Almost a quarter of Londoners fear a housing crash. (Source: Getty)
Nearly one in four Londoners believe there will be a housing crash in the next two years, according to a new YouGov survey. Despite a drop in prices in parts of the capital over recent months, 23 per cent of the city’s residents said the country is headed towards a crisis.
The survey, published by property marketplace The House Shop, asked Londoners if, and when, they believed the UK housing market would experience a crash. The results also showed that over half of Londoners believe there will be a crash within the next 5 years.
The survey found that older generations were more confident in the stability of the market, while younger generations were more likely to believe there would be a housing crisis in the near future.
Nick Marr, co-founder of TheHouseShop.com, said that the city’s soaring prices, which are out of reach for many younger residents, help explain the survey’s outcome. “It is not surprising that some young Londoners are in fact hoping for a housing crash”, said Marr. “It may seem drastic, but some see this as one of their only viable routes into home ownership!”
But while there has been a dip in London’s soaring property prices over the last 12 months, according Laith Khalaf, a senior analyst at Hargreaves Lansdown, this isn’t necessarily indicative of a looming crash.