London braced for 10% house price falls
The capital should prepare itself for ten per cent house price falls before the market bottoms out, one leading Estate Agent has warned.
Cluttons said that until average prices reach that level, people looking for property for sale in London are unlikely to commit to purchasing a home - opting instead to stay in the rental market.
"Willing sellers are using price incentives to get deals tied up and it's no longer about location, it's all about value," commented James Hyman, a partner at Cluttons.
He continued: "A further ten per cent drop in prices overnight will bring value back to the market which will lead buyers to becoming more incentivised to commit to buy again."
Alluding to the disparity within the London property market, however, Mr Hyman noted that houses for sale in Belgravia and Chelsea continue to command high levels of interest even in the midst of the current downturn.
"While the market is slow it is certainly not dead and well priced properties are now becoming available," the industry expert concluded.
Published 12th June, 2008
© 2008 Estates IT Limited
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The capital should prepare itself for ten per cent house price falls before the market bottoms out, one leading estate agent has warned.