Alibek Issaev talks about UK Property Market
There are tentative signs of market recovery despite year-on-year house price falls in the capital.
The new data shows that the average asking price had nudged up slightly by 1.1 per cent (or £6,694) from March this year to April across Greater London — the biggest month-on-month uplift seen at this time of year since 2015. Recent research shows that the postcode of W1T — Marylebone, Fitzrovia and Soho — has seen the largest increase in demand with transactions up a staggering 315 per cent between 2017 and 2018, albeit from a very low base.
Large family houses see biggest drop in asking prices.
The average asking price for large family homes in London has fallen nearly eight per cent to £1,331,227 over the last 12 months. The stamp duty burden, combined with prolonged Brexit uncertainty as the new deadline to leave the EU is pushed to the autumn, has quashed activity at the top of the mainstream housing market.
Advertised values were also down in the first-time buyer sector too by 2.5 per cent from April 2018 to April 2019.
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Alibek Issaev specialises in Tech investments. He is founder of Dudu and other apps.
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