This might come as a shock to some people, but recent data suggests that property prices are actually currently falling in London
This is a sharp contrast to the rest of the country, which is seeing significant rises in property prices. What’s more, estate agents predict that these prices will continue to fall. This isn’t just hearsay either, as the figures come from the Royal Institute of Chartered Surveyors, a well-respected organisation within the property world.
This drop in prices is not something that estate agents are worried about though, as they see it as a natural reaction after the massive property boom that had occurred previously in London – a boom that saw house prices higher than they should have been. Therefore, it is now considered that the fall in prices is only bringing them back down to their correct levels.
The other reason why house prices have been dropping is due to the impending threat of an interest rate hike – something that would affect those with large mortgages in London quite seriously. This has therefore lowered demand from buyers, naturally forcing sellers to lower prices. Now it seems that interest rates won’t rise soon though, so expect that nervousness to start to decline.
Thanks to these falling property prices in London, it is now the perfect time to buy in the capital, as prices will start to rise again soon. With the high prices found in London, even a small percentage drop in price can save thousands of pounds – so why wait? With houses of different shapes, sizes and prices throughout London, there’s bound to be something for sale perfect for you. And when you do move? Make sure you call us on 020 8016 3443 for all your removal needs anywhere in the capital!