A recent article in the Metro states that since Brexit, the property market has seen decreasing prices in central London, while in the city’s surrounding areas, house prices are slowly creeping up. Since the Brexit vote, the property market has been uncertain. Numerous opinions have been given on the fate of London’s house prices, but now the air has cleared, perhaps we are seeing a pattern emerge.
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Prices on the up, and the down
According to data from Haart Estate Agency, the average price of houses in the centre of London has been dropping, but on the outer boroughs, prices are staying strong, despite worries over the effects of Brexit on house sales. Paul Smith of Haart Estate Agency, has dubbed this phenomenon the “reverse ripple effect” and compares it to the previous “London first” attitude to buying property in England. Until Brexit, property in the centre of London was the most desirable in the country, but it seems now that the outer areas are getting their chance.
Who can benefit from Brexit?
This could be great news for those homeowners who want to sell their outer London properties, but have been cautious due to the current political climate. The “reverse ripple effect” means that these sellers will be able to get a better price for their property. But it’s not just sellers who can benefit from this situation. Buyers would be wise to take advantage of the current drop in prices for houses in the centre of London, with first-time buyers being given an opening to get onto the London housing market ladder at a reduced price.
How to find out more?
The housing market is always hard to predict, never more so than now, however we’re keeping an eye on London and its outer boroughs. This could be temporary or it could be a long-term change in the direction of more affordable housing in our capital city’s centre, plus better profits for those outside the city limits. If you’d like to discuss the housing market with an expert, give us a call on 0800 038 6699, or if you’re looking for a competitive conveyancing quote, use our quick quote system to see how much we could save you.