Hometrack Cities Index – City house price growth slows as market adapts
Director of Benham and Reeves, Marc von Grundherr, commented:
“London continues to act as a house price growth anchor for the time being and this is largely being driven from the inside out as those who have seen the largest decline in property values continue to hold fire for greener pastures on the other side of the Brexit bridge.
However, to view the capital as down and out when it comes to its property pedigree would be very foolish indeed. London is currently a sleeping giant rather than a crumbling carcass and once stability returns, so too will buoyant house price growth.”
Founder and CEO of Stone Real Estate, Michael Stone, commented:
“The UK’s major cities are the hotspots of the new homes market and with new build properties commanding a much higher premium than existing stock, it’s no surprise that price trends in these urban hubs are more susceptible to wider market conditions.
That said, there remains a strong demand for these homes and while this has been partially stifled by political uncertainty, home buyer hunger has remained strong and prices have remained buoyant with the exception of one or two cities.
We may well see this drop over the coming months as those investing in a brand new property take stock of what’s happening in Westminster before committing to a sale, but the evolving face of the new homes sector will remain the backbone of the property market across the UK’s major cities regardless.”