Britain’s biggest mortgage lender Halifax has said that the economic fallout caused by the Coronavirus Pandemic will catch up with the property market in 2021, with Property Prices expected to plummet.
A fall in house prices of between 2% and 5% is predicted for the coming year.
Further research by Astons has found that London’s high-end market has seen a fall in property prices. Since the beginning of the pandemic, ‘sold prices’ have fallen by 10% in London’s most high-end postcodes. Areas such as Mayfair and St James’s has seen prices drop by around 40%, meaning some properties have dropped from £4.9m to £2.9m. Kensington was found to have the second-largest decline with prices dropping by 18%.
Despite these declines, there are some prime London postcodes that are still enjoying a price boost, for example: Chelsea is seeing increases of between 12% and 23%.
Keller Williams UK has found that rental prices in London are declining, having fallen by around 3.4% (equating to roughly £58).
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Written: 27 January 2021