House Prices continue to grow, but affordability is causing sellers issues
Sellers in London, Oxford and Cambridge have been forced into accepting lower offers for their properties to get them off the market. However, other towns and cities in the south continue to thrive.
After years of rapid growth, London prices have stagnated across 2017. Whilst cities such as Bristol and Portsmouth have seen their annual price change of 4.9% and 4.5% respectively, London’s price changed mustered a measly 0.8%.
“The demand is there, but buyers are more cautious over external concerns such as Brexit and what implications this may have on their own financial future.
Affordability is becoming a key factor in pressurising potential buyers in London and for the rest of the south. Although London’s price change growth has nearly stagnated, it still has an average property price of £487,000 whilst Bristol’s average price is £278,000.
Is Now the Right Time for Property Development?
Property prices have stagnated in and around the London area however, housing demand continues to increase yearly. Last year, councils approved over 160,000 new housing projects, the most since the financial crises in 2007.
Property development remains a popular industry as rapid expansion and rejuvenation across the capital takes place. The Mayor of London, Sadiq Khan has recently approved a multi-million-pound investment in Croydon’s town centre.
Consulting your local real estate can provide a valuable insight and information about the local housing market of the area. Although London prices have stagnated slightly, they are expected to continue to increase throughout the remainder of the year.