Kings Estate Agents | SANDRA DAVIDSON

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If you want to sell or buy any property, you should be well informed about the current local property condition in London. The average cost of a house in London right now is near £229,729 although there is a significant difference across the country in house price growth.  Property values in London and the south-east have either fallen or barely risen, while house price inflation has increased sharply in other parts of the country, including the Midlands and the north-west of England.

The local property condition in London

According to the condition, It seems annual house price growth would remain stable between 2% and 4% this year, although warned this would depend on the Brexit outcome.

According to analysis from the Office for National Statistics (ONS), the fall in London prices is due largely to a steep fall in demand relative to supply, but it may actually balance out prices to make buying a home more accessible. The reasons behind this drop in demand for property in London range from the increased stamp duty levy to reductions in mortgage interest relief, as well as Brexit, which may have reduced the appeal for overseas buyers. Analysts warned house price growth would be restrained in 2019 after a decade of weak wage rises, as well as the risk of a property slump triggered by a no-deal Brexit.

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Analysts said the two barometers of house price inflation, which are based on each lender’s differing mortgage approval figures, can be volatile. Low numbers of property transactions, which have declined amid fears over Brexit, may also have had an influence, they added. But when taken with the recent fall in transactions, it is clear that the increase has more to do with a shortage of stock rather than a bounce-back in the market generally.

Housing market optimism remains at a five year low and this echoes the subdued house price performance and activity levels we have seen since the end of last year, albeit set against a positive outlook for the majority who believe house prices will increase over the next 12 months.”

Part of this positive outlook among residents and prospective homeowners outside the capital has been attributed to the continued affordability of mortgages, with less than a third of existing mortgage borrowers saying they were concerned about the possibility of rising interest rates affecting their ability to meet their monthly repayments, a sharp decline from 42% in 2014.

However, a breakdown of the consumer confidence figures reveals a deep divide along age lines. The young people under 25 were the most pessimistic about buying or selling property in the UK, with 55-65-year-olds the most confident

With London house price growth continuing to lag behind the rest of the country, now could be the perfect time to take advantage of ongoing Brexit uncertainty and snap up a bargain in the capital. it is understandable why buyers and sellers may be taking a ‘wait and see’ approach to the property market”. But this meant homes may become more affordable to more people, So 2019 will be a year of sale and purchase.

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Local estate agents to sell home fast, local lettings guaranteed renting & professional property management services. Sandra Davidson offers free valuation.