House price momentum continues to slow down
Property price gains have slipped in the past three months to October and growth is now at it’s lowest level since May 2013, according to a report from the Royal Institution of Chartered Surveyors.
The estate agents Savills have also forecast that from next year, the cities soaring property prices are likely to flatline until 2019.
Since April lenders have been required to make closer enquiries into borrowers’ personal finances, resulting in fewer mortgages being approved, with buyers being more reluctant to pay high prices, especially with the risk of high interest rates looming.
Building surveyors have also reported fewer rises in property value across the capital and a fall in new buyer demand.
All this shows a much weaker trend in buyer interest, with sales expectations definitely at their lowest point since the beginning of this year. It seems that London is the only city to see property values drop over the past months.
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