Home Property ‘Slow and steady’ Brexit property market shows London asking prices fall

‘Slow and steady’ Brexit property market shows London asking prices fall

by Mark Fitt Political Journalist
15th Oct 19 12:54 pm

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
London E £534,059 -2%
London EC £1,312,429 19%
London N £726,757 1%
London NW £997,791 -1%
London SE £569,874 -2%
London SW £1,021,374 -4%
London W £1,219,217 -6%
London WC £1,640,511 27%

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
London E 73% 27%
London EC 85% 15%
London N 74% 26%
London NW 80% 20%
London SE 68% 32%
London SW 77% 23%
London W 81% 19%
London WC 88% 12%

 

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.”

Leave a Commment

You may also like

CLOSE AD