Tue, 18th Jun 2019
London has been experiencing a slowdown in the housing market for some time now, and that slowdown has spread to the rest of Southern England, according to research conducted by Zoopla.
House prices are falling in markets where, in the past, there had previously been high price growth. Manwhile, the more affordable and lower value markets in other parts of the south are seeing slightly better growth rates.
Popular commuter areas such as Woking and Basingstoke have seen house prices fall by 1.6 to 2.3 percent, while cheaper markets slightly further out are seeing prices rise. The average house price in the South is currently just over £323,000, which is up 0.6 percent on last year.
Housing markets in the south are following the trends set in London, but it is hoped that the falls will be more modest and generally shortlived. Historically, markets in the south do tend to reflect London’s prices, with slight deviation during key periods such as the global financial crisis. Analysts hope that by the middle of next year any Brexit uncertainty should have levelled out and that this would allow the markets to get back to more normal trading.
The current changes in house prices are thought to be partly because many workers are unsure whether their jobs in the city are secure. As some companies have already relocated and others are making plans to do so, it is hard for many workers to commit to a big new home in the city.