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London property bubble set to burst?

As average house prices and transactions across the UK continue rise, with prices up 1.5% to reach £293,000, one could be forgiven for thinking everything was rosy in the property market.



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However attached comes the news from a Twenty Ci & Homemover report that house prices in the capital have dropped 8.4% with the average inner London house now costing ‘just’ £761,000. *Thousands of young Londoners sarcastically cheer*.

 

With market volatility seemingly dissipating across the UK, following brexit instability, it appears the regions are now safe with only London continuing to suffer as could be expected with its greater exposure to the international market.

 

But are we witnessing the beginning of the bursting of the bubble?

 

Probably not.

 

As a recent Knight Frank report showed despite the (or because of) there has still been a 23% increase in central London sales annually, with them experiencing a 12% increase in new prospective buyers in the first half of this year.

 

As one young Londoner can confirm, cheaper house prices are boosting interest for buyers and despite some consternation about the impact of Brexit, London remains an unbelievably attractive place to live. When a good property comes up at a good price, the chances are you still don’t hang around.

 

 

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