London prices in new fall
New figures have been published showing that those buying a home in London are at an increasing risk of negative equity as prices continue to fall.
Nationwide produced figures today that were negative for the capital, with the third quarter of 2008 showing a 3.9 per cent drop in prices in the metropolis.
The table also showed a distinct regional trend in which the smallest declines in prices were in the north of England.
London prices have now fallen 9.4 per cent in the past 12 months, according to the lender's statistics.
September's monthly figures from the building society also brought bad news for buyers, with a national decline in prices of 1.7 per cent.
Commenting on the figures, Nationwide chief economist Fionnuala Earley said there will not be a swift end to current trends, predicting that "the next year or two will be difficult".
Recent figures from the Land Registry for August also showed the regional variation in the trend, with London experiencing a 2.4 per cent drop in house prices compared to 1.9 per cent for England and Wales as a whole.
Published 2nd October, 2008
© 2008 Estates IT Limited
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New figures have been published showing that those buying a home in London are at an increasing risk of negative equity as prices continue to fall.