Prices continue to slide in London and South East according to Home.co.uk
Latest Home.co.uk Asking Price Index report – April 2018 released today headlines ‘Oversupply Exacerbates London and South East downturn.’
Top of the headlines list in the report is: ‘London and South East prices slide again.’
The report mentions that: ‘Home prices may have nudged up this month across England and Wales but red warning lights are flashing as market conditions in London and the South East deteriorate. Prices continue to slide and marketing times are rising but, most worrying of all, is that the supply of property for sale has risen to near 7-year highs in both regions, and this rising trend shows no signs of abating. In stark contrast, Wales, the East Midlands, West Midlands, the North West and Yorkshire have thriving property markets.’
Read the Home.co.uk Headlines and Summary sections in full click here.
Doug Shephard, Director at Home.co.uk said: “And so we move to the next stage of the property cycle. The downturn that began in London is spreading out to other regions.
“The Midlands and South West look to be peaking and only the far North, West and Wales show opportunities for significant growth in the near term.
“The question posed by such a situation is, of course, ‘When will London prices ‘bottom out’?” Basic economics would suggest that demand must rise or supply must stop growing. Since demand is allied very closely to mortgage interest rates, it’s hard to imagine that aspect improving. Hence, the key signals to detect the bottom of the cycle must be when supply stops increasing and stock levels stabilise. Looking at the current trends, this could be a long while coming.” more….
Read the Home.co.uk Asking Price Index – April 2018 report in full click here.
You May Also Enjoy
Bank of England holds interest rates at 3.75%
Property valuation leads to agents up 55%
Britain’s equestrian homes average value of £1.3m
Interest-only mortgage stock reduces by 17 per cent in 2025
5 building materials that give home sellers nightmares
