What goes up…
House prices all across the UK are rising, according to research from surveyors… except for in London.
The latest research from the Royal Institution of Chartered Surveyors (RICS) has found that more surveyors recorded price drops than rises for London homes.
It’s the sixth consecutive month that the RICS survey has recorded falls in the London residential property market.
House prices have been rising in all other UK regions, according to the survey, and were especially strong in Scotland and Northern Ireland.
Will London bounce back?
RICS thinks so.
Its surveyor members believe that London house prices will grow some 30% over the next five years, in spite of the recent falls.
“There is a strong view in the survey that [London] property will become even more unaffordable over the medium term,” said Simon Rubinsohn, chief economist at RICS.
Which obviously isn’t great news for Londoners on normal and low incomes.
But for the super-rich and the international elite who have been snapping up high-end London homes, it means that London is likely to be as attractive an investment as ever.
More research on the fall in London house prices
>> London house prices “to drop 3%” in 2015 – research from CEBR in January
>> London house prices are dropping… but demand is mega – research from Haart showed a slow-down of 1.9% in November
>> Big price drop: London homes lose £30,000 in a month – according to Rightmove’s figures for November
>> London house prices see worst drop in four years – despair, rejoice, hold tight? – RICS recorded the drop in October