Prices in the capital fell 1.8% in December 2019
London house prices performed worse than anywhere else in the UK last month. New figures reveal that they slipped nearly 2%, compared with December 2018.
According to the latest index from Nationwide, the average price for a London home last month was £458,363, down 1.8% year on year. It was the 10th quarter in a row that prices in the capital have fallen.
Scotland was the best-performer, with prices up 2.8%, followed by the West Midlands (2.7%) and the North (2.6%). The outer south-east region saw prices fall 1%.
Average house prices across the UK were 1.4% higher last month when compared with December 2018. This was the first time that the rise had been above 1% for 12 months, Nationwide said.
Robert Gardner, Nationwide’s chief economist, said he expected prices to remain “broadly flat” over the next 12 months, with the economic situation still the key driver. The outcome of any trade deals following Brexit this month would be key.
“Much will continue to depend on how quickly uncertainty about the UK’s future trading relationships lifts, as well as the outlook for global growth,” Gardner added.
As well as being the worst performer last month, London also topped the chart for the length of time it would take someone earning average wages to save a 20% deposit to buy a typical first-time buyer property.
The figure of 15 years assumes that the prospective buyer is able to set aside 15% of their £2,900 take-home pay each month.
No comments yet