Since the start of the economic crisis, the London housing market helped the overall average house price for the UK. There were opportunities present that made the capital attractive to home buyers and investors. However, that hasn’t been the case for over a year as the housing market in London has been slowing down month after month. July data revealed that house prices had fallen for the last 17 successive months.

The July data released by the Land Registry revealed that the average house price in London declined by 1.4% to £477,813 annually. The last year on year increase occurred in February 2018.

The volume of sales within the housing market also declined with only 5,917 homes sold in May. This is a notable decline from the previous year which recorded 6,980 homes sold in May 2018.

Many experts view the London housing market as the pulse of what will spread throughout the UK, while others see the declines as a natural correction that needed to happen and would have happened as house prices climbed so far out of reach of buyers.

The increase in prices helped push increases in the housing markets outside of London that while offering commutes gave buyers more property for the investment cost and were more affordable.

As the Brexit deadline of 31 October approaches, there is a great possibility of the stamp duty being revised. If so, it could offer a boost to the London housing market for the tax on high cost properties is substantial. By lowering the cost of getting into a property in the capital, it could bring back buyers and help not only the London housing market, but the overall UK housing market. Presenting hopeful homebuyers with an opportunity that certainly won’t last forever will push many that have been cautious to take action while the benefit exists.