Saturday, May 28, 2022

London property prices suffer biggest monthly fall in decade

London property prices

The average house price in London declined 2.01 per cent to £491,687 in April

The London property market suffered its biggest monthly fall in a decade in April as the mini-boom after the first lockdown came to a halt.

The average house price in London declined 2.01 per cent to £491,687 over the month.

The annual rate of increase is now 3.3 per cent, the lowest across the country – having declined from 5.7 per cent in November.

However, they are still nearly double the level of prices for the UK as a whole.

London rises have been lagging the rest of the country this year, in part because of a “race for space” that has seen buyers swap city flats for suburban and country houses with outdoor space and room to create a “work from home” study.

Moreover, as the stamp duty holiday ends in June and three million workers come off the furlough scheme in the autumn, there may be further slowdowns.

Jonathan Hopper, chief executive of buying agency of buying agency Garrington Property Finders, said: The pace of price growth is starting to ease off as buyers become realistic rather than romantic in what they’re willing to pay.

Coupled with a gentle improvement in supply as more sellers put their home on the market, this reality check has blown some of the froth off the market, he said.

He said: Given that annual price rises had hit double-figures in the most in-demand coastal and rural locations, this slight cooling in price inflation is welcome. There is still huge momentum and optimism in the market and estate agents are digging in for a very busy summer, but the gravity-defying price rises are starting to ease.


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