The housing market in London is on a down-swing. As of this year, until the end of March, housing prices only rose by 1.5%, compared to an average of 15% just one year ago. This shift is happening throughout the UK as a whole, and not just London. According to Samuel Tombs, chief UK economist, it would be hard to see prices recovering, due to stretched valuations, and with the financial sector facing an uncertain future after “Brexit”. He also goes on to say that sluggish growth in wages and loan-to-income limits on lenders may be contributing to this phenomena, as well.
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