Response to the ONS' House Price Index for February 2015
Tue 14 Apr 2015
Peter Rollings, CEO of Marsh & Parsons, comments: Were used to London being the countrys house price engine, but todays figures suggest that the city may no longer be the lone driver. Prices in London are currently not rising as fast as values in the East of England, as the top-most tier of the market in the capital experiences a slight tail-off in appetite from foreign buyers in light of acute political uncertainty and proposals for a Mansion Tax.
But for the everyday buyer, there are plenty of incentives to keep moving, and Outer Prime areas of London, where values are more affordable, are still attracting multiple potential buyers, as canny house hunters take advantage of attractive mortgage products, steadier property prices, lower stamp duty, and buoyed by support schemes like the Help to Buy ISA.
To compete internationally, Londons central prime housing market needs clarity, certainty, and competitiveness. This will be reasserted after the conclusion of the election, and any shortfall of activity in the next month will bounce back come the summer.