Merton property prices 'down 14.5%'
Property prices in the London borough of Merton have dropped by 14.5 per cent in the last year, it has been found.
According to a study by Hometrack, the area was the worst-affected in the capital, which experienced an overall decline of nearly 11 per cent.
In response to the figures, Capital Economics predicted that values would eventually drop to a level 30 per cent below their peak, meaning those who purchase property in London could be faced with negative equity.
"Even demand for prime and super-prime properties, previously a strong support for London house price growth, will decline further," said a report by the consultancy.
The average house price in Merton is now £50,000 lower than its peak, the Hometrack findings showed.
Earlier this week Fairinvestment.co.uk revealed that 25 per cent of homeowners are now genuinely concerned about the prospect of negative equity, due to rapidly-declining values across the country.
Published 28th January, 2009
© 2009 Estates IT Limited
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Property prices in the London borough of Merton have dropped by 14.5 per cent in the last year, it has been found.