Predictions for the London Property Market for 2019
House prices set to drop by 0.3%. That is the official stance of the Office for Budget Responsibility (OBR). Their figures show a decline in property prices in the final quarter of 2019. Laith Khalaf, a senior analyst with Hargreaves Lansdown has commented that the drop in house prices towards the end of 2019 means that the OBR expects “hardly any growth in house prices this year and next.” This is assuming that a hard Brexit is avoided.
It looks like the downturn will continue into early 2020 according to predictions. The OBR is expecting prices to then start to increase again with growth in the second quarter of 0.9%. Predictions are that house price growth of 4% will occur in the second half of 2020 and that this will remain the case for the following few years.
It’s a good time to buy property in London
We are telling buyers to buy now as prices are slowly decreasing. Why buy in a rising market? Prices are low now and there is likely a window of a year or so to buy before they go back up. Laith Khalaf said: “That trend isn’t a great reflection of the health of the property market or the UK economy, but it will be welcomed by those who are struggling to get on the housing ladder, particularly as real wages are forecast to grow too.”
Properties with realistic prices are selling
There is still a huge amount of buyers out there waiting on the right property to come along. Anything that comes to the market with a fair and realistic price is selling. Reluctant sellers have to know that if they want a sale in good time then they need to price accordingly. If they are trading up then their new purchase price will also be a reflection of the market. All in all now is a really good time to buy.
Take a look at property for sale in Royal Docks
If you feel that the timing is good for you then take a look at what our sales team in Royal Docks have on our books currently. We may have the right deal for you.