Properties in London are traditionally more expensive than anywhere else in the UK. Monthly property value growth for our city is currently just 0.18%. But – forecast growth is a healthy 24% and the average value predicted to reach £597,544 by 2027.
Founder and CEO of eMoov, Russell Quirk, commented: “With latest industry figures indicating an end to the post-Brexit market slowdown that has seemingly plagued the market over the last 18 months, many UK homeowners will be breathing a sigh of relief, despite having still enjoyed a notable annual increase in their property’s value.
Although these recent slower rates of price growth are unlikely to persist going forward, and we are by no means predicting they will, this research demonstrates that the outlook would still be rather positive and far from the apocalyptic prophecy’s many have talked the market down with since the Brexit vote.”
Low Housing Supply Linked to Summer, not Value
Slow growth has coincided with an all-time low in the number of houses for sale. New data from the National Association of Estate Agents shows that the number of properties available to buy on estate agents’ books dropped from 37 in June to 35 in July - the lowest level recorded for the month of July since records began in 2002.
Mark Hayward, Chief Executive, NAEA Propertymark, said: “It is natural for the market to dip in the summer and then recover. We usually see a subdued July and August, and then a boom in September with an influx of new properties coming onto the market, it remains to be seen whether this year is typical.”
A Positive Season
Jason Dyer from JTM Homes comments: “We are entering a busy time of year, with the number of house hunters and available properties expected to rise. Many people are keen to complete sales before winter arrives.It’s true that property remains a sound investment with long-term predictions for house prices looking strong.”
If you are keen to move home or invest in property this autumn, talk to the team at JTM Homes. Our north London expertise and straightforward approach are valued by our customers. Our offices are in Highgate and Archway- let’s talk!