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London Housing Chart Pack (Q1 2024)

London house prices were more resilient in 2023 than we had expected, falling by 2.4% y/y in Q4 close to the national average of -2.3% y/y.

London is more reliant on mortgaged buyers than other regions and the deterioration in affordability due to high mortgage rates was particularly severe there. So, a recovery in mortgage lending this year should allow demand in the capital to recover and we expect house prices to rise by 3% y/y in Q4.

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