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Figures for house prices in September have shown that in London property has fallen in value faster than anywhere else in the UK, signalling a slowdown in the house price boom.
London’s Evening Standard newspaper reports that property in London fell by 1.1% in September – making the average house price in the capital £508,000.
Figures from estate agents LSL property Services show that house prices fell in 14 of London’s 32 boroughs in September.
Property prices in London are still 18.8% higher than they were in September 2013, however – but as the housing markets slows for the winter months it is anticipated that there will be a further slowdown, including in the new buyers market – the greatest falls in house prices were among new homes, which are eligible for the government’s Help to Buy scheme.
The average price for a new build homes fell from £415,000 to £394,000. The Help to Buy scheme allows first-time buyers to purchase a property up to the value of £600,000, paying a deposit of just 5%. Take up of the scheme has not been as popular in London as outside the capital, however.
In spring 2014, tighter controls on mortgage lending were also introduced to make sure that buyers did not overextend themselves financially. There has also been intense speculation about a possible rise in the Bank of England base rate, with the knock-on effect of monthly mortgage repayments rising.
Guy Meacock from agents Prime Purchase told the Evening Standard:
“After five years of strong house prices, there is plenty of uncertainty – with the forthcoming general election, possible mansion tax and an interest rate rise next year.”
Duncan Lewis Housing Solicitors
Duncan Lewis housing solicitors can advise home owners on housing matters which include debt management and mortgage repossession.
Duncan Lewis also offer competitively priced conveyancing services to home buyers.
For expert legal advice on housing law, call Duncan Lewis housing solicitors on 020 7923 4020.