House prices in London have been stagnating as prices across the rest of the country have felt a resurrection, chartered surveyors have revealed.
A recent survey, done by the Royal Institution of Chartered Surveyors (RICS), explained that the number of prospective buyers in Britain’s housing market increased in November, leading to a rise in sales.
Most of the UK is experiencing a rise in house prices, Rics stated, with the only exception being London. The market’s biggest losers are forecast to be London’s large homes as they will experience the smallest growth.
Similarly, London rental market has also experienced a drop as fewer tenants are interested in a rental home in the capital.
London’s house prices are being pulled down by high-end homes in the centre of the capital.
Simon Rubinsohn, Rics chief economist, said: “A key issue for the housing market is the slowdown in transaction activity since the spring which is clearly being reflected in the Rics agreed sales data as well as in official figures.
“Although there are some signs that the numbers may begin to edge up in the new year, the combination of macro uncertainty, the on-going supply shortfall and the myriad of tax changes impacting buyers suggest that any pick-up in activity would be relatively modest.”
