House prices in central London set to flatline

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Central London house prices will stagnate next year amid fears young professionals will give up trying to buy a house in London and move to growing cities in the north. 

Rightmove forecasts inner London house prices will flatline in 2016, increasing by 0%.

Outer London will rise by 6%, leading to a 3% price rise in London overall. 

A shortage of affordable supply could force an exodus of first-time buyers out of London, despite government initiatives to help people get a foot on the ladder.

“[Next year] may be the year when many young urban professionals finally give up on the London market and consider long-term career moves to the UK’s large, buoyant city-regions,” housing analyst Alasdair Rae said. 

First-time buyers saw an average increase of 11% in asking prices last year, although this was down 0.7% month on month. 

Interactive map: Changes in average asking prices in November and December

December was a sluggish month for sellers with house prices across the capital falling 0.5% to £616,548 from £619,866 in November. 

The City of Westminster and Hillingdon saw the biggest drops with average asking prices down 8.5% and 7.1% from November to December. Camden prices rose by 15.3% over the same period.

Inner London asking prices rose 9.1% and outer London was up 10.6% over 2015.

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December 14, 2015 |
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