London is known for its lavish lifestyle where even for a small home you have to pay a hefty amount. But things are changing since the last few weeks in this city. House prices in London have registered their first decline since last eight years. This has made London the worst-performing region in Britain. It seems like the incidences of 2005 are happening again.
The data published by Nationwide Building Society showed a “marked slowdown” in London, while the picture is entirely different for the other part of the country. Other states in Britain are still experiencing a hike in the prices of the houses.
One Local Newspaper reported that Britain is going through its worst financial crisis and things might get even worse if serious measures are not taken.
If we talk about numbers, London’s average prices have come down to 0.6pc this year in comparison to the national growth of 2pc. Senior analysts at Capital Economics said that the sellers in London have to determine the actual price and have to come forward and do some reality check.
A gap has been between north and south by nationwide. The difference between growth of East Midlands, Yorkshire and the north exceeding is huge. This difference might cause the economic fluctuation.
House price analyst’s Home track conducted a survey in places like Manchester, Birmingham, Edinburgh and London and found that the prices are high in Manchester, Birmingham, and Edinburg. On the other hand, there has been a total decline in capital’s growth.
Experts anticipate that the price of the homes will keep on decreasing in upcoming weeks. London Authority and Businesses have to take some serious tactical actions to avoid any financial crisis.