London’s housing market is expected to experience a slight “pull-back” as house prices across the UK stagnate, according to Britain’s surveyors that the number of house sales will fall to around 1.15 million, a drop of 5% compared with 2018 and sharply below the 1.7 million that changed hands in 2006, the year before the financial crisis. Prices are also expected to flatline nationally, as London and the south-east experience a slight drop and Northern Ireland, the north-west, Scotland and Wales maintain “solid momentum”.

While Brexit uncertainty is a significant factor, the key issue was that the ceiling for affordability has been reached in much of the south.

Sellers in inner London and the capital’s most central boroughs seem most hesitant, with a 24% drop in new listings compared to a 16% decrease in outer London. This is likely due to the fact that a large contingent of affluent homeowners in the capital’s most expensive enclaves do not need to move house and are waiting for a recovery in prices before selling.

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