Demand remains 'robust' for London property
The London property market will weather the current slowdown in the property market, a leading Estate Agent has forecast.
Lucian Cook, director of research at Savills, said that the high demand for property in the capital was likely to underpin the market.
Noting the influx of wealth and inhabitants from outside London and indeed the UK, Mr Cook said it appeared prices would remain 'robust'.
"We're predicting growth in the prime Central London market of about five per cent next year," he explained.
"To date, you haven't seen the reduction in prices or indeed the slowing in growth rates in London to anything like the same degree as some of the other areas in the country."
The latest figures from the Halifax in its house price index suggested a 1.1 per cent monthly fall in house prices – the third successive month which has seen falls.
According to the high street lender the average house price in the UK is now £194,895.
Published 5th December, 2007
© 2007 Estates IT Limited
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The London property market will weather the current slowdown in the property market, a leading estate agent has forecast.