London property drop overtakes UK, figures show
property prices in London are falling faster than the national average, it has been revealed.
A study by the Centre for Economics and Business Research (CEBR), conducted on behalf of estate agency Chesterton, revealed that values in the capital dropped by 13.3 per cent last month compared to a year earlier.
That is greater than the 12.8 per cent decline for the UK as a whole.
Chief executive of CEBR Douglas McWilliams observed: "The latest Chesterton Poll of Polls shows that house price deflation continued through the end of the year," adding that the November fall had been 11.8 per cent.
December's drop was the largest in the survey's history and represented the 16th consecutive month in which prices had fallen.
Those thinking of living in London may prefer to rent a house or flat rather than buy, as further declines could lead to negative equity.
Recent figures from Nationwide revealed that values in the capital declined by a total of 15.1 per cent over the course of 2008.
Published 13th January, 2009
© 2009 Estates IT Limited
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