UK housing prices enjoyed a resurgence recently based on good news. But now these prices have started a decline that is hard to deny. The London area seems to be hardest hit by these declining prices. Buyers should be wary and avoid purchasing houses that are not up to par. The market will have to weather another storm in the coming months in London. But the UK has been resilient before among dedicated buyers interesting in houses.
Key Takeaways:
- The UK housing market may be undergoing a contraction soon. The London area is the hardest hit by the recent news.
- Houses are unlikely to be sold to willing buyers on the market. That means they will remain vacant and could decline in value.
- London will certainly want to see the market change soon for buyers. The northeast region has been the hardest hit in London.
“Growth in UK house prices rose at a slower pace in June, yet remains close to the 5% average rate seen this year, with the slowest increases coming in London and the north-east.”