London home prices hit six-year low in December

Miami /
Dec.December 12, 2016 01:30 PM

From the New York website: London home prices are falling down. According to U.K.-based property website Rightmove, home prices in England’s capital city have reached a six-year low in December.

Asking prices in the city have fallen 4.3 percent month-over-month to £ 616,160, or $775,500, Bloomberg reported. Inner London has dropped 6 percent, and Rightmove predicts prices in the city will decline 5 percent next year.

The report also found demand in London — which is measured by sales agreements — dropped 7.2 percent year-over-year.

Though average prices across inner-London dropped 2.6 percent, outer areas jumped 2.7 percent, which leveled out the average prices across the city. That disparity partly reflects the luxury end of the market, where an April tax increase on property investors and concerns about Brexit are weakening demand.

“Alongside the seasonal slowdown, the readjustment of prices to match buyers’ greater reticence continues, especially in more expensive inner London,” Rightmove’s director Miles Shipside told Bloomberg. “Buyers are being put off the really big-ticket purchases.”

In the quarter following the Brexit vote in June, London house prices fell 14 percent year-over-year.  The vote had raised New York City brokers’ hopes that international investors would flock to New York City[Bloomberg] — Miriam Hall  


Related Articles

arrow_forward_ios
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
2621 Flamingo Drive in Miami Beach with Mike Hezemans and Rita and Roman Shukhman (Compass, Wikipedia, Getty, LinkedIn)
Pro race car drivers sell Miami Beach spec house for $10M
Pro race car drivers sell Miami Beach spec house for $10M
Michael Dorrell, co-founder and CEO, Stonepeak Infrastructure Partners, in front of 235 Solano Prado in Coral Gables (The Jill Zeder Group, LinkedIn/Michael Dorrell)
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
arrow_forward_ios

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

Loading...