House prices could fall by up to 10 per cent in London this year, allowing some young buyers to get on to the property ladder for the first time. Load Error Although economic uncertainty will shroud the market for the foreseeable future, softening prices would ease affordability levels, opening up that elusive home ownership dream for first-time buyers. So if they’ve saved their deposit and are comfortable with a virtual viewing of their as-yet unfinished home, they could benefit from the inevitable price falls. The introduction of an extra three per cent stamp duty charge on second homes has deterred investors who tended to bid on new-build apartments, he explains. After the initial “short, sharp shock” has been taken on board, Savills’ Lucian Cook is optimistic, forecasting price growth of 15 per cent over the next five years. “We may see the seasonal selling peak, usually in June and July, shift back to the end of the summer and early autumn.” New research by Homes & Property reveals that house prices in six boroughs could drop below the London average of £483,922. Values in Barnet, Brent, Lambeth, Merton, Kingston upon Thames and Southwark could crash through the threshold, while Barking & Dagenham, the cheapest borough, could fall below the £300,000 mark, from £303,631 to £273,267. Barking & Dagenham, Bexley, Croydon, Havering, Newham and Sutton could be joined by Enfield, Greenwich, Hillingdon, Hounslow, Lewisham, Redbridge and Waltham Forest. Hillingdon in west London, home to Boris Johnson’s constituency of Uxbridge and South Ruislip, is likely to be popular with those moving after the lockdown in search of more space. Around the football stadium, car parks and logistics sheds have made way for London Designer Outlet and street food vendors at Boxpark. Values in Richmond upon Thames, Islington and Wandsworth would plunge below £600,000 should prices fall 10 per cent across the capital, making these sought-after boroughs more accessible.
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