photo credit: Manuel.A.69
Homes in London are seeing sharper price declines than anywhere else in the UK, the latest survey from a leading estate agent suggests.
House prices in the UK capital have overtaken the national year-on-year average decline of 12.8 per cent with a drop of 13.3 per cent, Chesterton’s ‘House Price Poll of Polls’ said.
Prices of homes in all UK regions fell in December, the company added, with the exception of Scotland, which saw slight growth.
The falls could see some high-end investment property opportunities – with the top 20 per cent of the market dropping by 12.8 per cent year on year.
Douglas McWilliams, chief executive of CEBR, which conducted the survey for the firm, said:
“The house price fall in London has narrowed the gap between prices in the capital and prices elsewhere in the country.”
Robert Bartlett, chief executive of Chesterton’s, added the number of offers on homes recorded during December were actually up on last year’s statistics.
But he added more needed to be done to stabilise house prices and bring buyers back in greater numbers.
Poor savings rates meant homes could be a better investment bet, while first-time buyers could finally end up with a house if banks freed up lending, he added.
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