London seeing 29% fewer transactions than last year

The London housing market has cooled from last year both in terms of property transactions and house price growth, Your Move’s House Price Index has found.

In the three months to April there were 29% fewer transactions than in 2016, while house price growth slumped to 2.7%.

Russell Quirk, chief executive of eMoov, said: “The latest industry data shows London property transactions are on the fall with prices likely to follow or at least stagnate.

“This lack of buyer demand will have been largely fuelled by those waiting for some stability from last week’s vote however it is likely this market slowdown will now linger like a bad smell over the coming months as a result of the rather unsavoury outcome.”

Transactions fell across the board in the capital, though the smallest reductions were in Havering, Newham and Bexley – three of the four cheapest boroughs.

Since March last year the market has been cooled by the 3% stamp duty surcharge on investment properties and second homes.

Political instabilities from the Brexit vote and this month’s General Election have also been mooted as factors for a market slowdown.

Not every borough was slow however.

Kensington and Chelsea and the City of Westminster saw annual house price growth of 8.8% and 9.7%, while Haringey saw the biggest yearly surge of 12.5%.

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Written by: Houseladder