London House Prices Falling

London House Prices Falling.

Despite property prices overall rising over the year, according to Rightmove’s property prices index for August, property prices in London fell 2.6%.

Overall in the capital, properties coming onto the market are being priced at lower levels, with prices down on average over £16,000 lower and in some boroughs nearly £40,000 lower.

Traditionally, the property market is livelier in the summer, yet with economic uncertainty after the Brexit vote, sellers are hedging their bets and indeed buyers are now looking at more ‘cheeky’ offers.

That said, with the population of London set to expand but at least another 1m people in the next few years and London looking set to become a ‘mega city’ i.e. 10m+ population in the next 5-10 years, property demand in London will remain high.