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Flights into and out of the suburbs are now looking a little bumpy

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Is the space race finally over?

A great craze for large sites with work-from-home potential and large gardens has dominated the property market in the Covid era and beyond.

But those who saddled themselves with huge mortgages to buy a four-bedroom “forever home” in their home counties may now wonder what they’ve gotten themselves into.

Latest data from The Royal Institute of Chartered Valuers (RICS) suggests market sentiment is easing rapidly with new buyer inquiries for the third consecutive month.

Prices are rising for now due to chronic inventory shortages, but it’s surely only a matter of time before they drop.

Meanwhile, it’s a very different story in central London’s main markets, a true tale of two cities.

In accordance with Savills, whose numbers we’re reporting today, cash is king again now that lending rates have risen from the floor.

Wealthy investors are eyeing the London trophies, which look good value, while the pound is still out of favor on foreign exchanges. Tax rates remain unfavourable, but the core appeal of a central London location remains undiminished.

It is likely that markets will crash next year, with central London once again outperforming the suburbs for the first time in almost a decade. With electricity bills, commuter fares and mortgages rising, that flight to the outskirts of the capital may now look a lot less appealing.

Flights into and out of the suburbs are now looking a little bumpy

Source link Flights into and out of the suburbs are now looking a little bumpy

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