London’s housing market is in flux with prices still rising on the outskirts and falling in most central areas. Values in the wider market are likely to slow over the next year under the weight of higher interest rates and a squeeze on household budgets.
(Bloomberg) —
London’s housing market is in flux with prices still rising on the outskirts and falling in most central areas. Values in the wider market are likely to slow over the next year under the weight of higher interest rates and a squeeze on household budgets.
Average prices for non-new build UK homes will probably decline 7.5% from autumn this year through to next, analysts at HSBC Holdings Plc said on Friday. Central London, which it classifies as Zones 1 to 3 on the underground, will suffer a decline twice that size, they wrote.
The negative outlook is a stark reversal for a market that has boomed since the financial crisis, with the average detached home in the capital now costing more than £1 million. Here’s what that kind of money buys you in the current market:
North London
This £950,000 three-bedroom semi-detached home has a garden and a garage. The local area is dotted with locally-owned shops and plenty of greenery that offer its diverse communities a calm atmosphere. It’s well-connected to central London with four Underground stations.
East Dulwich, SE22
This four-bedroom home is between Dulwich Village and Peckham. It measures more than 1,300 square feet (121 square meters) and is listed at £1.25 million. There are top-ranked state primary schools in the vicinity and the area is just a 15-minute train ride from central London.
South East London
Situated on a residential road, this house has four bedrooms, one bathroom and a rear garden. The southeast London surburb is located about 7 miles from the city center and draws visitors to its historic medieval palace. It’s offered at about £1.2 million.
Southgate
This £1.25 million property is a detached four-bedroom, two-bathroom home in Southgate. The area, part of London’s Enfield borough, is a multicultural melange with many high street shops, pubs and dine-outs. Central London can be reached in about 20 minutes on the Piccadilly line.
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