London’s housing market is in flux with prices still rising on the outskirts and falling in most central areas, A recent report by Bloomberg has revealed.
According to the report, the average prices for non-new build UK homes will probably decline 7.5% from autumn this year through to next.
Central London, which it classifies as Zones 1 to 3 on the underground, will suffer a decline twice that size, they wrote.
Values in the wider market are likely to slow over the next year under the weight of higher interest rates and a squeeze on household budgets.
The negative outlook is a stark reversal for a market that has boomed since the financial crisis, with the average detached home in the capital now costing more than £1 million. Here’s what that kind of money buys you in the current market:
This £950,000 three-bedroom semi-detached home has a garden and a garage. The local area is dotted with locally-owned shops and plenty of greenery that offers its diverse communities a calm atmosphere. It’s well-connected to central London with four Underground stations.
East Dulwich, SE22
This four-bedroom home is between Dulwich Village and Peckham. It measures more than 1,300 square feet (121 square meters) and is listed at £1.25 million. There are top-ranked state primary schools in the vicinity and the area is just a 15-minute train ride from central London.
South East London
Situated on a residential road, this house has four bedrooms, one bathroom and a rear garden. The southeast London suburb is located about 7 miles from the city center and draws visitors to its historic medieval palace. It’s offered at about £1.2 million.
This £1.25 million property is a detached four-bedroom, two-bathroom home in Southgate. The area, part of London’s Enfield borough, is a multicultural melange with many high street shops, pubs and dine-outs. Central London can be reached in about 20 minutes on the Piccadilly line.