Price disparity between London, rest of UK continues

London

THE beleaguered London housing market continued to diverge from the rest of the UK in June, according to a report from Acadata.

Home values grew 0.1 per cent from a year earlier at the national level, bringing the average price to £300,039 (S$508,515), the report said. Excluding London and the south-east, prices rose 0.8 per cent, with Wales and the north-west region of England posting the strongest gains.

Prices in London fell 1.4 per cent as Brexit uncertainty and stamp-duty changes weighed on the market. The regional disparity was also reflected in a report from Deloitte, showing that consumer confidence is falling in the south-east and London but rising in the north of England. Much of the outlook for the housing market will depend on who replaces Prime Minister Theresa May, and what form of Brexit they will pursue.

A separate report by the Confederation of British Industry published on Monday said that the next prime minister should make house-building a priority in order to make homes more affordable. BLOOMBERG