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London Property – The Market Outlook

Following successive years of rapid growth, London property prices finally appear to be slowing. With the average London house price at £489,400, the affordability of London homes and the government's Stamp Duty tax hike for second-home owners has been deterring first-time buyers and investors alike. This has seen price growth in the capital drop from 13 % on the year in April 2016 to just 3.5 % this year. (April,

This is not, however, necessarily a bad thing for first-time buyers. There has been an expansion in the number of developments offering shared ownership schemes and developers offering help to buy equity schemes too. This presents first-time buyers with a means to get that first pivotal foothold on the property ladder.

For those investors concerned by the slowdown in price growth, there are two reasons to continue to view London as a profitable investment opportunity. As a global cultural and financial centre, the city retains its allure for foreign students, visitors and economic migrants and will continue to provide a high rental income.

A closer look at the statistics shows that some London boroughs have continued to grow unabated, particularly in the increasingly trendy East End. The boroughs of Hackney, Havering and Barking & Dagenham have also seen prices increase around 5 % in 2017 whilst Barnet has rocketed by around 10 %. Conversely, some boroughs in the south-west of the city, Hounslow, Merton, Wandsworth and Richmond have also seen significant decline on the year.

London, therefore, still remains an enticing opportunity for both property investors and first-time buyers alike. It is clear, however, that everyone will need to be a little more savvy and selective about where they buy and which areas have the biggest potential for growth. (May 2017

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*MJP Conveyancing LTD is authorised and regulated by the Solicitors Regulation Authority – SRA No. 590889

MJP Conveyancing Ltd is a company registered in England and Wales Registered No: 8026741 VAT Number: 157917571. A full list of the directors is available upon request. We use the word 'Partner' to refer to a Director of the Limited Company, or any employee or consultant with equivalent standing and qualification. Equality and Diversity Policy Equality and Diversity Policy Statement for Clients * - In calculating this we measure the average time it takes to reach the stage of exchange ( not the date you actually move in which is known as the completion date) from the date we receive the contract from the sellers solicitors or from when we send the contract to the buyers solicitors. This period can be longer when delays arise which are not within our control. We cannot guarantee that we can achieve this average turnaround time in all transactions. This turnaround time does not apply to leasehold and leasehold and new build transactions.
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