London revealed as most stable housing market

London has the most stable housing market in the country, according to recent figures from Rightmove. Selling a home in London takes more than twice as long than in Scotland as the housing market in the capital remains sluggish – even after the official end of the coronavirus lockdown in England. The latest figures from the property website revealed that asking prices in the capital – now £645,246 on average – adjusted down 0.8% from June to July while records tumbled across the rest of the country. Over the course of the last 12 months, price tags in the capital edged up just 0.5% on average, in contrast to 5.7% across the UK. Although slow growth is a sign of stability, the London data also hides dramatic polarisation of demand and activity. Over the course of the coronavirus crisis, prices in the more affordable outer boroughs have soared as buyers swapped convenience for space, while the inner urban areas recorded price falls.

Evening Standard