The Real Deal New York

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
September 30, 2017 09:58AM

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