Well, while we’re definitely living in uncertain times, the evidence suggest that yes, it is. From the peak prices of 2014, through the uncertainty of the referendum and the ensuing two years, prices have dropped, across SW London, Central London and the rest of the country. If you have the means, it is definitely a buyer’s market.
In November 2018, Rightmove reported a drop in prices of 1.7%, which was the largest price drop in in that month since 2012. The stand-off between buyers and sellers is thawing.
House prices in the UK are expected to rise by 14.8% between 2019 and 2024, in line with rises in average income. But some of the slowest growth is expected to be in London, meaning there are plenty of deals to be had. Ed Mead, founder of property services company Viewber, told the Financial Times last year, “I think it’s the best time there’s ever been to buy in London,” he said. “Most people sell because they want to buy something bigger. Say you’ve got a £1m house that’s now worth £850,000. You’re trying to buy your dream house, which might have cost you £3m three years ago, and you can probably buy it now for £2.25m. Who’s winning there?”
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