The latest TwentyCi Property & Homemover Report for Q3 2019, the most comprehensive real time review of the UK housing market shows a ‘slow and steady’ Brexit property market in London with asking prices falling in most areas except North London, which saw a modest 1% increase.
With Brexit uncertainty continuing over this quarter, the London market has continued to cool with most areas seeing a slight fall in average asking prices – except North London with a small increase of just 1%.
This continues an ongoing trend across the board in the capital, with average asking prices for the whole in decline this quarter having previously peaked to an overall average of £827,380, marking a -3% drop on last year.
Average asking prices
|London area||Average asking price – Q3 2019||Difference in last year|
NB London EC and London WC areas are underrepresented reflecting just 250 and 144 properties respectively.
London sales Vs rent
London properties available for rent continue to be in higher supply than available housing stock for sale in Q3 2019, as previously reported for earlier quarters. With high average asking prices for London property, the rental market continues to be driven by those priced out of the buying process. Overall, 76% of London housing stock is available for rental, with just 24% of properties available for sale.
|London area||Available housing stock – rental % Q3 2019||Available housing stock – sales % Q3 2019|
Colin Bradshaw, TwentyCi’s Chief Customer Officer said, “The London property market shows continued consistency in performing differently to the rest of the UK. In Q3, the rental market has maintained its majority share, remaining significantly dominant over home ownership in the capital. With most areas across London having seen a decline in average property asking prices, over the last 12 months to the end of September 2019, it is unlikely we’ll see this balance change anytime soon.”