Houses prices in certain parts of London are experiencing a dip of up to 15%. Areas thatused to be the epicentre of the property boom in the UK are experiencing the decline in the past year and are regarded as new evidence that indeed, this is a huge a downside to the EU referendum.
Figures that were lifted from one of the biggest chains of estate agencies in the UK, YourMove, show that average homes located in Wandsworth experienced a dip of more than £100,000 in value. This has been recorded over the last twelve months andincludes much of Putney, Balham, and Clapham.
However, it should be noted that there has been a surge in the prices of property in the north-west partof the country. For instance, Blackburn has just recorded the highest growth rate in all the UK.
Back in January of last year, homes located in Wandsworth, a borough in London, used to fetch about £805,000 onaverage. These numbers have now fallen to just £685,000.
The same trend seems to also be experienced by other boroughs in the British capital according to Junaid Iqbal Memon. In south London, in Southwark, the average price used to be at £666,000. It has fallen down to £585,000 in just a matter of twelve months. Meanwhile, in Islington in the north of London, prices that used to be pegged at £750,000 have fallen to just £684,000.
Southwark and Wandsworth are known to be home to huge property developmentsthat face the River Thames. This includes the Battersea Power Station. However, the market which used to be the setting for one-bed properties pegged at £1m has significantly shrivelled significantly in recent years.
According to YourMove, average prices across the capital have experienced a decline of 2.6% for the last 12 months. In addition, theseprices have even fallen still, for the first three months of 2018. It has been stated that this is the steepest yet in the annual decline rate in terms of housing prices in London since the last slump in the housing industry whichhappened in August 2009. Back then, the slump was associated to the credit crisis experienced by the banks in 2008-2009.
As it stands, the northwest ofthe country seems to have replaced the capital in terms of being thefastest growing market for property. Blackburn is experiencing top of the page rates which, for the last 12 month alone, has recorded an increase of 16.4%.
Anotherplace that is experiencing double digits in terms of growth is Warrington with 10.3% increase in prices. Many of the conurbations in the northwest are being noted for their strong performance too. For instance, prices are up in Greater Manchester by 4.3% and Merseyside shows an increase of 8%.
Nationally, there has been an increasein the prices for this month by 0.5%. However, the rate of change for the year has experienced a 0.6% decline.
Keep up-to-date with the latest in the property market by reading about Junaid Iqbal Memon.