{"id":33388,"date":"2016-11-08T00:07:32","date_gmt":"2016-11-07T17:07:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=33388"},"modified":"2016-11-07T21:20:39","modified_gmt":"2016-11-07T14:20:39","slug":"house-prices-rise-across-uk-except-in-prime-central-london","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/house-prices-rise-across-uk-except-in-prime-central-london\/","title":{"rendered":"House prices rise across UK – except in prime central London"},"content":{"rendered":"


\nThe price of central London’s most expensive homes fell again in October, while those in the rest of the United Kingdom rose, new reports said on Monday.In the latest sign that the capital’s high-end property market is cooling since Britons voted to leave the European Union, Knight Frank said prices fell by an annual 2.3 per cent last month in London’s most desirable postcodes, the biggest drop in seven years.A decline of 1.8 per cent in August and 2.1 per cent in September had been the biggest falls since October 2009, when prices fell 3.2 per cent as Britain began recovering from the effects of the financial crisis.Prime central London stretches from Kensington and Notting Hill in the west to the City of London in the east. The biggest drop was recorded in Chelsea, where prices fell 9.9 per cent.”Uncertainty generated by the decision to leave the EU has made vendors more realistic on asking prices,” aid Knight Frank’s head of London residential research Tom Bill.Stamp duty – paid on purchases of new homes – was increased from April on second homes and buy-to-let purchases, particularly hitting central London where many buyers are foreign investors.The timing, which brought forward many purchases and resulted in a slump afterwards, makes it difficult to disentangle the effect from the uncertainty created by the run-up to the June 23 referendum and the decision to leave the EU.The upmarket estate agents Savills said in September that prices in London’s prime locations will fall by 9 per cent this year and not grow again until 2019.There are also signs that foreign investors are bargaining down prices and using the fall in the value of the pound, which has declined by around 15 per cent against the euro and the dollar since the referendum, as a way to snap up London property with large discounts.”While sales have been weaker, a combination of lower asking prices and a weaker pound has begun to push demand indicators higher,” said Bill.Across the whole of the United Kingdom, however, home prices rose for a second month in October, helped in part by an ongoing lack of supply of properties for sale.The mortgage lender Halifax said values rose 1.4 per cent compared with a month earlier as the stock of homes available remained around a record low. From a year earlier, values in the three months to October were 5.2 per cent higher. That is far below a peak of 10 per cent annual growth in March this year, but still “robust”, the Halifax said.The monthly increase lifted average values to \u00a3217,411 (Dh992,313).The housing market has been stronger than many expected following the vote to quit the European Union. After the first interest-rate cut in seven years in August, mortgage approvals rose in September after slipping for most of this year, according to the Bank of England. The central bank said activity is being buoyed by positive consumer sentiment alongside record-low borrowing costs.”Very low mortgage rates and a shortage of properties available for sale should help support price levels,” said Martin Ellis, an economist at the Halifax.The lender also said that activity levels “have softened compared with a year ago”, although sales have stabilised after distortions earlier in the year due a tax change.* Agenciesbusiness@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…House prices rise across UK – except in prime central London<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of central London’s most expensive homes fell again in October, while those in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-33388","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8Gw","jetpack-related-posts":[{"id":21879,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-central-london-house-prices-tumble-by-most-in-seven-years-and-values-face-major-shock\/","url_meta":{"origin":33388,"position":0},"title":"Prime central London house prices tumble by most in seven years and values face 'major shock'","date":"August 3, 2016","format":false,"excerpt":"\r BloombergHome prices in London's Knightsbridge district dropped 7.3 per cent in the 12 months through July, the biggest annual decline in almost seven years, as Britain's vote to leave the European Union accelerated price drops caused by rising taxes.Values fell 1.5 per cent across central London's best districts, with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43391,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/house-prices-tumble-in-londons-most-expensive-neighbourhoods\/","url_meta":{"origin":33388,"position":1},"title":"House prices tumble in London's most expensive neighbourhoods","date":"February 8, 2017","format":false,"excerpt":"\r Home values in the Bayswater district fell 14 per cent in the 12 months through January, the biggest drop in central London's best neighborhoods, as sellers cut their asking prices in the wake of the Brexit vote.Values dropped by an average of 6.7 per cent across the capital's best\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21975,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/weak-pound-creates-bargain-london-property-deals-for-gulf-buyers\/","url_meta":{"origin":33388,"position":2},"title":"Weak pound creates bargain London property deals for Gulf buyers","date":"August 4, 2016","format":false,"excerpt":"\r Arabian Gulf property investors have begun bargain hunting among London's most exclusive addresses as prices tumble.House prices in some of the parts of London most popular with GCC investors have suffered their biggest annual falls in nearly seven years.Average prices in the London district of Knightsbridge fell 7.3 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34578,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/londons-top-boroughs-see-prices-plummet-most-in-five-years\/","url_meta":{"origin":33388,"position":3},"title":"London's top boroughs see prices plummet most in five years","date":"November 16, 2016","format":false,"excerpt":"\r Land values in central London's best districts fell 10.3 per cent in the year through September, the biggest fall in at least five years, as higher taxes and the Brexit vote cause luxury home prices to fall.Banks are less willing to lend for site acquisitions and construction, fuelling the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52718,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-house-prices-see-sharpest-fall-in-eight-years\/","url_meta":{"origin":33388,"position":4},"title":"London house prices see sharpest fall in eight years","date":"April 24, 2017","format":false,"excerpt":"\r London house prices posted their largest annual drop in almost eight years in April as buyers shunned the British capital\u2019s central areas. The average asking price in the city fell 1.5 per cent to \u00a3636,777 (US$813,000) from April last year, the largest annual decline since May 2009, property website\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11486,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-brings-mini-dubai-to-londons-harrods\/","url_meta":{"origin":33388,"position":5},"title":"Emaar brings 'mini-Dubai' to London's Harrods","date":"April 27, 2016","format":false,"excerpt":"\r Emaar Properties has brought a taste of Dubai to one the world's most famous department stores as it attempts to attract foreign investors amid the property slowdown in the emirate.The Dubai developer, builder of the Burj Khalifa, is launching and exhibiting its latest project at Harrods in London until\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/33388"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=33388"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/33388\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=33388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=33388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=33388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}