House Price Growth Stalls in Capital City of London

House Price Growth Stalls in Capital City of London

Expectations within the capital city of London have eased a bit regarding housing market activity with many reasons to blame. Political uncertainty, increased level of inflation, tax changes, and Brexit have all combined to take its toll on a market which had enough steam to carry it on for months. Now, the market has softened, demand for housing has slowed down, and optimism does not ride as high as it did just a few months ago.

The London housing market is continuing to slow and according to experts little is standing in its way to keep going. Demand for housing has cooled off and asking prices for properties are doing the same. According to Rightmove, asking prices did not eclipse 1.6% increase compared with prices during August of last year. It is an increase over the month of July, but far less than expected compared with August months of past years.

Remortgage continues its high level of activity whilst many homeowners are acting before a hike in interest rates takes place. Even though the last meeting of the Bank of England Monetary Policy Committee revealed a 6-2 vote in favor of keeping the base rate at the current level, there are whispers of a possible interest rate boost within the expert community. Property owners are urged to act quickly to gain all benefits from a remortgage which are possible.

Despite house prices easing a bit in most regions of the city of London, Chelsea and Kensington and the City of Westminster raised their prices during the month 7% and 8%, respectively.

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