London property values have performed worse than any other UK region, for the first time since 2009.
According to the latest report from Nationwide, property prices in the capital fell for the first time in eight years, as growth in property values across the rest of the UK continued to slow down.
From July to September, London property values were 0.6% lower than during the same period last year – the lowest they have been since 2009. Property values in the remainder of the UK remained relatively static, with a slight increase of 0.2%, taking the average cost of a home to £210,116.
The rise in property values continued to slow for the third month running; at 2%, it was the slowest increase in the last four years. Nationwide stated that the slowdown in property values is due to rapid growth in house prices, making it even harder for potential buyers who are already struggling. The economic and political uncertainty is also a factor, with many buyers waiting until after Brexit to buy property.
Property values in the north of the country are performing better than those in the south, with Manchester having the highest property price growth during August, at 7.3%. According to a prediction from Nationwide, property values are expected to increase by 2% during the next 12 months.
CeMAP qualified mortgage advisors are aware of current changes in the market, which may impact on a decision to buy a home. Seeking advice will ensure that you secure the best available mortgage deal for your circumstances.