House prices still falling
In news which may dissuade those living in London from seeking to get onto the property ladder, house prices have recorded another fall.
Halifax figures for September indicate that across Britain the average house price fell 1.3 per cent in the month and 12.4 per cent in the year.
While specific figures for London were not supplied in the announcement, recent surveys have all indicated that London prices are also falling.
Many will conclude that now is a better time to rent because of the risk of suffering negative equity.
The credit crunch is also making it hard for people to buy in London, even in the more affordable areas such as Acton, which is split between the boroughs of Ealing, Hammersmith & Fulham and Hounslow.
Darren Monks, the sales manager at the Bushells' realty office on Action High Street, told the Toronto Star the situation in the district, formerly a popular one for first-time buyers, is "bleak".
"Now, even if they want to buy, they can't get credit to do so," he said.
Published 9th October, 2008
© 2008 Estates IT Limited
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In news which may dissuade those living in London from seeking to get onto the property ladder, house prices have recorded another fall.