London house prices: going up, going down or staying flat? What does it all mean? The latest report from the Royal Institute of Chartered Surveyors (RICS), is here to help make some sense of it. Along with the latest research from Rightmove.
Here’s 6 Things You Need To Know About London House Prices Today:
- 1. Price Trends Are Now Flat, According To The October 2017 RICS UK Residential Market Survey. With Most UK Regions Showing A Flat Or Negative Trend In Newly Agreed Sales, Momentum In The Market Is Likely To Remain Subdued In The Near Term.
- 2. RICS Also Reports That The National Price Indicator Is Now Flat With London And The South East Still Downbeat. 70% Of Respondent’s Report Sales Prices Are Coming In Below Asking Prices For Homes Valued At £1m+. 62% Of Contributors Noted Sales Prices Were Coming In Lower Than Asking Prices For Homes Listed At Between £0.5m And £1m
- 3. According To Rightmove, Price Growth In Lower And Middle Sectors Of The Market Set To Continue In 2018. With Rightmove Forecasting Average Growth Of 3% For Typical First-Time-Buyer And 2% For Second-Stepper Properties.
- 4. Top Of The Ladder Properties, Predominantly Influenced By Ongoing Re-Adjustment In London And Its Commuter-Belt, Predicted To Fall By An Average Of 2%, Says Rightmove. 2017 Finishes Up With Annual Rate Of +1.2%. December Sees A Seasonal Price Fall Of 2.6% In The Price Of Property Coming To Market
- 5. RICS Says: Looking Further Ahead, Over The Next Three Months 11% More Respondents Are Predicting Some Decline In Prices At The National Level. The Most Cautious Predictions For The Near Term Once Again Come From London. Expectations Are Now Negative In Five Additional Regions (South East, East Anglia, South West, North East, West Midlands).
- 6. The Twelve Month View Is Stronger In Most Parts, With Ten Of The Twelve Regions/Countries Covered In The Report Expected To See Higher Prices In A Year’s Time. However, There Are Now Two Exceptions Says RICS – In London And The South East Prices Are Anticipated To Decline And Remain Flat, Respectively.
Landlords, Property Buyers And Sellers: What Does It All Mean For You?
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