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London home prices haven't fallen this fast since the recession

London home prices haven't fallen this fast since the recession”

London prices fell 0.8 per cent in January alone, equivalent to nearly 5,000 pounds, showing the weakness that was present for much of a year ago continued into 2018.

"This is the steepest annual rate of decline in London prices since August 2009, during the last housing slump, which was itself associated with the banking credit crisis of 2008-09", said Your Move.

The UK's fastest-growing property market is now in the north-west of the country, where average prices in Blackburn have surged by 16.4 percent over the past year.

London house prices are falling at the fastest pace since the depths of the recession nearly a decade ago, with the capital's most expensive areas seeing the biggest declines.

Home prices fell to $820,000 in January, according to a report published Monday by Acadata.

But London, the South East and North East had all seen prices fall on an annual basis. But with the dip in the capital and the Home Counties included, the growth was only 0.6 per cent, compared to 0.7 per cent previous year.

Transactions in London were also down five per cent in the three months to January 2018.

Property expert Oliver Blake from Your Move said overall, it's "welcome news" for first time buyers as prices drop.

But he added that housing supply is still not meeting demand.

Monthly figures, across the United Kingdom, show a small rise in prices, however.

"The industry needs to work together to provide a long-term solution to increase movement within the market".

"By building more homes and introducing more initiatives for each stage of the property lifecycle we should start to see more choice for first-time, second steppers and last-time buyers".

Green and pleasant land What are garden villages, where are they being built and why?

That's the verdict from property website Zoopla, which has crunched the numbers to find out the cheapest places to buy in the UK.



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