He is over Stamp duty Holiday coincides with cooling Londonof Real estate marketAccording to the latest Rightmove house price index, the asking price dropped by 1.5% last month.
The price contraction brought the average price in the capital to £635,585, offsetting gains from the past year as buyers scrambled to benefit Tax cuts of up to £15,000In the past year, the average asking price in London has risen by less than 1% of the inflation rate.
Prices in seven of the 11 UK regions also fell month-on-month, including the southeast (down 0.5%) and the east (down 0.2%). Wales performed best, with house prices rising by 2.3% last month, and last year’s increase was just under 11%.
It now takes an average of a little over eight weeks for the average house in London to find a buyer in London-about the same as the same period last year.
The latest RICS UK Housing Survey also reported that “the market has cooled slightly” because Stamp duty exemption Gradually decreasing, the number of new buyers, new sales and new listings are all declining.
At Wimbledon, John King of Andrew Scott Robertson’s real estate agent said that the start of school holidays also had an impact on buyer activity and predicted that “August will be very slow.”
“The current market is very price sensitive, and a small drop in asking prices will bring more enquiries,” he said.
William Delaney, the managing director of Lawrence Ward & Co, based in the city, blamed politicians for “fragile” buyer confidence. “Confusing government information, concerns about further lockdowns, and concerns about the economic impact of government measures mean that buyer confidence is still fragile,” he said.
In London as a whole, the annual changes in asking prices in remote boroughs and major central boroughs are the strongest.
Barking, Dagenham and Kingston on Thames are far ahead, with a year-on-year growth of slightly more than 7%. But Kensington, Chelsea and Westminster also performed strongly, increasing by 6.6% and 5.8% respectively.
Winkworth CEO Dominic Agace said that the revival of the central area reflects people’s growing desire to return to normal life. “People are eager to return and continue their lives,” he said. “The pandemic has intensified the desire for green space, with Notting Hill and other areas topping the list.”
In today’s report, Harrow, Bromley, Redbridge, Bexley, Sutton, and Enfield are among the top ten administrative districts.
On the other hand, the wealthy North London enclaves of Camden and Islington saw the biggest annual price declines—about 5%.
Tower Hamlets has been severely affected by the WFH trend and the consequent lack of demand for apartments in the city and near Canary Wharf, and asking prices have fallen by 2.3% annually over the past year.
