London house prices are expected to fall this year as Brexit hampers demand, according to a Reuters poll of housing market specialists.
Property prices in the capital are forecast to fall by an average of 1 per cent this year, which would mark the first annual dip in almost ten years, according to the poll that consisted of 30 experts. However, the prices are expected to bounce back within a couple of years.
The survey further predicted that, across Britain, house prices will rise by an average 1.7 per cent, dropping back behind inflation, while a 2.5 per cent rise in consumer prices is expected.
Despite this, looking forward to 2019, house prices are expected to increase by 2 per cent nationally, while London can expect a price increase of 0.5 per cent. However, it is expected that London will follow in the footsteps of the rest of the nation in 2020, with house prices increasing by 2 per cent.
Reuters said the range of forecasts for London house prices in particular was very varied though, as forecasts predict everything from a 6 per cent fall to a 2.5 per cent increase.
Knight Frank associate Oliver Knight said that a lot of uncertainty lingered in the market “as to where we are with Brexit negotiations”.
“That has really kept a lid on further growth. There is a wait-and-see attitude,” Frank said.
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