If you’re anything like us, the idea of renting for the rest of your lives is- let’s not beat about the bush- soul-destroying. Sure, we’re lucky to have a roof over our heads, but just imagine how amazing it’d be to have a place of your own in London. Well, if what you’re about to find out is anything to go by, this could be about to become a very exciting reality.
According to new figures from the Land Registry, London house prices are rising at their slowest rate for nearly five years. Hallelujah.
The price of the average London home increased by just 3.7% in the year to February, and has dropped even further since January 2017.
Okay, they are still rising, and the average price is still an eye-watering £474, 704, but the slow increase means we might be actually be able to save towards a goal that won’t dramatically change by the time you make any headway.
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House prices in the rest of England, meanwhile, are still growing at a steady 6.3% year upon year.
As for London boroughs, there are four slowing down most drastically. Tower Hamlet prices are falling by 2.9%, Brent by 2.3%, Islington by 1.9% and Hammersmith and Fulham by 0.2%. The only boroughs increasing with double digits are Havering and Kensington and Chelsea.
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Why? Apparently, the property market in London began to slow down earlier this year, due to increases in stamp duty and “economic uncertainty”.
Whatever it is, we can’t help but think this could be life-changing. Not that we’re dramatic, or anything…