Londoners are just as bullish about the future of London housing as they were last year, and only a third see a crash on the horizon
The Bank of England has announced new limits on high loan-to-income mortgages on Thursday, in an effort aimed at averting crisis that could pose a serious risk to the UK financial system. Selling asking prices in the capital fell by 0.5% last month, but the property market in the UK, particularly in London, has seen record price increases in recent months, raising fears of a bubble.
According to a new YouGov poll of Londoners, three-quarters expect house prices to continue to rise over the next 12 months. This shows virtually no change from May last year, except for an 8 point increase in the number who expect prices to rise “a lot”.
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Expectations are actually highest among renters, some of whom stand to be shut out of the housing market altogether if prices continue in the sky-is-the-limit trajectory of the past year.
In recent months the national mood has turned against the surging property market, with more voters now believing that the price rises are unsustainable – and will lead to a market crash. Surprisingly, though house prices in the capital have so far led the way, Londoners buck the national trend. The majority (53%) of Londoners think prices will “keep on rising” and only a third (34%) think they will crash sooner or later.
That’s not to say the trend is not a top concern for the public. In fact, YouGov's latest survey for the Evening Standard finds that Londoners would prefer to see house prices decrease rather than increase, by 50-16%. Another 25% would prefer prices to stay the same.