London’s housing market is tanking like it’s 2009 and NYC might stand to gain

London housing prices post their first annual decline in nearly a decade

TRD WEEKEND EDITION /
Sep.September 30, 2017 09:58 AM

Analysts cite Brexit as the cause of London’s housing woes. (Pixabay, back; jacobolus/Wikimedia Commons, U.S. flag; User:Zscout370/Wikimedia Commons, U.K. flag)

The London housing market hasn’t looked this bad since 2009, with the capital’s housing prices posting the first annual decline in almost a decade, according to the Nationwide Building Society.

Average house prices posted 2 percent annual gain in September, according to Bloomberg, in comparison to a year ago when the annual gain was 5 percent.

“London has seen a particularly marked slowdown,” said Nationwide’s chief economist Robert Gardner to Bloomberg.

The cause of the slow is generally blamed on Brexit, however analysts claim there is cause for optimism: GfK says consumer confidence is on the upswing, while Lloyd’s Bank saw business confidence rise from its lowest point.

TRD reported this summer that the sky high prices London is known for may be a thing of the past — and what’s London’s loss might become New York’s gain. [Bloomberg] — E.K. Hudson


Related Articles

arrow_forward_ios

In London, WeWork already reaping rewards of planned Brexit: Global property

The TRD weekly global digest

London’s office market has proven to be surprisingly resilient (Credit: iStock)

Brexit is no longer slowing down London office developers

(Credit: iStock)

One winner in Brexit turmoil: London homebuyers

Europe’s development bank to remain in London, despite Brexit woes

Brexit banking exodus fuels real estate gold rush in Dublin

The Brexit effect in Amsterdam: High home prices and ultra-competitive bidding wars

The Reuben brothers have paid about $117M for a London office building

arrow_forward_ios