Nationwide: London house prices plummet
house prices in London are continuing to fall, the latest figures from Nationwide have revealed.
According to the building society, the total drop seen in 2008 was 15.1 per cent - higher than the UK average of 14.7 per cent.
That included a seasonally-adjusted decline of 5.1 per cent in the last three months of the year, also above the 4.4 per cent national average.
The findings indicate that those purchasing property in the capital could be facing negative equity, which may prompt many to rent a house or flat instead.
Chief economist at Nationwide Fionnuala Earley observed: "London was one of only four parts of the UK where the rate of quarterly price fall quickened in the final quarter of the year."
Last week Land Registry figures showed that prices in the capital had fallen by 10.2 per cent over the 12 months to November, with Waltham Forest experiencing the biggest decline of all London boroughs.
Published 6th January, 2009
© 2009 Estates IT Limited
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House prices in London are continuing to fall, the latest figures from Nationwide have revealed.