- While UK property prices are generally rising, some London boroughs are experiencing annual decreases, with central areas like Islington down more than 8 per cent, Kensington and Chelsea down 15 per cent, and Westminster a full 20.1 per cent.
- NAEA Propertymark president Toby Leek notes that despite London's attractiveness, high house prices relative to wages, increased stamp duty, limited housing supply, and higher interest rates are making it difficult for aspiring homeowners to enter the market.
- Data indicates a shift with more people leaving cities for smaller towns or rural areas, influenced by factors like the pandemic altering work-life balance perceptions and the desire for larger, more affordable properties.
- Personal finance analyst Alice Haine highlights that Londoners face challenges due to high mortgage payments, rising living costs, and frozen tax thresholds, making relocation to cheaper areas appealing.
- Bank of England data reveals a continued decline in mortgage approvals for home purchases, and with interest rates expected to remain high, buyers and those remortgaging may need to adjust their plans.
IN FULL
House prices are dropping across London – but people are still having to leave the capital to buy
