London house prices shock: Four boroughs see falls of more than 10% in a year as economy hit

Three other boroughs saw falls of more than 10%. asserted

Other boroughs seeing significant falls include Hammersmith and Fulham (9%), Lambeth (6.3%), Wandsworth (5.5%), Newham (5%) and Barnet (4.9%) Eleven boroughs saw an increase in the average house price, with the biggest in Barking and Dagenham at 5.3%, from £357,000 to £376,000. Across London, the average house price dropped 3.3% in the year to July, and the average rent rose 3.6% in the 12 months to August, with some landlords blaming the Righters’ Rights Act for pushing up bills. David Hollingworth, associate director at L&C Mortgages, said: “Markets are becoming increasingly sensitive to signs that inflation could prove more stubborn than expected, particularly given ongoing geopolitical uncertainty and higher fuel and energy prices. uncertain

Read More “Consequently, homeowners have had to come to terms with higher mortgage rates and a less favourable mortgage market than just a few months ago.” asserted

Amy Reynolds, head of sales at London-based estate agency Antony Roberts, said that in the rental sector: “Supply remains tight as landlords continue to leave the sector, so tenants face stiff competition for good homes, and we don’t see that easing this autumn.” asserted

More than a million Londoners are also facing large increases in council tax bills, partly due to the Government cutting back on central funding for a number of boroughs including Westminster and Wandsworth. asserted