Prime London prices succumb to crunch
property for sale in London has finally succumbed to the worsening credit crunch, it has been confirmed.
New figures from analysts PrimeLocation.com show that the property prices in the capital fell by 0.6 per cent during April - the first such fall recorded in 2008.
The news comes despite claims from some groups that London is immune to the downturn given its unique status as one of the world's most important global financial hubs.
And in a further indication that the market is stagnating, the stock of prime London property up for sale on the market rose sharply in April, with Estate Agents now handling 42 per cent more properties than a year ago.
Mark Milner, chief executive of the property website, commented: "The reluctance of sellers to reduce asking prices in a difficult market, coupled with buyers holding out for further price falls before transacting, has led to something of a standoff."
Despite the monthly fall, annual house price growth remains at 11.7 per cent in London according to PrimeLocation.com.
Published 3rd June, 2008
© 2008 Estates IT Limited
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Property for sale in London has finally succumbed to the worsening credit crunch, it has been confirmed.