London 'not immune to property crisis'
property prices in London are falling at their fastest rate since 2002, in a further sign that the property crisis is deepening.
According to the latest data, released by the Estate Agent Knight Frank, prices fell 1.7 per cent during June and 1.5 per cent in May - resulting in a 3.1 per cent reduction on prices from three months ago.
This quarterly fall, which is the largest recorded since 2002, is starting to erode last year's 7.5 per cent price gains - with the average fee on properties sold now four per cent lower than the asking price.
Liam Bailey, head of residential research at Knight Frank said: "The fall in prices that began in May has intensified during June, demonstrating that there can be no doubt that even property in prime Central London has been hit by the double whammy of the credit crunch and wider concerns over the global economy."
Other research released this month also revealed that a property for sale in London now stays on the market for an average of ten weeks - up from just six weeks in June 2007.
Published 5th July, 2008
© 2008 Estates IT Limited
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Property prices in London are falling at their fastest rate since 2002, in a further sign that the property crisis is deepening.