London property sales slide 35%
New research by Hamptons International has revealed that the rate at which property for sale in London is going under the hammer has fallen by over a third.
According to the Estate Agents, transaction levels in the London property market have tailed off to a mere 65 per cent of the level seen in the second quarter of 2007.
And the stifling atmosphere in the market is being reflected in stagnating property prices, with the average value of houses for sale in London rising a mere 0.1 per cent over the past three months.
Among some of the worst-hit areas are many of London's most sought-after locations - areas which analysts say bore the brunt of much of the speculative house price growth that has weakened the market.
Chelsea and Fulham in particular are believed to have suffered some of the largest price reductions - falling 2.8 per cent and two per cent respectively - with many would-be buyers now looking to rent instead.
"The latest research reveals average prices in a number of London locations have corrected from the peaks seen in early 2007," commented Hamptons spokesman Rob Bruce.
"As a result, there is still movement if consumers take stock of changing market conditions and adjust prices accordingly."
Published 2nd June, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
New research by Hamptons International has revealed that the rate at which property for sale in London is going under the hammer has fallen by over a third.