London’s housing market has experienced its worst month in nearly a decade, with surveyors expecting prices to drop even further over the next year.
A recent survey published by the Royal Institution of Chartered Surveyors (Rics) revealed that 65% more property surveyors saw London housing prices fall rather than rise, the weakest reading since February 2009. The report follows the trend that housing demand and declining prices are popular in London this year.
Official figures reveal that London’s house prices are lower compared to July 2016 in the aftermath of the Brexit vote, and prices could drop further in the next 12 months, according to the survey.
“Expectations remain downbeat in London, with 20% more respondents predicting a further decline over the year to come,” the report said.
The Halifax housing index was also recently published, illustrating that house prices fell more than 3% in April, following a 1.6% rise in March.
North London estate agent and former Rics residential chairman Jeremy Leaf said: “These figures are even more concerning than the Halifax numbers, which were released earlier this week, because they are more current and refer to the whole market rather than just a particular lender’s customers.
“Rics has always been one of the most reliable lead indicators of market trends so it looks like we are in for a fairly rough ride. Spring is supposed to be the busiest time of year for moving house and usually sets out the stall for the rest of the year.”
However, House Network CEO Mark Readings has said that this a “great time” for buyers, as property prices remain low as do interest rates.
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