London house prices continue to fall as capital sees UK's sharpest drop

London house prices continue to fall as capital sees UK's sharpest drop

When surveyors were asked to compare appraisals that were undertaken in May with the same period previous year, 18 per cent more stated that they were lower on a like-for-like basis.

Despite the overall drop in demand from new buyers, interest from people searching for properties was reported to have increased in some parts of the United Kingdom - including London, the South West, Yorkshire and Humber, the West Midlands, Scotland and Northern Ireland.

Sales increased in the West and East Midlands, Scotland and Northern Ireland, but were either flat or negative across the rest of the UK.

The Land Registry reported a more up to date average United Kingdom house price of £226,906, for April.

On the other hand, surveyors are reporting that more sellers listed their properties in May, which is a positive sign and will help to correct the current stagnation in areas where buyers are struggling to find what they are looking for due to lack of choice.

This comes off the back of a strong month according to the survey, with newly agreed sales figures in the province the most positive of all the United Kingdom regions.

It is a similar picture with house prices. In the capital, May represents the third month in a row which has seen new instructions remain positive. But again there was widespread regional variation.

RICS residential property spokesman Samuel Dickey
RICS residential property spokesman Samuel Dickey

London shows the most negative trends in terms of prices, with downwards movement also across the wider south-east. Alongside this, landlord instructions remain in decline.

Rics said: "It therefore remains to be seen whether the increase in May truly marks the beginning of supply pressures easing".

The May survey indicates that Northern Ireland house prices continue to move on a upward trajectory, while local surveyors are the UK's most optimistic with regard to the price outlook, with expectation levels the strongest reported since November 2015.

Simon Rubinsohn, chief economist at RICS, said: 'Although agents are suggesting that a little more supply may have come onto the market in May, some of it from the buy-to-let sector, inventory levels still remain near historic lows.

Brian Murphy, head of lending for Mortgage Advice Bureau said: "Quite possibly, a lot of vendors have held off marketing their homes over the last few months waiting for "the right time", particularly given ongoing political uncertainty".

"Indeed, with the run rate on appraisals continuing to track below the numbers of a year ago it is premature to conclude that a sustained upturn in available stock is imminent".

"All in all then, it's probably realistic to say that the market is still resilient but lacking momentum, however a set of encouraging economic data together with a breakthrough on Brexit negotiations could soon change that".


Related News:



Most liked

Things To Do This Weekend For Father's Day
He sets the standard for how you should be treated and it's for that very reason you love him more than words could ever explain. It's nearly Father's Day and we have put together a list of special deals for dads.

Own goal crushes Morocco late, as Iran survives
Iran kept only their second World Cup clean sheet - their other came in a goalless draw with Nigeria in June 2014. They only conceded one goal in eight games in qualifying - in a second-round win over Equatorial Guinea.

Visit Atlantis in the first photos from 'Aquaman'
While the first images from the film don't give us an idea of which way the tide will turn, they are pretty to look at. Also seen are the men of King Nereus, ruler of Xebel (played by Dolph Lundgren ), who ride seadragons.

Salmonella outbreak in Missouri, other states, linked to precut melon
Three cases of salmonella linked to a multi-state recall of pre-cut melons have been reported in Ottawa County. Stores in 23 states including MI may have sold at least one of the foods now being recalled, the FDA says.

Chris Hardwick accused of sexual abuse?; 'Clueless' musical; new music; more
He recently separated from Legendary to launch a rebranded podcast called "ID10T". "The company has removed all reference to Mr. She revealed that she was ordered by doctors to remove the ectopic pregnancy as it could have killed her.

West Nile Virus Reported In Michigan, Marking First Case Of 2018
The North Shore Mosquito Abatement District found it in traps in Glenview and Morton Grove during the week of May 19 to May 21. It is also important for residents to ensure their property is not friendly toward mosquitos, said Hanson.

AMR gives the Aston Martin Rapide more power, aggressive aero
On the outside, it will also be fitted with a black mesh grille, Zagato-like running lights and forged 21inch wheels. It is the first Rapide to reach 60 miles per hour in 4.1 seconds, along with a top speed of 205 miles per hour .

Mark Leno concedes San Francisco mayor's race
But it increasingly became clear this week that Leno would not break through the city's political rainbow glass ceiling. As candidates with fewer votes are successively eliminated, their supporters' votes are given to their other choices.

‘I May Get Involved’ in Justice Department ‘If It Gets Worse’
Asked by Steve Doocy of Fox & Friends to respond to that, Trump called the conclusion "ridiculous" and the report a "horror show". Aitan Goelman , Strzok's lawyer, said the report found no evidence that his political views had an impact on the Clinton probe.

Kanye makes surprise appearance at Nas' listening party
The reviews for Nas new album Nasir are pouring in from fans and so far everyone is pretty much agreeing that it's a masterpiece. The album, titled Nasir , is seven songs long and features only two artistes; The Dream and West.

Facebook is tracking you in ways you never knew
In some cases, Facebook can also gather information about nearby devices or other devices on the user's network. Facebook has suggested over and over again that users have complete control over their Facebook experience.

Kawhi Leonard: NBA insider makes BOMBSHELL trade prediction for Spurs star
In truth, with how much the Knicks would have to surrender for Leonard it's unclear how interested they would be in acquiring him. While all four players would perhaps be considered small forwards in a vacuum, all have the ability to defend any position 1-4.

Gimenez's Header Wins it Late on for Uruguay Against Egypt
The game's only goal would come off another set piece, with Gimenez getting on the end of Carlos Sanchez's free kick. Suarez missed a sitter midway through the first half, then squandered two more glorious opportunities in the second.

American Airlines cancels hundreds of flights due to technical issue
Three departures also were canceled: Flight 5182 at 6:54 a.m., Flight 5308 at 9:19 a.m. and Flight 5228 at 11:55 a.m. American grounded 400 PSA flights Friday, after 275 cancellations Thursday.

White House: Trump saluting a North Korean general ‘a common courtesy’
The awkward moment raised some eyebrows because the USA and North Korea technically are still at war. Mueller is intent on resolving the issue quickly, according to current and former US officials.