House prices: Property CRASH warning as houses in commuter towns fall in value
HOUSE PRICES are falling in commuter towns where buyers were thought to have made solid investments. However, now it seems that almost half of property for sale in places like Reading has been reduced in price.
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It is London commuter towns that are feeling the greatest hit to property values - despite the fact that these areas have previously been considered high-value areas and good for investment.
Many experts have tipped areas such as Reading for a property boom after the announcement of Crossrail, however, house prices in the area are falling now.
London commuter towns – more than anywhere else in the UK - are seeing a growing number of properties reduced in price, according to research by online estate agents HouseSimple.com.
The top ten towns or cities with the largest percentage of growth in reduced properties, comparing February and August, are all within an hour of central London by train.
House prices: Value falling in commuter towns where buyers were thought to have made investments
Reading has a commuting time of 30 minutes and property prices have risen more than 30 per cent over the past five years. This is no longer the case.
The research found that 44 per cent of properties currently for sale in the Berkshire town has been reduced in price since they were first advertised.
That compares to 22.8 per cent of properties on the market in February 2017 that had a price reduction.
Eleven out of the 20 towns with the biggest drop in value from property were in the south or south east.
Top ten towns where house prices have been reduced:
7. High Wycombe
House prices: Over a third of properties for sale have been reduced in price
House prices have been stalling and now experts warn that the UK property market is in peril.
Property for sale in the UK is hard than ever for Britons to buy - causing fears of a market crash.
Now experts have warned of a ‘crisis’.
Experts have warned that government needs to cut stamp duty to stop “UK’s legacy as a property-owning democracy is at risk of vanishing.”
Courtsey of: www.housesimple.com