Why aren’t there as many homes on the market?
High taxes and Brexit woes are affecting London’s sales market.
According to Rightmove the number of properties put up for sale has drastically fallen by almost 14 per cent in the last year.
The website lists 40,000 properties in the Greater London area but the lack of new listings is affecting growth in asking prices, this has slowed by 2.3 per cent year-on-year.
Homes in inner London have seen below inflationary growth of 0.1 per cent, outer London saw a stronger performance of 4.9 per cent.
Miles Shipside, housing market analyst at Rightmove, said: “There seems to be a marked reluctance this year compared to last year for homeowners to put their property up for sale, with 13.7 per cent fewer homes coming to market in London,”
“Owners now seem well aware of the more challenging conditions, with high Stamp Duty costs and Brexit uncertainty perhaps making them hold back from trying to sell. Whilse it is too early to say that this is a trend that will continue for the rest of 2017, for the moment some Londoners seem to have lost that moving feeling.”
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