London house price drop continues, figures show
house prices in London continued to fall in December, the Land Registry's latest figures have revealed.
According to the body, a monthly decline of 2.3 per cent saw values drop to a level almost 13 per cent lower than the final month of 2007.
It means those who have bought property in the capital are faced with negative equity, as levels are now similar to those of late 2006.
Prices in each borough were found to have fallen over the last year, with the greatest change seen in Richmond-upon-Thames, where homes are now worth 14 per cent less than a year ago.
The Land Registry also revealed that Londoners are increasingly opting not to buy property, as sales for the month of October dropped below 5,000 - a 66 per cent decline compared to the same month a year earlier.
A recent survey by Fairinvestment.co.uk revealed that falling prices have led a quarter of mortgage holders to be genuinely concerned about negative equity.
Published 30th January, 2009
© 2009 Estates IT Limited
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House prices in London continued to fall in December, the Land Registry's latest figures have revealed.