London Property Slump Drags UK Home-Price Growth to Standstill

  • by Thelma Padilla
  • in Business
  • — Aoû 10, 2017
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While the region is pulling down activity and average price growth in the United Kingdom, other areas saw price rises.

The growth in house prices is slowing to a standstill, according to new figures from the Royal Institution of Chartered Surveyors.

Backed by the Ulster Bank, the latest Residential Market Survey contradicts the claim from the Ulster University's latest Quarterly House Price Index on Wednesday that there had been a 1.1% fall in values. Price growth in south-east England is negative, for example, while it is positive in regions including Northern Ireland and south-west England.

The number of houses being put up for sale fell for a 17th consecutive month in July, with estate agents having record-low amounts of property to sell.

Changes to stamp duty in April past year and a lack of new-build homes are also slowing the market. London's housing market has been particularly badly damaged by Brexit-related uncertainty, as well as stamp duty changes introduced in April previous year.


House prices in the United Kingdom rose at the slowest rate in over four years in July, hurt by lingering political uncertainty, recent tax changes and a limited number number of homes for sale, according to an industry body.

After months of decline in the London housing market, largely due to prime properties in the center of the city, prices in England's southeast had their worst performance since 2011, RICS said in a survey published Thursday.

"The flatter trend in price growth is arguably a silver lining but there is no real indication that the housing market will become materially more affordable anytime soon".

The survey indicated that house prices continued to rise and enquiries from potential buyers were up last month but that expectations for prices and sales in the three months ahead have moderated.

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