London Market update - Evening Standard

The capital's homeowners expect the value of their properties to grow over the next six months despite political uncertainty ahead of the general election, a survey has found.

Londoners believe their houses will be worth 9.9 per cent more, making them among the most optimistic people in the country, according to research by Zoopla.

But fewer Brits are planning to buy or sell compared to October as people hold out until after the June 8 vote, the property website said.

The research found confidence in capital's property market was the second highest in the UK, topped only by the East Midlands, where homeowners expect a 10 per cent rise in value.

But only 18 per cent of those surveyed plan to to purchase a property in the next six months, down from a quarter in October. Seventeen per cent plan to sell, a fall from 23 per cent.

Zoopla spokesman Lawrence Hall said: "Despite a continued period of political uncertainty, it’s encouraging to see a rise in confidence for property price growth.

"However, despite this, we can’t ignore that there’s been a rise in reluctance to buy and sell properties. With the upcoming general election, it’s perhaps no surprise that people may be holding out to make a purchase or sale decision until after June 8."

Research published last month found a third of properties for sale in London have had their original asking price slashed with an average discount of just under £57,323.

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