London market endures worst rate of decline in a decade as UK market trudges on
Comments re the latest Nationwide House Price Index:
Founder and CEO of Yomdel, Andy Soloman, commented:
“A tad ambitious to expect anything other than subdued market conditions given that we remain very much in the eye of the political storm that has been building since June 2016.
However, despite this and the continued trepidation shown by buyers and sellers, the fundamentals of the UK property market remain consistent, bolstered by the affordability of almost record low-interest rates and the unavailability of housing stock.
Going forward, this will remain to be the case and while we will see the nation’s previously overstretched and over inflated markets continue to pause for breath in the short term, the long term should bring further price growth and steady transaction levels across the board.”
Director of Benham and Reeves, Marc von Grundherr, commented:
“A seven consecutive quarterly drop and the fastest rate of decline in a decade really paints a dire picture of the current situation across the London property market. On a top level, homeowners are now some twenty thousand pounds worse off than they were this time last year and with the fog of political uncertainty still hanging thick over the capital, things could get worse before they get better.
However, we should rest assured that where the London property market is concerned, what goes down will most certainly come back up. While London may have fallen slightly out of favour at present due to years of robust price growth and inadequate housing supply, it’s only a matter of time before it regains its mantle as the engine room of the UK market.
For those looking to London as an investment the current climate provides an excellent opportunity to not only secure a good deal, but to see a return over the coming years and, while domestic homebuyers sit on their hands, there continues to be a consistent level of interest from overseas despite the war waged on the buy-to-let market.“
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