After years of stability, Britain is facing property price mayhem. Prices are starting to seriously wobble in some parts of the country. That means there are some bargains to be had. Kiwis previously put off by the UK's high prices may be in a position now to capitalise on the market slump there.
Just this week, official figures revealed that in London, once the darling of the housing market, prices are now falling at their fastest rate since the financial crisis of 2008.
With political uncertainty around the country's next Prime Minister, a potential General Election and concerns around how Brexit will play out, buyers are even more rattled than usual and this is impacting prices.
Far fewer sales are going through. And those that do are rarely for the original asking price. Buyers want a discount to recognise the extra risk they are taking in an uncertain market.
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House prices in London dropped 4.4 per cent in the year to May - which means that more than £21,000 was wiped from the value of the average London home over the 12 month period.
This is largely because prices have soared more there than in any other part of the country since the 2007-08 financial crisis, which means they have further to fall.
The average cost of a London home is now £457,471 - which is roughly $845,305, thanks largely to the exchange rate swinging in New Zealand's favour. That's below the median house value in the majority of Auckland suburbs.
So what could Kiwis with a UK passport and the requisite finances pick up in a city that used to be a byword for hopelessly expensive property.
OneRoof had a look at where the biggest discounts are to be found.
Southwark
The average price in the suburb that's home to Borough Market, Shakespeare's Globe Theatre, Tate Modern and the Shard has fallen 5.8 per cent to £475,319 ($878,284). Don't expect to find much in the way of standalone houses - apartments are the dominant property type here, but with so much of the capital close at hand who'd want to be staying in anyway.
Barnet
Prices are down by £51,267 (9.6 per cent) to £481,821 ($890,299) in this north London fringe suburb. It's quite a bit from the action - the quickest way into the centre of London is by taxi, which is pricey - but on the plus side, you do get a bit more property for your money.
City of London
This borough has seen property prices drop £66,432 (8.3 per cent) to £729,967 ($1.34 million). Although still quite a sum, that's a relative bargain considering the location - you are you in the heart of London! - and the fact that prices were the equivalent of $1.6 million at the start of the year. As with Southwark, apartments are dominant property type here. St Paul's, the financial district, the Thames and the Tower of London are on your doorstep and the West End is only a short Tube ride away.
