Central London prices begin slide
Asking prices for property for sale in London have begun to fall, new figures from Knight Frank show.
Prime Central London property fell in value by 1.5 per cent last month, according to the Estate Agent, indicating that the capital has finally caught up with the rest of the country.
Earlier in the year, most price indices showed remarkable resilience among houses and flats for sale in London, with the city's status as a global financial and cultural hub reportedly propping up demand.
But the latest report is now certain to cause jitters among prospective homebuyers as the perception that London is immune to the downturn evaporates, with annual growth rates having been slashed from 38 per cent to just 12.8 per cent
"The performance of the Central London market has weakened notably over the past two months," commented Liam Bailey, head of residential research at Knight Frank.
"Up until April, London appeared to have escaped the worst effects of the credit crunch, but with the mortgage market in growing difficulties the weakness seen across the wider UK market is now spreading to the prime London market."
Published 6th June, 2008
© 2008 Estates IT Limited
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Asking prices for property for sale in London have begun to fall, new figures from Knight Frank show.