For years, London has been known as one of the most expensive cities in the world to live in. With its bustling streets, iconic landmarks, and vibrant culture, it’s no surprise that many people dream of owning a home in this city. However, recent reports suggest that house prices in London may be falling.
What Do The Numbers Say
The latest data from the Office for National Statistics (ONS) shows that house prices in London have fallen by 1.7% over the past year. This is the biggest decline since September 2009. The average house price in London now stands at £476,000, which is still significantly higher than the national average of £232,000.
However, it’s important to note that these figures only tell part of the story. Some areas of London have seen much larger declines than others. For example, Kensington and Chelsea – one of the most expensive boroughs in London – has seen a 7.6% drop in house prices over the past year.
Why Are House Prices Falling
There are several factors that could be contributing to the fall in house prices in London. One of the main reasons is Brexit uncertainty. Many experts believe that Brexit has caused a slowdown in the UK economy, which has had a knock-on effect on house prices.
In addition to this, changes to stamp duty rules have made it more expensive for people to buy homes worth over £1 million. This has had a particularly big impact on high-end properties in areas like Kensington and Chelsea.
What Does The Future Hold
It’s difficult to predict what will happen to house prices in London over the coming months and years. Some experts believe that they will continue to fall, while others think that they will start to rise again once Brexit uncertainty has been resolved.
One thing is for sure – if you’re looking to buy a home in London, now could be a good time to do so. With prices falling in some areas, you may be able to get a better deal than you would have a few years ago.
The Bottom Line
House prices in London are falling, but the situation is complex and varies across the city. Brexit uncertainty and changes to stamp duty rules are two factors that are contributing to the decline. It’s hard to predict what will happen next, but if you’re in the market for a London property, now could be a good time to buy.
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