Housing experts say property prices for luxury homes in London will plateau for the next two years. The entire area has been stuck in a pause for the last several months due to the ongoing Brexit negotiations. Citizens, especially the coveted 30-39-year-old demographic have started moving out of London at a record pace. The market as a whole is projected to fall 4% by the end of the calendar year.
Through the first nine months of 2017, prices have fallen by 3.2% across London. This decline is forcing home-sellers to list their properties for much less than market value. Undoubtedly, some citizens are just refusing to even list their homes right now, hoping for an upswing in the market. But that doesn’t appear likely any time soon – the number properties listed at £1 million or more has already declined by 50% compared to 2016.
Home-buyers and sellers are left with one question during this troubled time in the UK’s history – when will the market progress? Most experts don’t believe any progression will be seen until at least 2019. And at that point in time, the market is only projected to rise by merely 2%. Initially, UK housing pundits believed Brexit would only cause a slight pause in the market, but since political tensions continue to build, most optimistic projections have been pushed back a year.
Manchester Property Remains Valuable
A recent study of the country’s top-20 cities shows that Manchester ranks third on a list of most valuable properties. Trailing just Birmingham and London, the Manchester market has seen a swift rise in housing prices as of late. Property values have risen nearly 7% in just the last year across the city. The splendid data shows housing equity came to £100 billion, mortgage debt registers at £32 billion, and total housing values comes in at an impressive £133 billion. While landlords and citizens continue moving out of neighboring cities, Manchester is holding on to its tenants and adding more each day.