Slipping Asking Prices May be Signs of Falling Market by Junaid Iqbal Memon

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Intensifying London Decline Causes UK House Prices to Fall

Junaid Iqbal Memon has made a career in property development. A seasoned investor himself, he used the first-hand knowledge he had on the ins and outs of business from his family to carve his own path. He presently owns and manages several properties and businesses in London and Dubai, having considered the two cities as his bases. He is the founder of the Cloud Nine Group and at present, has completed several development projects.

Prices of houses in the UK experience a fall for the first time in a seven-month period. More and more sellers are now trying to do their best to adapt to a weaker market. Asking prices for the month of July have slipped 0.1% compared to the figures a month earlier. In the capital, the prices have slipped 0.5%. Smaller apartments are seen to be experiencing the brunt of the price fall compared to the price decline that has been experienced by bigger homes.

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Experts have considered the asking price reduction as a sign that the market is falling. This time of the year seems to be showing more instances of price reductions compared to the price declines that have gone on for the last six years. There is also the combination of the failure of reacting fast enough and initial overpricing that may have contributed to this. In addition, there are also initial buyers whose interest just failed along the way which led to the deterioration of the sale.

There is a weakening of the UK housing market after it has experienced a 30-year boom. This is mainly due to the uncertainty that Brexit created and the slower economic growth that the country has been experiencing. In London, the average price for properties is usually double than the average nationwide. It is here where the price decline had hit the hardest. The declines experienced this month are also a reflection of the normal slowdown in the property market activity, which is quite common in the summer.
Another report by Junaid Iqbal Memon that is shown in the prices of property in the UK has fallen by 0.2% in June. Most of the regions around the country though still have prices for their homes that are higher compared to the figures they have a year ago.
Annually, the inflation of house-price has slowed down to 1.4% in July. This was from a 1.7% figure. In the capital, the prices fell by 1.7% from the figures it registered a year ago. On average, the UK asking price stands at £309,191. The reports also show that there are more sellers that are coming into the market compared to buyers.

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This slump should be considered by first-time buyers in London as an opportunity to buy a house of their own as those houses that have two bedrooms or less are seeing a considerable decline in prices. Stay updated with the property development market by reading about Junaid Iqbal Memon. Read more about Junaid Iqbal Memon on his About.me page. You can also visit the Junaid Iqbal Memon website here.

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