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Property market WARNING: House prices in London to crumble amid tax changes


03-12-2016

 

BRITAIN's housing market is set for a major slowdown over the next few months amid growing fears London's house prices are about to crash.

Britain's housing market is set to slow, say experts

Surveyors expect a drop in property sales from next month when an extra three per cent tax on landlords and second home buyers takes effect.

The Royal Institution of Chartered Surveyors (Rics) sent out a warning the tax changes were to have a major impact.

Rics chief economist, Simon Rubinsohn, said: "It is inevitable that over the coming months, April's stamp duty changes will take a little of the heat out of the investor market."

The survey showed house prices across the country broadly increased in February, with buyers rushing to beat the end of March deadline to complete.

But in London values failed to rise, and for the first time in a year more surveyors now think house price will drop in the capital over the coming three months.

At an average £530,409 prices in the capital are almost three times the national average of £191,812.

Rics' report said: "Anecdotal evidence suggests tax changes, concerns over Brexit and global economic uncertainty are all taking their toll on buyer sentiment in the capital."

Fears are growing the top end of the capital's market could be about to crash, particularly among high-end new-build homes, according to experts.

Morgan Stanley recently predicted prices for prime flats could crash by as much as 20 per cent, thanks to falling numbers of foreign buyers in London.

But across Britain long-term expectations for house prices remain strong, according to Rics.

East Anglia has continued to show the sharpest price increases, with 91 per cent of surveyors there reporting rising prices.

www.express.co.uk

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