HOUSE prices in some of the wealthiest places in London have dropped by up to £100,000 in a year. Homes in Wandsworth - which includes most of Clapham, Balham and Putney - have fallen by 15 per cent with the average house price now at £685,567 down from £805,460 a year ago. Across the capital in general, house prices fell yet again, this time by £4,662 - or 0.8 per cent - bringing the average property price in London down to £593,396, according to the latest figures from Your Move. That's the biggest decline the property website has recorded since August 2009. Properties in Southwark have been slashed from £666,000 to £585,000 in 12 months, while prices in Islington in north London have dropped from £750,000 to £684,000. The cheaper boroughs have fared better, according to the figures, where more than half have seen price rises over the year. Property prices in Bexley have grown the most - by 4.5 per cent - to £363,082 … [Read more...] about London house prices drop by up to 15% in a year – cutting £100,000 off property prices in Wandsworth
ANNUAL house price growth fell to a seven-month low in March, according to new data from Nationwide. Across the UK, average prices increased by 2.1 per cent year-on-year, marking the weakest annual growth seen since August 2017. And again, London was the weakest performing, with prices down 1 percent compared to a year ago. Prices in the capital though are still way above any other parts of the country, with the average cost of a home costing £473,776. That compares to an average house price of £211,792 in the UK. On a monthly basis, prices dipped for the second month in a row, with the building society blaming "subdued consumer confidence" for the fall. A 0.2 per cent month-on-month decrease in March came after a 0.4 per cent fall in February. Robert Gardner, Nationwide's chief economist, said: "On the surface, the relatively subdued pace of house price growth appears at odds with recent healthy rates of employment growth, a modest pick-up in wage growth and … [Read more...] about House price growth drops to seven-month low with London and Scotland worst affected areas
House price growth in Britain has continued to cool, with prices down 1pc year-on-year, according to the latest Nationwide house price index. London remains the worst-performing region, also recording a 1pc drop in annual prices. Jonathan Hopper of buying agent Garrington said: "What began as a cooling of prices in the capital’s prime and super-prime postcodes is turning into an ever more widespread frost." Annual UK house price growth in March was 2.1pc, down from 2.2pc in February. House prices fell by 0.2pc over the month, after taking account of seasonal factors. It marks the slowest rate of gains in seven months. The building society said that while the relatively subdued pace of house price growth "appears at odds with recent healthy rates of employment growth, a modest pick-up in wage growth and historically low borrowing costs", consumer confidence is still low, which is affecting the market. Robert Gardner, … [Read more...] about House price growth ‘subdued’ as London falls 1pc
An estate agent has defended developers against accusations of “land banking”. Prime Minister Theresa May criticised housebuilders for driving up property prices by restricting the supply. She suggested developers were holding back from developing land in a bid to increase profitability – a practice known as “land banking” - and called on them to “do their duty for Britain”. However, estate agents at Mullucks Wells – which has branches based in Bishop’s Stortford, Great Dunmow and Saffron Walden – has said the blame lies elsewhere. Mullucks Wells’ residential director, William Wells, said: “This sounds like grandstanding from the Prime Minister – trying to demonstrate the Government’s concern about house prices and property affordability. “Why would developers go through the excruciating and protracted planning process, only to sit on the land, and gamble on a later rise in value? “There is … [Read more...] about Are developers to blame for our sky high house prices?
By March 29, 2018, 2:17 AM EDT U.K. house prices fell for a second month in March, according to Nationwide Building Society, which blamed the weakness on a gloomy consumer mood and a squeeze on incomes.Values fell 0.2 percent after a 0.4 percent drop the previous month, the lender said on Thursday. The annual pace of gains slowed to 2.1 percent from 2.2 percent, well below the rate of recent years, which left the average price at 211,625 pounds ($298,200).Nationwide said that London remained the weakest market, with prices down 1 percent in March from a year earlier. That tallies with others reports that show the city is taking the biggest hit after years of outperformance. Prices there are falling at the fastest pace since the depths of the recession almost a decade ago, according to Acadata.Nationwide Chief Economist Robert Gardner said while the weakness in housing appears at odds with the U.K.’s strong labor market and the recent pickup in wage growth, he noted that … [Read more...] about U.K. House Prices Fall With London Again the Weakest Region