London house prices fall, again.

The Nationwide House Price index shows that house prices fell 3.8% in the first quarter of 2019.  This means that London house prices in London are falling faster than at any time in the last 10 years.

House prices have now fallen for almost two years.  Nationwide blamed high prices and changes to buy-to-let rules.  They add that housing market activity across the United Kingdom was broadly stable.  New buyer enquiries continue to fall, hitting “their lowest level since 2008.”

England recorded its first annual price fall since 2012, with prices down 0.7 percent when compared to the first quarter of last year. Scotland, Wales and Northern Ireland all enjoyed price gains.

The Royal Institution of Chartered Surveyors (RICS) sees that Brexit is currently the main obstacle for market activity.  Uncertainty over Brexit is putting off buyers and sellers, according to estate agents.  RICS Chief Economist Simon Rubinsohn said that there was evidence that if Brexit could be resolved then the market would be reasonably well set.

“That doesn’t mean that prices will spike up, but it is visible in the responses that the degree of pessimism is measured,” said Rubinsohn.

While London house prices fall check our selling and buying guides to help you through.