The recently released London Residential Market Outlook - Winter 2017 - by Cluttons has revealed that property prices are falling in the capital, along with rents, while new supply is increasing.
Also, as previously predicted in PIN Magazine, the population is falling in London with 30 of the 33 London boroughs registering negative net migration during 2015/16, according to ONS data. That means that 90% of London boroughs are losing not gaining residents with the only exceptions being Sutton, Havering and Bexley, all three of which are located on the outskirts of the city.
While falling property prices in boroughs like Kensington & Chelsea, Hammersmith & Fulham and Westminster have been blamed largely on the higher stamp duty now charged when buying more expensive property, all of these boroughs have seen the population fall by more than 2% in just one year. Another 10 London boroughs saw a drop of 1-2% in their number of residents, which would explain how both rents and property prices have been able to fall at the same time.