House prices in London and the South East have continued to slump, despite hitting a record high across the UK as a whole, data published by Rightmove has revealed.
Asking prices in London had declined by 0.2% in May compared to the same month last year, while asking prices across the rest of the South East were down 0.1% on the same measure.
However, nationally, house prices were 0.8% higher, with both Wales and the midlands seeing an increase of over 4%. The average price for a property coming to the market rose to an all-time high of £308,075.
Furthermore, the number of sales completed by estate agents across the UK fell by 5.4% in 2018, compared to May 2017.
Rightmove director Miles Shipside said: “ The last time the south east recorded an annual price fall was in 2011, indicating that the softening in the London market is now spreading to its commuter belt, while there are signs that inner London may be closer to a price recovery.”
Latest News
-
FCA receives nearly 5,000 reports of scammers impersonating regulator in H1
-
UK banks to invest over £1.8bn in AI by 2030
-
56,000 mortgages completed under Govt’s guarantee scheme since 2021
-
UK bank branch numbers decline rapidly in five years, figures show
-
Third of advisers targeting growth from existing clients
-
Savings providers and product choices reach record highs
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
Air and the role of later-life lending
Content editor at MoneyAge, Dan McGrath, spoke to the chief executive officer at Air, Will Hale, about the later-life lending industry, the importance of tailored advice and how technology and obligations have shaped the sector.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories