Central London house prices fall £37,000 while northern markets gain momentum
The market for flats, and especially new-build flats, is struggling which is affecting house prices in London.
The market for flats, and especially new-build flats, is struggling which is affecting house prices in London.
The market has 'regained momentum' after a slowdown at the start of the year, according to Robert Gardner, chief economist at Nationwide.
Mortgages look likely to keep getting more expensive over the coming days and weeks thanks to fears of 'Trumpflation' driving interest rates higher.
Zoopla says that average prices in every city in southern England were lower than they were a year ago at the end of March.
Mortgage borrowers are in a state of limbo as they wait for the Bank of England's next interest rate decision later this week.
It is the second time in less than a week that the high street bank has increased its rates, and will mean that some of the lowest rates on the market now vanish.
The mutual will lower its home loan prices by up to 0.28 percentage points.
The gulf between the cost of a flat and a house has reached its highest level for 30 years, with buyer concerns over leasehold properties largely to blame.
Property experts say a plummet in the number of rent hikes in May marks a 'structural shift' in how rents are hiked.
One broker said the rate cuts show that the building society is keen to keep its existing mortgage customers.
The South East has overtaken London as the region with the biggest house price falls, according to Halifax.
Much of the country is currently a buyers' market due to high levels of stock on the market and few people out house hunting.