UK house price falls amid no-deal Brexit fears
UK house price falls amid no-deal Brexit fears
According to this article from the Guardian it discusses that all over the UK including London are experiencing a current drop in house price values with London dropping 1.7% in September alone.
They discuss that according to the Nationwide building society prices overall fell 0.2% in September across the UK.
Howard Archer, the chief economic adviser to the EY Item Club, said: “With the economy largely struggling and the outlook highly uncertain, we suspect that house prices will remain soft in the near term at least.”
According to the Nationwide house price index, prices fell most in London and the south-east, sliding at an annual rate of 1.7% in the capital to drag down the national average.
Another article from the Financial Times discusses one particular part of London who has experienced difficulties:
Occupying the northernmost quarter of Hackney in east London, “Stokey” has for decades attracted young professionals priced out of nearby Islington and Camden. They have driven up local property prices. Between 2009 and 2017, the average price paid for a house in Stoke Newington increased by more than 68 per cent in real terms, peaking at just over £1.1m, according to LonRes using Land Registry data. In 2013 alone, house prices jumped 25 per cent.
Prices have dropped since, however. In the first quarter of 2019, house prices were 8 per cent down year-on-year. Flat prices dropped even more, down 12 per cent over the same period.
“People have woken up and realised that just because there is a Whole Foods in Stoke Newington, that doesn’t mean it is Islington,” says independent buying agent Henry Pryor.
“Everything looked great for Stoke Newington: it was following a similar trajectory to Hoxton or Shoreditch,” says Pryor, but tax reforms — including the withdrawal of mortgage income tax relief and the imposition of a 3 per cent premium on second homes — killed demand from buy-to-let landlords. “People only buy in Stoke Newington if they think they are getting a bargain or if investors can get a yield that is over 5 per cent. It is a perfectly good area,” he says. “But why buy today if you think it will be cheaper tomorrow?”
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