Prime London property market faces political uncertainty

The UK housing market faces political uncertainty following Prime Minister Andy Burnham's housing policy speech, with prime central London recording a 3.6% annual price decline in June. Transaction volumes in prime central London fell 14% year-on-year, while mortgage approvals across the UK declined 14.8% to 56,205. The UK housing market faces a period of political uncertainty following Prime Minister Andy Burnham’s recent speech outlining housing policy proposals, according to analysis from Knight Frank.