Housing Prices In London Reach Record Lows

March 28, 2019

Home decorating can be pricey, as any company like Arthur Fitzhugh Decorating can attest to, and actually getting a house to decorate can be just as pricey, if not more so.  Real estate firm Rightmove decided to look at the market for houses in London, and noted that it’s hit numbers that haven’t been seen in 4 years.

According to data from the firm which they published via the Evening Standard, the average asking price for a property in London sits at £593,972, which is a drop if £9,000 from December 2018.Rightmove notes that this is the largest drop seen by the market for the month of January since 2012.

Only five boroughs in London posted increases in prices, Bromley, Camden, Enfield, Waltham and Westminster, with Camden posting an increase of 10%, attributed to professional families buying up properties in the area.Southwark and Hounslow, meanwhile, posted the largest drops, at -8% and -8.9%, respectively.

The drop is attributed to political and financial uncertainty which came alongside Brexit, with the drop similar to the conditions back in the time before the general elections in 2015, where the average asking price for a house in London also fell below £600K. Following the end of that year’s general election, which saw  the prices go up by 11% following a Conservative victory.

According to the Director of Rightmove, Miles Shipside, buyers could get a lot out of the market’s current conditions in the market, as these months are, traditionally, the busier time of year for the housing market, and related industries, like Arthur Fitzhugh Decorating and home decor.He says that those looking for a property will be in for a bit of  surprise when they see what’s in stock, as the prices are the lowest they ever been in over three years.

Across the country, property sales have gone up, but at the lowest rate it’s been since 2012.

The slow property market isn’t just good for buyers, according to p2p mortgage platform Landbay, who reported that renters in London have had their average savings go up in the past couple of years, at about £1,800, ever since 2016.