At the end of 2016, we reported that the formerly invincible London home market had suffered its biggest crack in years, when home prices plunged the most in six years according to Rightmove. #London #RealEstate #HomeMarket #Mortgage
Asking prices in London dropped 4.3% in December with inner London down 6%. Meanwhile, the most exclusive neighborhoods, like Kensington and Chelsea, recorded even sharper declines at nearly 10% as home buyers migrated to cheaper areas of the city.
While it was unclear what the catalyst was: whether post-Brexit nerves, China’s crackdown on capital outflows, the ongoing depressed commodity market, or reduced migrations by wealthy Russian and Arab oligarchs, what is obvious is that the slump has continued. According to the Royal Institution of Chartered Surveyors, its price balance for the city fell to the lowest since February 2009 last month, plunging to minus 49, which means that a greater percentage of agents reported drops in March.
Closer to home, the Sydney and Melbourne real estate market seem to be at a knife's edge with experts claiming that a property bubble burst is on the horizon.
Call Madhu on 0425 341 086, for expert opinion and advice on the Australian market and the best mortgage suited to your needs.