London property bucks downward trend
Property prices are dipping across the UK, bringing more and more houses back into the "affordability zone" for first-time buyers, but London property is bucking the trend, it has been claimed.
In an indication that property seekers in the capital would likely be better off sticking to rental, online property site Rightmove claimed that London property has risen 3.6 per cent in price this January, while average prices across the UK have fallen for a third consecutive month.
London's resilient property market saw prices rise in almost every area, with only neighbouring West London boroughs Hounslow and Hammersmith and Fulham registering a fall and holding out the hope of house sale bargains.
Miles Shipside, commercial director at Rightmove, said that elsewhere there was evidence to suggest that people would be seeking to get onto the property ladder while the downturn was in full swing.
He said: "Enough sellers seem to have dropped their prices to encourage potential buyers to look in larger numbers, suggesting we might see a more active market at this lower price level.
"Some sellers will no doubt be tempted to test the market a higher price with the onset of spring, so now is a good time for bargain hunters to press those committed winter sellers for a deal."
Published 22nd January, 2008
© 2008 Estates IT Limited
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Property prices are dipping across the UK, bringing more and more houses back into the "affordability zone" for first-time buyers, but London property is bucking the trend, it has been claimed.