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

New York Weekend Edition /
Sep.September 30, 2017 09:58 AM

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
The median accumulation of wealth through homeownership for a Black family over the last 10 years is zero. (iStock)
UK’s Black families gain zero wealth through property ownership
UK’s Black families gain zero wealth through property ownership
Property buyers from the Middle East made up 16 percent of all sales to international investors (Getty)
Middle East investors returning to UK property market
Middle East investors returning to UK property market
Adding 1,500 units would be a significant boost to the housing stock of the district, which has only about 8,000 residents. (iStock)
Plan would convert London offices into 1,500 apartments
Plan would convert London offices into 1,500 apartments
Cheung Chung-kiu with photos of the mansion and renderings of the renovation (2-8A Rutland Gate)
The $500M house: Cheung Chung-kiu to overhaul $276M London mansion
The $500M house: Cheung Chung-kiu to overhaul $276M London mansion
Nick Candy and One Hyde Park (Getty, Wikimedia/Rob Deutscher/Flickr)
Sweet Jesus: Nick Candy asks $241M for London penthouse
Sweet Jesus: Nick Candy asks $241M for London penthouse
Birmingham and Bournemouth both saw a giant increase in demand. (Getty)
Demand for rentals rises in UK’s largest cities in Q1
Demand for rentals rises in UK’s largest cities in Q1
Glympton Park and Prince Bandar bin Sultan. (Getty, Twitter via NicholasKingsle)
Saudi prince sells 2K-acre UK estate to Bahrain’s royal family for $165M
Saudi prince sells 2K-acre UK estate to Bahrain’s royal family for $165M
Suneil Setiya and the One Hyde Park complex (Photos via Wikipedia Commons/Rob Deutscher and Synergos)
Phat flat: Hedge funder nears deal for $153M London penthouse
Phat flat: Hedge funder nears deal for $153M London penthouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...