Central London prices in record dive
House prices in the prime Central London market has nosedived at a record rate, new figures have indicated.
Findings from estate agency Knight Frank have revealed that in October alone this market saw prices drop by 3.9 per cent.
The decline over three months was 7.5 per cent, while the last six months have seen a 12.4 per cent decrease.
Knight Frank's head of residential research Liam Bailey said: "We do not expect the market to bounce back any time soon."
Prime Central London includes boroughs such as Westminster and Kensington & Chelsea, which means those thinking of living there may be better to consider renting a flat or house instead of buying.
The latest Knight Frank report is in line with its comments following research last month on regional house price trend variations.
It stated that the London will see recovery long after areas such as the north start to bounce back, due to the decline in southern prices starting later.
Published 3rd November, 2008
© 2008 Estates IT Limited
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House prices in the prime central London market has nosedived at a record rate, new figures have indicated.