Are North vs South Property Price Trends Reversing?

In response to the latest UK House Prices index announced by the ONS Sam Mitchell, CEO of online estate agents Housesimple.com, has commented:

“These latest figures confirm what we already know, that the north-south divide has been turned on its head.

“While property prices in the north have a spring in their step, driven by inward investment, thriving regional business hubs and a buoyant jobs market, London price growth is in reverse.

“London is firmly a buyers’ market at the moment with heavy price discounting the norm. There is a new reality in the capital that sellers are having to come to terms with.

“Prices are down on last year, and sellers have found it difficult to adjust to these price adjustments. Having enjoyed strong price growth for a decade it’s easy to become complacent and assume this upward trajectory will continue unabated.

“Many of the transactions going through at the moment are down to sellers accepting offers a fair bit below the asking price. Sellers and agents need to adjust their price expectations if they want to attract buyers.”