[Fei Gweilo]

Is it true that London property rides above any slump in UK property prices?

[PDLM]

Maybe.....

[jimbo]

maybe not....

seriously though London is certainly not immune to any slumps in the u.k property market.

[Boris]

No

However --- A generalisation is really not enough.
Price changes in the UK market are regional and London is a multi region area all by itself. Even down to street and part street level.
Clapham, Battersea and Wandsworth ( for instance ) - Faux Rich , will have different market forces to say, Chelsea, parts of Fulham. Knightsbridge and Mayfair - Old Rich - to Docklands, River and Islington _ Poli,Rock,IB Rich, all affected by different market dynamics.

" Out of Town " places like Croydon, Brentford or Uxbridge are not even considered London even though they are in the general metropolitan area.

So it is seen that a slump due to an overwhelming economic dynamic ( like 88 ) affected ALL areas of UK. In a Mini slump ( or correction ) some areas suffer more than others due to 1) Geography 2) PERCEIVED value 3) ACTUAL value 4) Availability of Customer to Stock.

This applies to anywhere - not just London.

[dipper]

Agree with Boris

We have been looking in Winchester and property agents there gave us the usual spiel about Winchester being immune to price slumps because so many people want to live there and are prepared to pay top whack etc. etc much like the argument for London. There will always be regional variations as property markets rise and fall but if there's an overall recession in the UK economy, as seems very possible, nowhere will be immune. If the recession comes some areas may fall a bit less than others but nowhere will be immune.

[Hoista]

The only current positive for London when compared to the rest of the UK in terms of property prices, is the forthcoming olympics. Areas where regeneration is ongoing may well sustain lower losses or maintain their prices due to their perceived investment value.

[Fei Gweilo]

Thanks for your comments. Good to get second opinions.

[jimbo]

Originally Posted by Hoista

The only current positive for London when compared to the rest of the UK in terms of property prices, is the forthcoming olympics. Areas where regeneration is ongoing may well sustain lower losses or maintain their prices due to their perceived investment value.

Too true, My property in east London jumped up by 30k as soon they announced that London was getting it for 2012, Stratford saw massive rises.

I'm selling up before the end of 2012 because the new olympic stadium will be yet another white elephant like the dome was and council tax will rise massively to help fund the running of the stadium etc.