What Does The London House Price Drop Mean For Homeowners?
Average prices fell to 593,396 pounds ($820,000) in January, an annual decline of 2.6 per cent, according to a report published by Acadata. That is the most since August 2009.The city will be the weakest performing market in the country over the next five years, said Lucian Cook, head of residential research at broker Savills Plc.”
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What does this mean for homeowners?
This is good news and bad news for the London area. The positive is cheaper housing, helping more people to get onto the property ladder. There is less stress and struggle with huge mortgages to pay off or having to pester parents for money for support.
The negative is people trying to sell their houses in these areas will get less than what they could be worth. This can often result in an increase of people holding off moving and waiting for an increase in the housing market. This can make business harder for property developers because homeowners with plots that are of great development potential may not be as willing to sell and move.
Within risk there is opportunity
While this is naturally a risk for Lumiere Property, we believe that within that risk comes an opportunity. We offer our customers an alternative way to sell. Our customers receive an above-market offer that we base on our research and development potential. We are also experts at unlocking development potential value in people’s gardens. This can help people release funds and still stay in their homes until house prices stabilise.
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