London home values have already been through the wringer. Nonetheless, auditing and consulting firm, PwC, is going on record with predictive analysis that the London house market will dip two percent in this year alone, and continue the negative trend for another year. CEO of the residential research company, Knight Frank, Tom Bill, explained the trend noting that while London, for a long time, was the place to be, outperforming the rest of the UK, it is now fallen prey to low employment and interest rates, to name just two factors. In fact, though two-hundred thousand plus homes have been built in the UK, affordability is keeping home-owners from buying in London, specifically.
Experts estimate that UK house prices will get an overall bump up by 2025, but that does not include London, which will probably need an additional year, or more.
Key Takeaways:
- Although London led the pack, outperforming the rest of the UK, for years, a reversal has now set in.
- Low employment and low interest rates are two reasons that London is no longer the place people go to buy a house.
- Experts expect the housing market to rebound in the UK, by 2025, but they also expect that London will drag behind by a year, or longer.
“PwC predicts London house prices will fall two per cent in 2018 from the year before”
Read more: https://www.cityam.com/289141/london-house-prices-fall-until-2020-says-pwc