London homes becoming more affordable
London homes are becoming more affordable but buyers may not have noticed, according to Zoopla.
Average house prices in the capital now stand at 13.1 times average earnings, the lowest in more than four years, according to data compiled by the property-search website. Prices remained flat in the year through July and are likely to remain so unless there’s a big fall in demand, the property-search website said in a report.
London’s housing market is slowing after a long boom as the UK’s impending divorce from the European Union weighs on sentiment and prices remain out of reach for many potential buyers. Average homes in London cost £483,100 (S$820,400), more than any other UK city and the ratio prices to earnings is still much higher than the 20-year average of 9.9 times in the city.