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RICS survey reveals slowdown in London house prices

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UK house prices are continuing to rise, but more slowly than before, according to a raft of figures released this week.

Statistics from the Halifax and Nationwide show a much reduced increase in house prices. However, figures from the Office for National Statistics (ONS) and the Council for Mortgage Lenders (CML) suggest home-buying activity shows no signs of slowing and house price inflation still increasing, if at a slightly slower rate.

The average house price in England now stands at £234,466, according to the Halifax, while it will cost £145,293 in Wales, £139000 in Scotland and £125,000 in Northern Ireland.

Among the most interesting revelations from the latest figures is the marked slowdown in both house prices and sales transactions in central London, with increased tax on more expensive properties and concern over the effects of Brexit cited as factors in the slowdown.

Demand still outstripping supply

In their monthly residential market survey, the Royal Institution of Chartered Surveyors (RICS) released figures on April 13 that showed house prices in central London rose at their slowest pace in almost five years. Their survey stated: “Prices in central London have progressively deteriorated and at -49 percent, the net balance was the weakest since 2009.”

However, the RICS did note that 14 percent of its respondents from London “anticipate prices will be higher in 12 months’ time”. But with demand still outstripping supply, the market continues to be inhibited.

The RICS’ chief economist Simon Rubinsohn said: “High-end sale properties in central London remain under pressure, while the wider residential market continues to be underpinned by a lack of stock.”

Moving fast to beat the competition

The key takeaway from the latest figures is that sellers may not realise quite the bounty they expect when selling but that buyers should move fast when they do spot the property they want.

At Fridaysmove, we can help you in the whole home-buying process from start to finish. Our panel of nationwide chartered surveyors, all members of the RICS, are ready to carry out the survey you need. And if you require a conveyancing solicitor, we have solicitors and conveyancers across England and Wales who are ready to take instruction from you and start the ball rolling on your purchase.

For a free, no-obligation quote, call our friendly, professional team now on 0800 038 6446 or click here.

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