House prices 'will fall further'
Property prices in the UK have been predicted to continue to fall over the next year.
Rightmove has found that values dropped again this month, with a 2.3 per cent decline adding to a 6.3 per cent annual fall.
And with initial asking prices now ten per cent below the peak reached in May, the website has forecast a further fall of ten per cent in 2009.
"In the hardest hit areas where unemployment and distressed sale supply will remain highest for longest, prices will fall further and remain stagnant for longer," said commercial director Miles Shipside.
Rightmove revealed that Newham is the London borough that has been hardest hit over the last 12 months, with prices there declining by more than 15 per cent.
Those hoping to live in the borough may prefer to rent a house or flat in order to avoid the potential negative equity that they could face.
Recent Land Registry figures showed that values in the capital had dropped by over ten per cent in a year.
Published 15th December, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Property prices in the UK have been predicted to continue to fall over the next year.