Property sales dramatically drop in London, says Savills
There has been a dramatic 45 per cent drop in the number of house sales in London, new research has indicated.
According to London Estate Agents Savills, prices were being adjusted down by 7.5 per cent in the capital with only the top end houses for sale in London apparently unaffected by the downturn.
Jeremy Helsby, chief executive of Savills, claimed that properties worth more than £5 million were the only part of the market that seemed to stand strong.
It is thought that the downturn is due to the increased costs of taking out a mortgage, difficult trading conditions and the credit crunch.
Mr Helsby said that the uncertain market "make predictions of full-year performance very difficult".
Although Savills said that overall volumes were down, it appeared that demand for houses to rent in London still remains strong.
This downturn in the market follows news that two of the UK's top house builders, Bovis and Redrow, have reduced the volume of their workforce by 40 per cent.
Published 9th July, 2008
© 2008 Estates IT Limited
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There has been a dramatic 45 per cent drop in the number of house sales in London, new research has indicated.