Property News: London House Prices Fall £13k!

The latest property news in London and the rest of the UK

London house prices fall £13,000 in a month

In the past month, London's average asking prices have decreased by over 2%, or £13,000, as worried buyers withdraw from the market in response to the rising cost of living and owners lower prices more frequently.

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First-time buyers must climb an increasingly difficult housing ladder

Rightmove have said that because of rising home prices and interest rates, first-time buyers successful in saving for a down payment, obtaining a mortgage, and securing a property now face average monthly mortgage payments that are +22% than two years ago.

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Home county house prices are growing faster than those in London

Since 2010, the home counties' average property prices have increased faster than the London housing market, according to statistics published by the investing platform Saxo.

Saxo, which analyses the inflation levels of house prices in the UK, reveals the average house price in Buckinghamshire has risen 70% from £289,764 in 2010 to £491,369 in 2022. House prices in Surrey and Hertfordshire have risen around 50% since 2010. In contrast, house prices in London have increased from £413,350 in 2010 to £552,775 in 2022 – a rate of 34%.

House prices in the wealthiest areas of England have increased by 43%, a similar figure to the poorest areas, where property prices have risen by 38%. Additionally, house prices in Berkshire, Bath and north-east Somerset and West Sussex have all gone up by 50%.

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Developers putting a 16-story tower block atop Liverpool Street Station have vowed not to harm the iconic station

The developers who want to put a 16-story tower block above Liverpool Street Station have vowed not to harm the iconic mainline station with their proposals.

The £1.5 billion project, according to conservation groups, will "trample" over the Victorian station and impede vistas of St. Paul's Cathedral, they claimed, but these claims were based on "misconceptions and misunderstandings."

With the promise of £450 million in station capacity improvements, Sellar, the company that constructed the Shard at London Bridge, and Elizabeth line operator MTR UK want to construct a 10-story office building topped by a six-story hotel. The relocated Andaz currently occupies the former Great Eastern hotel.

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Renters in London have now used the Mayor's online tools 500,000 times

New figures show the Mayor’s Rogue Landlord and Agent Checker has now been used 388,000 times since 2017, and his Property Licence Checker, launched in November 2020, has been accessed 125,000 times
The checkers have been viewed 128,000 times in the last year alone as many of London’s renters grapple with soaring rents and poor standards

Sadiq Khan, the mayor of London, has commended Londoners for using his cutting-edge online tools for renting to assert their rights in the tumultuous and unpredictably changing London rental market and asked the Government to follow his lead and implement them nationally.

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Rich Londoners who are unable to sell end up as "accidental landlords."

According to a survey, an increasing percentage of rich Londoners who are unable to sell their properties end up accidentally becoming landlords.

This is due to the fact that the housing market in the city has slowed to the point that, according to one real estate company, there has been a significant increase in the number of upscale London rental homes that are being made available for rent.

The company cites a trend where property owners give up trying to sell and instead put their houses on the rental market.

Chestertons reports that in the first two weeks of this month, the number of London residences advertised skyrocketed by 15% compared to the same period last year.

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