New statistics show most London boroughs in house price fall
The latest Land Registry figures have revealed that 30 of London's boroughs have seen a fall in house prices in the last month.
Only two boroughs escaped a dip as the continued effects of the credit crunch and the growing threat of negative equity to buyers saw further drops in the value of homes.
Notable decreases included falls of two per cent or more in Barnet, Croydon, Kensington & Chelsea, Merton, Tower Hamlets, Waltham Forest and Wandsworth.
Overall, prices dropped by 1.5 per cent in the capital in September.
Such figures may suggest to some that renting is a better option than buying at present, something that is borne out by further Land Registry statistics showing that sales volumes in the capital dropped by 60 per cent between July 2007 and July 2008.
The news comes a day after the Hometrack survey showed that London house prices have dropped 1.6 per cent in October, compared with the national figure of 1.3 per cent.
Published 28th October, 2008
© 2008 Estates IT Limited
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