London House Prices Continue to Fall, While North Sees Gains

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London House Prices Continue to Fall, While North Sees Gains
House PricesProperty MarketLondon

Latest ONS figures show a 3.3% drop in London property prices, with inner London experiencing a steeper 5.6% decline. Meanwhile, the north of England sees continued price growth, highlighting a growing regional property market divide.

London property prices continue to decline, with the latest data from the Office for National Statistics ( ONS ) revealing a 3.3 percent drop in the year leading up to February.

This translates to an average decrease of £18,768 per property. The situation is particularly pronounced in inner London, where average home values have fallen by 5.6 percent, equating to a £36,699 reduction from £659,520 to £622,821. This inner London decline impacts the City of London and thirteen boroughs including Camden, Hackney, Hammersmith and Fulham, Haringey, Islington, Kensington and Chelsea, Lambeth, Lewisham, Newham, Southwark, Tower Hamlets, Wandsworth, and Westminster.

In contrast to the downward trend in London and parts of the south, the north of England is experiencing price increases. Yorkshire and the Humber have seen a 3.9 percent rise, with the average home now selling for £209,000. Similarly, the north west and north east have recorded increases of 3.4 percent and 3.6 percent respectively. The south east and south west of England are also witnessing falling prices, with declines of 0.9 percent and 0.6 percent respectively.

Nationally, UK property prices have increased by 1.2 percent over the past year, bringing the average home price to £268,000. This divergence highlights a growing regional disparity in the property market. The decline in London prices is largely attributed to struggles within the flat market, particularly new-build flats. The average flat price in England has decreased by 3.8 percent year-on-year, falling from £224,000 to £216,000.

This contrasts with semi-detached houses, which have seen a 2.6 percent increase in value. In London, flats have experienced a more significant drop of 6.1 percent, with the average selling price decreasing from £448,000 to £421,000. Several factors contribute to this trend, including the end of the Help to Buy scheme, which previously boosted demand for new-build flats, and growing concerns surrounding leasehold ownership.

Leasehold properties often involve ground rent and service charges, which have been increasing substantially, deterring potential buyers. The increased supply of properties on the market is also contributing to price reductions, forcing sellers to adjust their expectations. The current market conditions present challenges for both sellers and buyers, with a complex interplay of regional variations, property types, and economic factors influencing price movements

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