The Capital of the United Kingdom is known throughout the world as one of the most expensive places to live in. The closer you are to London; the prices of everything go up. This includes food, clothes and just living in general. However, there’s one major aspect of living that’s bucking the trend and falling in price.
We spoke to London2Let, property and flat share specialists in the capital, about this slightly unusual and un-expected phenomenon of house and property prices decreasing in London and they confirmed that prices are indeed falling. Surveyors throughout the capital confirmed recently that more house prices fell than increased in the capital.
Even though this is welcome news in the nations capital, house prices are still expensive compared to the rest of the United kingdom and an even further fall in house prices would be met with more and more property trying to get onto the property ladder.
Will this fall in house prices last? There are differences in opinion here. Some experts predict that this short fall in property prices will only be for the short term, maybe partially influenced by the up coming election in May, and they’ll continue to rise steadily in the next 5 years. Others are more hopeful that this could be the start of a new wave of affordable houses. Time will tell.