House prices are only one area of the UK housing market which has been referred to as unpredictable and unforecastable since the Brexit vote took place and the UK decided to leave the EU. Other areas have also been difficult for housing experts to foresee what will happen next, especially within the city limits of London. Property in the capital city has seen meteoric growth in value over the past two decades. Property prices have tripled in the span of twenty years. Recent data indicates the supersonic rise in prices could be coming down to earth.

The London property market appears to be returning to being a buyers’ market. Economists are seeing a new trend develop in which house price growth is slowing down and not outpacing the rise in inflation at such a massive level.

According to the latest economic data, house prices are expected to fall almost 2% this year in the capital city and an additional 0.3% next year. These forecasts are predicted even if there is an absence of a Brexit deal.

According to data from Rightmove, asking prices in London decreased 1.7% this month compared with the month of October.

Many have pointed a finger at Brexit for the sudden drop in house prices. Others are turning their focus towards stamp duty as a possibility for the change. Land tax is also being blamed for the sudden drop in house prices as a potential secondary reason.

Following the predicted dip in house prices within the city limits of London, property values are expected to rebound 1.5% in the year 2020. At the same time, economists see inflation rising by 2%.