30 Jun

Data suggests worst is over for London property market

Data suggests worst is over for London property market

The London property market is beginning to stabilise after months of falling house prices, according to new data from Haart.

It recorded only a 0.25 per cent drop in house prices in the capital in June, with the average value falling from £249,211 in May to £248,642.

Compared with a total drop in London property prices of almost 14 per cent in the last six months, this could be taken as an indication that the market is bottoming out.

Haart suggested that buyers may be taking advantage of lower prices and notes that the share of first-time buyers purchasing property in the city has risen to 19 per cent.

It also cites strong rental demand as another factor supporting the housing market.

Russell Jervis, managing director of the firm, comments: "Our data shows that price corrections have already happened and the market is now starting to stabilise, as it is underpinned by some strong fundamentals."

Recent research has suggested that the decline in affordability in the housing market is prompting many people to remain in the rental sector, fuelling higher rents.
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