The property market in London has recently been removed from boom phase status, according to recent data from Rightmove. Housing market activity in the capital city lagged behind the rest of the UK last year and that trend is expected to continue in the opinion of those close to the market. Those owning property in London are holding their assets and not creating a wave of panic, however. Those looking to sell are being cautioned due to long wait times on the market which has now extended to 83 days before a sale takes place.

The spring selling season is upon us and London property has just experienced the usual increase in property value. Month on month, prices have increased more than 4.4%, but are down 1% from a year earlier.

Miles Shipside of Rightmove commented on the current state of the London market, saying: “End-of-the-boom prices normally readjust more quickly if there is an oversupply.”

He added: “Some would-be sellers are holding back, preventing a glut of competition from forcing prices downward.”

Inflation in prices has now possibly come to a pause point in time, according to data. The asking price for a London property now sits at more than £625,000. This is 20 times higher than the average UK income.

Housing experts see the cool off in London is happening for a myriad of reasons. Brexit negotiations, possible multiple hikes in interest rates this year, and stagnant wages are only a few issues which have been noted as potential challenges facing the city now and the near future.