London’s house prices slump prevents UK’s prices growth five months in a row

Time to read
less than
1 minute
Read so far

London’s house prices slump prevents UK’s prices growth five months in a row

October 11, 2018 - 11:46
0 comments

London’s house prices slump prevents UK’s prices growth five months in a row, Bloomberg reports. Meanwhile, concerns over Brexit and interest hike continue scaring away buyers.

London, UK | © Rudy and Peter Skitterians, CC0 1.0

London’s house prices slump prevents UK’s prices growth five months in a row, Bloomberg reports. Meanwhile, concerns over Brexit and interest hike continue scaring away buyers.

According to the report of Royal Institution of Chartered Surveyors (RICS), prices in the country as a whole fell last month. Brokers in the capital showed the biggest drop. Other parts of country demonstrate price growth.

Second report in a row shows decline in new buyers’ demand, while indicator of sales expectations from RICS becomes more and more pessimistic.

UK’s housing market shows decline after three decades of booming, which was stimulated by supply deficit across the country. London, which always demonstrated high growth, now suffers the most due to pessimistic economic and political outlook ahead of country’s divorce with European Union.