Nationwide’s latest index showed annual house price inflation has eased from 9.9% in the second quarter of 2016 (April to June) to 7.1% in the quarter July to September 2016. These were still above the national average of 5.4%. Prices have risen by 1% in the third quarter of 2016, roughly a quarter of what was achieved in the summer of 2015. London prices continue to rise quicker than the remainder of the country.
It is widely predicted however that price increases in London and the Greater London Boroughs will slow from these heights and a recent survey by Jones Lang Lasalle predicts that between 2016 and 2030 price increases per annum will be between 6.67%, the highest for the outer London Borough, to 4.67% for the City of London, basically demonstrating that there will be more price growth for the outer London Boroughs than for the inner London Boroughs which are being affected by oversupply and predicted lessening of demand as a result of Brexit. Historically high prices appear to have hit their peak and a reduction in volumes.