January 18, 2008

London house prices fall

London has always been a strong hold for stable property prices, despite what was happening throughout the rest of the UK; however the last couple months of 2007 thing took a turn a turn for the worse with the prices beginning to drop.

Detached houses prices have been falling at a rate of around £270 per day, this is the largest price drop in the sector, in fact on average there has been around £8,400 knocked off the price of the average detached house in London in the last four weeks of 2007, this is around two and half per cent. This makes London the worse performer in the south eastern property market.

To this in perspective, the average terrace house in London come out with only a minor increase of 0.1 per cent, which just goes to show that the price fall is not entirely within the property market.

Source [The London Paper]