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House prices in London are being cut as the once-crazy market continues to cool
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- Prices in outer London boroughs have rocketed in recent years
- The number of asking-price reductions is growing fastest in those areas
LONDON — Homesellers in London areas which have seen runaway growth in recent years are being forced to cut prices as the market continues to cool, according to data from online estate agent Zoopla compiled for Bloomberg.
The number of asking-price reductions is growing fastest in outer London boroughs like Barking & Dagenham, where 28% of homes were discounted compared to 21% in January, and Newham, where 24.5% had reductions compared to 20% in January.
London has seen runaway growth in house prices in recent years, driven largely by increases in Prime Central London boroughs such as Kensington and Westminster, but prices in less fashionable boroughs have climbed faster recently as buyers looking for affordable alternatives push up demand.
Average house price, by English region, January 2004 to March 2017
HM Land Registry and Office for National Statistics
The central factor now driving the increase in discounted houses is affordability. Earnings to wage ratios, even in the capital’s less fashionable boroughs, have spiralled to the point where buying a property is beyond the reach of many prospective buyers, which has driven this year’s sluggish price growth.
Mortgage approvals in the UK also slipped in April, according to industry figures published on Thursday.
Here are the five London boroughs where reductions increased at their fastest rate between January and April:
1. Barking and Dagenham: 28% of Zoopla listings reduced in April compared to 21% in January
2. Newham: 24.5% compared to 19.7%
3. Redbridge: 30.2% compared to 25.6%
4. Tower Hamlets: 28.5% compared to 24%
5. Lambeth: 32% compared to 27.5%
Estate agents Savills forecasts that London’s housing market will flatline this year before returning to 3% growth in 2018.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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