London prices plummet, report shows
London house prices dropped faster than anywhere else last month, new research has shown.
Property website Hometrack's survey for October showed that prices in the capital fell by 1.6 per cent, more than anywhere else in the country.
The national average was 1.3 per cent.
Such figures may provide further evidence that those keen on finding a house in London should rent rather than buy, as the falling value of homes in the metropolis means the spectre of negative equity could loom large.
It is the second month in a row that the Hometrack survey has shown a greater price weakening in London than elsewhere.
Last month Hometrack said that London and the south-east had shown the greatest concentration of price falls over the previous 12 months, something that had come on the back of having had the largest price increases beforehand.
Published 27th October, 2008
© 2008 Estates IT Limited
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London house prices dropped faster than anywhere else last month, new research has shown.