London house prices plummet
house prices in London have continued to drop, new figures have revealed today.
Land Registry data has shown that in the month of August the average London house price dipped by 2.4 per cent to £336,620.
This price figure also represented a 3.2 per cent drop over the past 12 months.
With house prices falling across the capital, those keen on acquiring a new home in London may be at risk of negative equity if they buy.
An alternative move would be to rent a flat or house at least until the current crisis ends.
However, while London prices as a whole continue to dip, another recent house price survey indicated that in some parts of the capital a very different problem faces would-be buyers.
The Financial Times house price index for August showed that prices have risen by 24.3 per cent in Kensington & and Chelsea and by 16.3 per cent in Camden, providing another good reason for residents to rent.
Published 26th September, 2008
© 2008 Estates IT Limited
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