New findings show London house prices have fallen at fastest pace since 2009.
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London house prices have fallen at the fastest rate in England, with new Land Registry figures finding a 6% decrease.
The average cost of a London house now sits at £505,000, following a second month of big declines.
In November alone, prices dropped by £10,000. Managing Director of a London-based estate agent Simon Gerrard believes “it’s clear the market has turned a corner”.
He said Martyn Gerrard estate agents have “seen a 20% increase in people registering to buy a home compared to this time last year”.
Nick Leeming, Chairman of estate agents Jackson-Stops says these figures reflect financial pressures faced at the end of November 2023. He says the year was defined by “a shift from intense competition, towards a smaller, more committed buyer pool”.
The figures released by the Land Registry are more significant than those published by top lenders such as Nationwide and Halifax, who have instead reported an increase in house pricing.
Experts explain that the Land Registry statistics only cover completed deals. They feel these figures are more representative of the property market a couple of months ago.
London’s private rental market saw increases of 6.8% during the year to December 2023. However, this showed a decrease from a record-high rise of 6.9% in the year to November 2023.
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HeadlineGood news for first time buyers in London
Short HeadlineHouse prices fall fastest since 2009
StandfirstThe price of London homes have fallen at the fastest pace in 12 years, according to new Land Registry data.
London house prices have fallen at the fastest rate in England, with new Land Registry figures finding a 6% decrease.
The average cost of a London house now sits at £505,000, following a second month of big declines.
In November alone, prices dropped by £10,000. Managing Director of a London-based estate agent Simon Gerrard believes “it’s clear the market has turned a corner”.
He said Martyn Gerrard estate agents have “seen a 20% increase in people registering to buy a home compared to this time last year”.
Nick Leeming, Chairman of estate agents Jackson-Stops says these figures reflect financial pressures faced at the end of November 2023. He says the year was defined by “a shift from intense competition, towards a smaller, more committed buyer pool”.
The figures released by the Land Registry are more significant than those published by top lenders such as Nationwide and Halifax, who have instead reported an increase in house pricing.
Experts explain that the Land Registry statistics only cover completed deals. They feel these figures are more representative of the property market a couple of months ago.
London’s private rental market saw increases of 6.8% during the year to December 2023. However, this showed a decrease from a record-high rise of 6.9% in the year to November 2023.
