According to a report by Rightmove’s House Price Index, the average prices of properties have fallen in twelve boroughs since January 2017. Yet the average asking price for a London city home is higher and continuously increasing at the rate of 2.6 per cent every quarter.
Image Courtesy – Rightmove
Where the London’s most expensive borough Chelsea and Kensington have witnessed the biggest falls of 14.6 per cent in the starting of the year 2017, property prices in Inner London boroughs drop by an average of 2.1 per cent during the same time. There has been a drop of £0.4 million in the house prices in Inner London boroughs due to this constant fall.
Image Courtesy – Rightmove
Falling prices across the UK property market has led the high-priced properties listed for sale are being sooner disregarded by property enthusiasts.
Image Courtesy – Rightmove
“Overpricing, particularly in a price-sensitive market, will result in the property sitting on the market until the price is dropped, losing the interest of buyers and ultimately achieving a lower price in the end.” – Kevin Shaw, national sales director of a leading estate agency stated.
Another property expert James Sims reports that the decreasing price of properties in the UK by two or three per cent significantly boosts interest from potential buyers and property investors to buy and save a property for a rainy day when the prices will increase again.
Selling a house in the UK before was like selling a pyramid. Everyone wants it but nobody can afford. The British housing market has refused economic reality and still flown ever high on the current of confidence and credit at some places. It will not outlive the perfect storm of rising interest rates and unemployment, stagnant wages, higher taxation, and lower demand from migration. This is a right time for those who want to invest in the UK Property Market for a huge return in future.
