London house price slide continues
The value of property in London is continuing to drop, it has been revealed.
Statistics from the Land Registry showed that prices in the capital were more than 14 per cent lower in January than in the same month in 2008.
Richmond-upon-Thames has experienced the greatest decline among the boroughs in that time, with the average house found to have lost 15.4 per cent of its value over the course of the year.
Meanwhile, Harrow saw the greatest monthly drop - with prices 3.9 per cent down on December's level - while Hounslow property fell by three per cent.
Those thinking of living in the capital may prefer to rent a house or flat, in order to avoid the possibility of negative equity that such slumps bring.
Last week Michelle Slade, analyst at Moneyfacts.co.uk, warned that this risk is now "much higher" for first-time buyers than it was 18 months ago.
Published 2nd March, 2009
© 2009 Estates IT Limited
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The value of property in London is continuing to drop, it has been revealed.