It's London that's turning
Most of the media in this country is London centric. So when the property market in London shows signs of improving then the National Headlines scream “Green Shoots of recovery”. The fact is that the London market is isolated from the rest of us. As a leading world capital London has always attracted purchasers from overseas and the combination of falling house prices coupled with the pounding that sterling has taken on the currency markets makes London look pretty cheap…….if you’re buying in Euros! When the national house price statistics are compiled London’s inclusion distorts them. If you look at the detail then the English Regions including the West Midlands are continuing to struggle. However, there is some good news as we have definitely seen sale volumes picking up (albeit from historical lows) and the prices achieved for some types of property have begun to stabilise. Whilst it’s London that’s turning at least we’ve stopped burning!
Compliance Officer for Legal Practice
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