By Euro Weekly News Media • 07 January 2017 • 11:00
LONDON PROPERTY: Many professionals are now leaving the capital for cheaper pastures.
A SURVEY of some of the world’s top property experts has found that the majority believe that 2017 will the year the extraordinary London price boom finally comes to an end.
Conducted by The Times, the poll found that 22 out of 39 leading economists reckoned the show was over for the British capital. Most alarmingly some even anticipated prices dropping by a hefty 10 per cent. Prime central London areas have already dropped by up to 13 per cent in 2016 while the JP Morgan analyst thought a city-wide 7 per cent fall is likely this year.
The survey confirms the expectations outlined in a report from the Royal Institute of Chartered Surveyors. It forecast a stalling of growth across the UK, a development that would fly in the face of over a decade of sharply rising prices.
House prices in the capital hit an average of more than €0.5 million in 2016, up from less than €300,000 in 2006.
The reasons for the expected price fall this year are many, but fortunately for the rest of Britain mainly revolve around London itself. Having been priced out of the market for too long, many professionals are now abandoning the expensive capital in search of greener, cheaper pastures from Birmingham to Brighton and Manchester.
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