London house prices down again
London house prices have fallen again, raising the prospects of more new buyers in the capital being sucked into negative equity.
Over seven per cent of the average London home's house prices has now been lost in the last year, according to new figures from Hometrack.
However, despite these falls those who are not yet on the ladder will not find it any cheaper to buy, Hometrack's director of research Richard O' Donnell told the Evening Standard, due to higher mortgage rates and increased deposits.
He stated: "Most would-be first-time buyers are turning to the rental market, which is still at least 30 per cent more affordable than buying."
The latest statistics provide further evidence to back a trend indicated by the Land Registry last week.
Its data showed that in August the average London house price dropped by 2.4 per cent.
Published 29th September, 2008
© 2008 Estates IT Limited
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