Property Sales Market Stalls In London But Rents Are Rising

16/05/2019

 

Property Sales Market Stalls In London But Rents Are Rising

 

Commercial and residential property markets have stalled in London but the capital’s lettings market has seen increases in rents paid, according to a new analysis.

There has been subdued house price growth, a sharp drop in housing completions and a lower take up of office space, the report by Centre for London shows.

 

Take-up of commercial property in London and active demand, that is the total space currently sought by companies, both declined by 14% in the first quarter of 2019 compared to the previous year.

House prices fell by 1.45 in December 2018 when compared to the previous year, a fourth consecutive month of falling prices. This contrasted with declining, but still positive growth in the rest of England and Wales.

 

The picture of house prices is uneven across the capital. Whereas high prices in inner West London fell by almost 11% in the year to December 2018, prices elsewhere in the capital began to rise with the strongest growth experienced in outer North West and West London.

However, the reports says that the continued political uncertainty may be leading to a market slump, with house prices on a downward trajectory since a sharp drop in April 2018.

This could be good news for those looking to get a foot on the property ladder. The subdued house price growth, alongside lower unemployment and rising earnings has boosted the number of first time buyers in the capital.

 

https://www.propertywire.com/news/uk/property-sales-market-stalls-in-london-but-rents-are-rising/
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