Are London Property Prices Coming Down?

If you are having dinner with any young couples with small families then "prices are coming down" is a must have topic of conversation at all dinner parties.



For those of us who work in the industry we have heard it for 15 years.



Bankers will tell you "Its really happening this time!".



If you consider that property prices increased up to 40% in the last 8-9 months then a 10% reduction in asking prices is not exactly an indication that prices are going to come tumbling down.



Another way of looking at it is that prices went up by 30% in the last year!



If you talk to any central London agents right now they will tell you that they have stacks of very well qualified buyers all waiting to buy quality homes that they cannot find.



I recently got engaged and joined that list.Over the last 4 months of house hunting I can confirm there is little out there any anything worth while is snapped up.



The properties that are being reduced in price are those that do not tick the majority of the required boxes. They mostly belong to sellers who saw an opportunity to sell their difficult properties in a hot market.



My father always told me if you are buying a home and not an investment do not waste time analysing the market, find what you like and if you can afford it get it. One saying I heard was "you never pay too much just too early when it comes to prime London property."