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MoneyBrexit Blues Hit House Prices in Almost Every London Borough

16:30  20 may  2019
16:30  20 may  2019 Source:   msn.com

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London Luxury Home Prices Hit by Longest Slump in Decades. “It’s a strikingly accurate reflection of the current London market that the only two boroughs to see new seller asking prices higher than a year ago were the two cheapest last month,” said Miles Shipside, Rightmove director and housing

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Brexit Blues Hit House Prices in Almost Every London Borough © Getty

The weakness of London’s property market was further exposed on Monday, with reports of sellers under pressure and realtors warning of difficult conditions.

According to property-website operator Rightmove, all but two of London’s 32 boroughs have seen asking prices drop in the past year as Brexit uncertainty continues to bite in the capital. Estate agent Foxtons said revenue fell in the first quarter and housing market in the city is “very challenging.”

“Sales volumes continue to be at record low levels and ongoing Brexit uncertainty is impacting consumer confidence,” the company said.

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(Bloomberg) -- All but two of London ’s 32 boroughs have seen asking prices drop as Brexit uncertainty continues to bite in the capital. A workman prepares to lay cement to an external garage on a housing development under construction in Maldon, U.K. (Photographer: Chris

Asking prices in Greater London have edged down by 2.2 per cent in the last year, with values The property listing giant found that the UK's recent Brexit delay until Halloween should lift house prices across the capital Here is a list of the annual changes in asking prices across London ’s boroughs

Brexit Blues Hit House Prices in Almost Every London Borough © Bloomberg Asking prices in London are falling far faster than U.K. average The Rightmove report showed that prices for newly marketed homes have dropped 2.5% in the past 12 months, meaning sellers are seeking an average of 16,157 pounds ($21,000) less for their properties.

In Kensington and Chelsea, where the average price is about 1.6 million pounds, asking prices have come down 3.9%, or about 65,000 pounds. Only in Barking and Dagenham and Bexley, among London’s least expensive areas, did prices gain in the period.

“It’s a strikingly accurate reflection of the current London market that the only two boroughs to see new seller asking prices higher than a year ago were the two cheapest last month,” said Miles Shipside, Rightmove director and housing market analyst.

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Sold house prices in every London borough , April 2019. London house prices have fallen for the 14th month on the trot as Brexit uncertainty continues to overshadow the capital’s The slide means that London ’s once red hot market has gone sideways for almost three years since the immediate

While prices rose 1.2% in May from the previous month in the usual spring-time boost, the annual figures underscore the downbeat mood in the London market, which has seen values hit by Brexit, slowing growth and tax changes in recent years.

Nationally, the picture is brighter with prices eeking out a small annual gain, and Wales, the midlands and northwest setting record highs. In May alone, asking prices rose 0.9% to an average of 308,290 pounds, Rightmove said.

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