According to a report by the think tank the ‘Intergenerational Foundation’ this is potentially becoming the case. In their report that covers suburbs in England and Wales it uncovered that whilst young people are increasingly moving into city centres to live, the surrounding suburbs are being dominated by over-50s. In fact, since 1991 the number of areas dominated by older people has risen seven fold as young people, unable to get on to the property, choose to rent in the city closer to where they work. This ultimately means that the current supply and demand issue in the housing…Read more..
Summer always sees a bit of a slowdown in house prices but this year it seems particularly striking, especially in London. The average asking price of a London home has dropped by just over £16K in the last month and it is the top end of the market that has been hit the most. Boroughs such as Westminster, Chelsea and Kensington have been hit particularly hard and in some cases, house prices at the top end have been reduced by over £220K in the last 4 weeks. That’s a staggering 14% drop. According to figures from Rightmove’s house price index,…Read more..
Property prices in the UK, especially in London, are dropping after the UK’s decision to leave the European Union and some owners, who are looking to sell, have decided to cut their asking price because of concerns about finding a buyer. According to statistics from LondRes, a property research firm, the number of these cuts has increased by more than 150% in London over the first two weeks after the EU referendum. However, it would appear that these cuts and discounts have not prompted any significant action from buyers. The number of completions has dropped by 18% compared to last…Read more..
The property price boom that we have witnessed in the UK in the past year will probably come to an end due to the success of the Brexit referendum, according to many real estate analysts and agents. Many of the transactions will be put on hold and the quick price rises witnessed in the last 2-3 years will be halted in their tracks. The shares of house builders have already been affected and commercial property owners can expect the same. According to Richard Donnel, one of the directors at Hometrack, “it is still very early to tell what will…Read more..