Brexit uncertainty being blamed. Sound familiar?
In London, average house prices fell by 4.4% in the year to May 2019, down from a fall of 1.7% in April 2019
More sobering analysis from Wolf Richter. It has well and truly popped at the high end of the market. Sound familiar?
Will this happen here? Is it already happening??
London’s high end is collapsing…
Asking prices for U.K. homes posted their first September decline in nine years amid the escalating turmoil over Brexit.
They fell 0.2% from August to an average of 304,770 pounds ($380,000), property website operator Rightmove said in a report published Monday. The downturn was most pronounced in London, where prices dipped 2.2%.
London’s luxury housing market is flush with buyers, but prices keep on falling.
The number of potential new buyers hit a 10-year high last month, suggesting surging demand, according to Knight Frank’s Prime Central London Sales Index, one of the longest-running gauges of home prices in the capital’s toniest districts. It’s a familiar trend: the September index has shown an increase in house hunters registering with the broker or viewing properties for the last four years.
Slightly strange article. If there are less buyers then surely there are more potential buyers on the sidelines. The surge is clearly in potential buyers rather than actual buyers.