London House Prices Are Down – Is This The Property Crash?

London House Prices Are Down – Is This The Property Crash?

London house prices are on the decline, sparking concerns about a potential property crash. In this video, we examine the latest data and trends to understand what’s happening in the London property market. Are we on the brink of a major downturn, or is this just a temporary dip? Join us for expert analysis, market insights, and predictions on the future of London real estate. Don’t forget to like, comment, and subscribe for the latest updates on the housing market!

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hey my name is James duerson welcome to my YouTube channel in this video I want to talk about the London house price crash there are plenty of burrowers now that are in Crash territory some over 20% so I’m going to tell you exactly what areas are bucking the trend in London because there’s some that are up significantly while there are others that are down significantly as well officially to be in a crash you need more than 10% drop in a calendar year that has actually happened in multiple London burs now but there are some that are doing significantly better and really really well on a whole at London is down over 3% and so we’re going to look at all the little pockets of London and what is happening so before we jump into this as always if you haven’t done already do subscribe to the channel over there and hit the Bell notification we’re on the way to 24,000 subscribers now you can see around this video how close we are to actually getting that and why you’re here just be an all around great person by Smashing that like button tickling the like button do something to that like button over there that really helps us with the YouTube algorithm some people get massively upset about asking for that but just be a good person and do it it won’t kill you so what’s going on in London well house prices are down on average and they’re actually down a lot more than the whole of the UK so the UK average house price is up 1% on a 12-month rolling basis at the moment but London is down so London is down at the moment on average 3.4% which is not insignificant so what we look at is on an on a calendar basis if we go down 12% which could happen because the market is slowing down at the moment while people are waiting for interest rate drops maybe a stamp Duty maybe to see what happens with the general election there’s lots going on right uh and so that is interesting that the average is down 3.4% at the moment now 1% is nationally what we’re looking at up um but the average London house price at the moment is just below 500 Grand now so it is 499 66 63 that’s the first time it has been below £500,000 since July 2020 so that means there is some movement in that market we knew this about 6 months ago London was suffering and it was the first place to get hit and during the pandemic it struggled as well because lots of people wanted to move out of London and the affordability really hits and bites very hard in London you think about it uh people had to really stretch imagine an average house is 500 Grand that costs so much money and when the affordability gets squeezed by uh inflation and by interest rate Rises that means that inevitably people will end up paying less so where is doing well so let’s have a look at these areas first so greenedge is doing pretty well so AG as a whole is 2.4% up which is not bad and so that’s one of the areas that is Bucking the trend in London for sure 2.4% I’d be happy with that is lington is also doing well and so Islington is 1.5% up but there’s not many other places that are up in London in fact what you’re going to see now is that a lot of them are heading in the wrong direction and some have officially crashed already so let’s have a look at these so an area that uh so these are up let’s have a look at what is down so new is down and so newm is down 3.2% at the moment Not Crash territory but it’s moving towards it that could officially go into a crash territory at some point and that’s just the tip of the iceberg because now I’m going to show you some places that are doing particularly bad next is barking so barking is not in official crash territory yet but that’s getting pretty close 7.5% down in barking that’s a big big drop and going to have wiped out tens of thousands of pounds off the value of those properties there um next is Chelsea Chelsea we had data and so Chelsea and Fulham are together pretty much in the data here uh and so Chelsea is down 133% down um we C we did see this a while ago we did a video on the channel about these more affluent areas of London they’ just got hit really hard and it’s not necessarily down to the fact that people don’t want to live in London some of this was due to the wars that are happening lots of Rich Russian people like to invest in London and so they with their assets getting Frozen They’re not going to be comfortable doing that Chinese people have got problems with inflation in their own country and so it made it more complicated for people to invest at the moment and so that’s one thing that we’re seeing here so Chelsea is officially in Crash territory but that’s nowhere near as bad as some of these next ones uh I’m going to show you so Westminster is down absolutely crazy amounts 20% down in Westminster that is well into crash territory now uh and you imagine that the the house prices there are going to be 6 700 Grand at least or more So 20% is a huge amount wiped off the value of those properties uh and so that’s going to be obviously concerning to those people that are investing in those areas uh but it’s worse um so Hammer Smith is down 21% and this isn’t the worst this is still not the worst these are huge huge huge drops in the capital um it is in like a lot of PE so this is the on data so this is the official data that we’re getting here on this uh a lot of people do think that London is bottoming out now uh and so that’s a good sign if there’s any from this uh the worst place though is just the central London areas this is where the international investors really like to invest and that is down 22% huge huge drops there and you think of all the value of these properties here uh and it does show how robust the rest of the UK is because the rest of the UK is still that slightly uh but it is 1% up on average and so there are so many properties in London um these could start impacting the the national averages uh at some point if they continue to drop uh they’re definitely going to make the average a little bit harder to be positive for sure so London has been hit it’s not immune it often is the first place and sometimes what you’ll see is this can spread to the southern counties and other places around the UK but London in central London in the affluent areas of London is officially in Crash territory now let me know what your thoughts are in the comments below maybe you can afford a house in Chelsea now who knows um with a big discount that you can get now with your 133% off or if you want to live in Westminster 20% off um they are on sale uh and so maybe that stimulates that market now and some people will jump in maybe there’s more to go what do you think tell me in the comments do smash like do subscribe if you didn’t do already check out some more content on my channel Channel including this video right here