According to recent data from Rightmove, asking prices in the London real estate market fell 0.5 percent for homes in London, well above the nation’s average drop of 0.1 percent during the same period. Even the smaller UK-wide decrease, the first in seven months, may herald a falling market. These kinds of decreases can be a result of initial overpricing or a failure to reduce prices promptly in response to interested buyers who fail to actually make a purchase. Slow economic growth and Brexit-related uncertainty may be helping to end a three-decade British housing boom.
Key Takeaways:
- Prices of houses in UK have dropped due the market fall for homes.
- London, who sells homes almost double the national average, has dropped as well.
- More sellers and less buyers is making the housing market compete more.
“UK house prices on Monday fell for the first time in seven months, as sellers adapted to the reality of a weaker market.”