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    'Softer house prices will have a restorative effect on the London property market long term'



    Lucy Pendleton

The GuardianBank of England deputy opposes rate hike

Jeremy Leaf, north London estate agent, agrees that the rebound in UK house prices in June is “a little surprising”.

He says that current low interest rates helped to push prices up by 1.1% last month, as did is a lack of supply:

‘However, looking forward the shortage of supply and lack of housebuilding are certainly two of the factors supporting the market.

These will need to improve if we are going to see more sustainable growth in housing transactions.

Neal Hudson of Residential Analysts points out that the housing market had a weak start to the year.

Lucy Pendleton, Founder Director of independent estate agents James Pendleton, warns that the housing market faces four threats:

A gentle slide in prices could continue but it’s got less to do with Brexit and more to do with four factors that can be the Four Horsemen of the Apocalypse for markets - inflation, consumer credit, wage growth and mortgage activity - all of which have been dragging their heels recently.

“In May, mortgage approvals hit an eight-month low, wage growth slumped, inflation rose unexpectedly to 2.9%, a near four-year high, and consumer credit also fell dramatically.

“This combination of factors is not fertile soil for house price growth. What I expect to see from those buyers and sellers who don’t have to come to market right away, is the classic wait-and-see wobble as vendors put off selling, and buyers hold out for better deals.

“It’s this wait-and-see approach that can cause short-term falls to become a bit of a self-fulfilling prophecy but solid demand, particularly in urban areas, will cushion any retreat in prices.”

The Guardian
Graeme Wearden and Angela Monaghan , 28 June 2017
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Help to Buy
Lucy Pendleton to give insight into the recent November 2017 House Price Index.
James Pendleton is an amazing company. They have been a big part of me winning a bronze medal in Rio 2016 and have been so supportive with all my achievements, which wouldn't have been possible without them. They have given me so many opportunities, I am privileged to be associated with such fantastic people who give so much back to the local community.

Aaron
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