Prime London property continues decline
house prices in London fell for the third consecutive month in July, according to the latest study by London Estate Agent Knight Frank.
The property firm said that it had recorded a 1.6 per cent fall in average house prices in July, with dips of 1.7 per cent and 1.5 per cent during June and May.
This time last year, house prices in the capital were increasing by 36.4 per cent but this has slowed to 1.8 per cent, encouraging more people to look for houses to rent in London.
Figures show that transactions have also fallen 50 per cent compared to the same period last year, adding weight to suggestions that more people are choosing to rent.
"The situation is unlikely to change until the mortgage market eases and the economic outlook improves," commented Liam Bailey, head of residential research at Knight Frank.
He went on to say that further price falls are "probable" and will be more significant if the global outlook continues to deteriorate.
Published 1st August, 2008
© 2008 Estates IT Limited
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House prices in London fell for the third consecutive month in July, according to the latest study by London estate agent Knight Frank.