” Gubbins said.
This trend is extending beyound the London market weighing on prices across the country. The housing inflation index hit the lowest level since 2012.
Increased taxes on landlords and loan limits in Singapore have also helped to damp demand from overseas, and as Lucian Cook, head of residential research at broker Savills Plc, warns, a decade of soaring prices means London’s more exposed to political and economic uncertainty, the prospect of interest rate increases and mortgage loan limits.
There is a pocket in the North-West part of the country that is seeing a continued increase. Blackburn showed a 16.4% gain over the past 12 months.
Non-adapted content found at zerohedge.com: source
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