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Property market slowdown ‘rippling out from London and the south-east’

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The market slowdown that began in London now seems to have spread beyond the south-east and east, to the east midlands and the south-west.

In a pattern that may seem like a case of deja vu to a number of agents, the claim comes from the website Home, which takes its listings from the portals and from agents’ own sites.

It said that London prices are continuing to slide, and are now on average down 2.5% on a year ago.

Time on the market in London is now 11% longer than this time a year ago, up by 14% in the south-east, and by 16% in the east.

Home said that the markets are continuing to grow in Wales, Scotland, and the north-west and Yorkshire.

However, it warns that affordability is looking like a problem in both the east and west midlands, where house prices have grown some 30% in the last five years.

It also said that the recovery that began in the north-east could be faltering.

Home said that marketing times in the region are not decreasing sufficiently to sustain price increases. It said that in the last five years, average asking prices in the north-east have grown by just 2.2%.

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Source:: Property market slowdown ‘rippling out from London and the south-east’